Building permits at lowest since '93

Homebuilding permits in the US slumped in October to their lowest level since 1993 and construction of single-family homes tumbled, indicating the industry has yet to reach bottom.

Proton drops on end of VW, GM talks

Proton Holdings Bhd, Malaysia's state-owned carmaker, plunged to a seven-year low in Kuala Lumpur trading yesterday after the government ended alliance talks with Volkswagen AG and General Motors Corp.

Spending slowdown could stymie Cisco earnings

For Cisco Systems Inc, the trouble may just be starting.

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Business International

SABMiller to buy Grolsch for $1.2b

SABMiller Plc, the world's third- largest brewer, agreed to buy Royal Grolsch NV for 816 million euros ($1.2 billion), gaining a 392-year-old Dutch beer brand to sell in Latin America and South Africa.

Bayer unveils strategy to fight climate change

German chemical giant Bayer is living up to its commitment to a cleaner, greener environment by launching a drive to further cut its carbon dioxide (CO2) emissions.

UBS faces 'major' CDO losses

UBS AG, Europe's largest bank by assets, may have lost as much as $9 billion on collateralized debt obligations, according to CreditSights Inc.

Flowers offers $1.8b for stake in Shinsei Bank

Christopher Flowers, the banker who helped create Shinsei Bank Ltd in Japan's first financial buyout, is leading a group that will offer 202 billion yen ($1.8 billion) for a stake in the company after its shares slumped 44 percent.

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Business International

Offers are less than Friday's close: Bank

Britain's Northern Rock Plc said yesterday proposals it has received so far from investors interested in taking over the stricken mortgage bank were "materially" below its closing price on Friday.