U.S.

Dollar Being Used to Fund `Carry Trade,' May Still Be Overvalued, IMF Says The International Monetary Fund said traders are probably using the dollar to fund “carry trades” around the world and the currency may still be overvalued even after its slide this year.

U.S. Jobless Rate Jumps to 26-Year High of 10.2%, Posing Risk to Recovery The unemployment rate in the U.S. jumped to 10.2 percent in October, the highest level since 1983, threatening the emerging economic recovery and giving President Barack Obama and Democrats a bigger hurdle to overcome before next year’s Congressional elections.

U.S. Treasury Two-Year Notes Gain as Unemployment Rate Tops 10% in October Treasury two-year note yields touched the lowest since May after the U.S. unemployment rate rose to a 26-year high of 10.2 percent and the Federal Reserve said it will keep rates at record lows for an “extended period.”

Berkshire Net Income Triples to $3.2 Billion on Buffett's Stock, Bond Bets Billionaire investor Warren Buffett’s Berkshire Hathaway Inc. said third-quarter profit tripled on gains in derivatives tied to stocks and bonds.

UCBH Holdings' Bank Is Seized, Becomes 120th U.S. Lender Closed This Year UCBH Holdings Inc.’s United Commercial Bank, a San Francisco-based lender with $11.2 billion in assets, was seized by regulators, becoming the 120th U.S. bank to fail this year.

Fannie Mae Bid to Sell Tax Credits Vetoed by U.S., Thwarting Goldman Sachs Fannie Mae’s request to sell $2.6 billion in low-income housing tax credits would be a bad deal for taxpayers and won’t be allowed, the U.S. Treasury said.

Latin America

Codelco Increases Japan, South Korea Copper Charges to $74 a Ton for 2010 Codelco, the world’s biggest copper producer, will raise the surcharge on sales to Japan and South Korea by as much as 16 percent next year as demand from China lifts metal prices.

Geithner, Brown Split on Transaction Tax as G-20 Seeks Rebalanced Economy Group of 20 governments split on whether to tax financial trading as part of a broader strategy to ensure the global economy’s expansion is less crisis-prone.

Argentina to Make Offer on $20 Billion of Defaulted Debt, May Sell Bonds Argentine Economy Minister Amado Boudou said the country plans to make a proposal on the restructuring of $20 billion of defaulted bonds within 30 days and may sell new international debt in the first quarter.

Brazil Real Posts Best Weekly Gain in 3 Months as Tax Fails to Stem Rally Brazil’s currency posted its biggest weekly gain in three months, heightening speculation the government may be planning measures to curb dollar inflows after a tax on stocks and bonds failed to reduce gains in the real.

Venezuela Allows Central Bank to Trade PDVSA Bonds to Help Prop Up Bolivar Venezuela’s government authorized the central bank to buy and sell bonds issued by state-run oil company Petroleos de Venezuela, setting the stage for increased intervention to strengthen the bolivar.

Brazil Stocks Drop, Pare Weekly Gain, as U.S. Data Sparks Recovery Concern Brazil’s Bovespa index fell for the first time in four days as a jump in the U.S. unemployment rate hurt the export outlook for commodity producers, overshadowing a surge in profits at Lojas Americanas SA and Gafisa SA.

Exclusive

John Reed Says `I'm Sorry' for Glass-Steagall Repeal, Building Citigroup John S. Reed, who helped engineer the merger that created Citigroup Inc., apologized for his role in building a company that has taken $45 billion in direct U.S. aid and said banks that big should be divided into separate parts.

Buffett's `Wake-Up Call' to Berkshire Managers May Signal More Cost Cuts Berkshire Hathaway Inc.’s managers may deliver more cost cuts to Chief Executive Officer Warren Buffett after the billionaire replaced Richard Santulli as the head of a money-losing plane-leasing unit.

Dimon's Dad Quits Merrill to Work for Son's Brokerage, Brings Along Team If Jamie Dimon ever needs fatherly advice, he can turn to his newest employee: Dad.

Banks Thwarting Feinberg Pay Reductions by Changing Their Bonus Formulas Global leaders and regulators trying to rein in banker pay are proposing everything from clamping down on guaranteed bonuses to recouping compensation from prior years if losses mount. Largely unaddressed is the topic that stirs the most public ire: How much money is too much?

Starbucks's Schultz Pushes Instant Coffee, Seattle's Best to Propel Growth Starbucks Corp. Chief Executive Officer Howard Schultz is shifting the coffee seller’s focus from cost cutting to growth by promoting new products, including Via instant coffee and its Seattle’s Best Coffee brand.

Berlin Wall Collapse Sparks German Boom, Confounds Skeptics: Chart of Day The toppling of the Berlin Wall 20 years ago sparked a surge in German stocks and bonds, confounding economists who’d predicted the cost of unifying East and West Germany would stunt economic growth.