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  • DETROIT, Oct 17- General Motors Co's top lawyer will retire early next year, months after his department was heavily criticized for how it handled the automaker's defective ignition switch that has been linked to at least 27 deaths. Michael Millikin, 66, informed GM of his decision and the company will immediately begin an external search for his replacement,...

  • Oct 17- Cliffs Natural Resources Inc said it would write down the value of its coal and iron ore assets by $6 billion due to weak prices, putting it in breach of debt covenants and sending its shares down as much as 6.8 percent. We believe this will result in higher interest rate on revolver borrowings going forward, " FBR Capital Markets analysts wrote in a note.

  • The Thomson Reuters/ University of Michigan index of consumer sentiment unexpectedly rose in early October to its highest level since July 2007. "The underlying strength of the U.S. economy remains intact," said David Berson, an economist at Nationwide Mutual Insurance in Columbus, Ohio. The data for the sentiment survey was collected between Sept. 25 and Oct. 15, a...

  • *Fighting in Iraq raises political risk. NEW YORK, Oct 17- Global crude oil continued to show modest gains on Friday, bouncing from near four-year lows as investors bought back into a market they said was oversold, and as fighting in Iraq increased political risk. The over-arching downtrend may bring prices to the $70 range by the end of the year, said Tariq Zahir at...

  • *Fed Chair delivers broad social critique of rich-poor gulf. BOSTON, Oct 17- Federal Reserve Chair Janet Yellen on Friday said the growth of economic inequality in the United States was not in keeping with American values and she hinted at a range of steps that could address it. "The extent of and continuing increase in inequality in the United States greatly...

  • NEW YORK, Oct 17- U.S. states and cities are urging regulators to let banks treat municipal bonds as liquid assets, arguing in a letter that munis are among the safest investments and "highly tradeable." "We urge your agencies to amend your recent decision to not treat municipal securities as High Quality Liquid Assets," said a letter, dated Oct. 16 and signed by...

  • Oct 17- Honeywell International Inc, a diversified manufacturer of aircraft parts and electronic equipment, posted a better-than-expected third-quarter profit, helped partly by higher margins in its key aerospace business. It's just a matter of time and the stars lining up, " Tom Szlosek, senior vice president and chief financial officer at Honeywell, said in...

  • Oct 17- Billionaire investor Mark Cuban said he is buying Netflix Inc shares as he considers the video streaming company to be an acquisition target. Netflix shares were down 1.3 percent at $357.03 in midday trading on the Nasdaq. They earlier traded as low as $341.50, down 5.6 percent, after Goldman Sachs slashed its price target on the stock to $450 from $550,...

  • Oct 17- Fannie Mae and Freddie Mac, their regulator and lenders are close to an agreement that could expand mortgage credit while helping lenders protect themselves from charges of making bad loans, the Wall Street Journal reported. Fannie Mae and Freddie Mac have recouped tens of billions of dollars in penalties from lenders in recent years over claims that...

  • General Electric shares rose 3.4 percent to $25.07 after the company reported third-quarter earnings that topped analyst expectations, pushing the S&P industrial sector up 1.8 percent. Fellow industrial Honeywell shares gained 4.1 percent to $89.27 after its quarterly results, to help send the S&P industrials sector up 2.3 percent as the best performing...

  • PUTIN SAYS CURRENT PRICE OF OIL NOT "A TRAGEDY" FOR RUSSIA'S BUDGET, BELIEVES IT WILL RISE.

  • *Platinum, palladium recover after sharp losses. NEW YORK/ LONDON, Oct 17- Gold dropped on Friday as U.S. equities rebounded but was still set for a second straight weekly gain as concerns over the global economy have raised speculation that the U.S. "Gold has had a good week because just about everything else has had a bad week," Macquarie analyst Matthew Turner said.

  • GM's top lawyer to retire early next year Friday, 17 Oct 2014 | 12:41 PM ET

    DETROIT, Oct 17- General Motors Co's top lawyer, whose department was heavily criticized for the handling of a defective ignition switch linked to at least 27 deaths, will retire early next year. Michael Millikin, 66, informed GM of his decision and the company will immediately begin an external search for his replacement, the No. 1 U.S. automaker said on Friday.

  • PUTIN SAYS UKRAINE IS SHORT OF CASH, HE HOPES WESTERN PARTNERS WILL HELP IT OVERCOME CASH DEFICIT.

  • European shares post biggest daily gain in three years Friday, 17 Oct 2014 | 12:37 PM ET

    LONDON, Oct 17- A key pan-European equity index posted its biggest daily gain in three years on Friday as stronger U.S. data fueled a rebound from recent sharp losses and speculation about monetary easing stabilized lower-rated euro zone bonds. The index extended gains after a widely followed survey showed U.S. consumer sentiment rose in October to the highest...

  • MILAN- RUSSIA'S PUTIN SAYS RUSSIA, UKRAINE AGREED ON TERMS OF GAS SUPPLIES' AT LEAST FOR THE WINTER PERIOD'.

  • LONDON, Oct 17- Five companies have been short-listed to replace the century-old London gold benchmark with a new electronic system, which is expected to be in place within the next few months, the London Bullion Market Association said. Broker Autilla Ltd, the Chicago Mercantile Exchange jointly with Thomson Reuters, U.S. derivatives bourse Intercontinental...

  • CAIRO/ BENGHAZI, Libya, Oct 17- A self-styled rival government controlling Libya's capital announced its own oil policies this week, drawing a rebuttal from Prime Minister Abdullah al-Thinni who said oil revenues continued to go to the elected government. Libya is in turmoil, with two competing governments vying for control after Operation Dawn, an umbrella of...

  • NEW YORK, Oct 17- UBS AG sued Croatia in New York federal court on Friday, claiming the republic owes it $45 million in principal and interest on defaulted debt assumed after the breakup of Yugoslavia. In 2001, the country's remaining external debt was divvied up among Croatia and the other successor states to Yugoslavia: Bosnia and Herzegovina, Macedonia,...

  • BEIRUT, Oct 17- Iraqi pilots who have joined Islamic State in Syria are training members of the group to fly in three captured fighter jets, a group monitoring the war said on Friday, saying it was the first time the militant group had taken to the air. The group, which has seized swathes of land in Syria and Iraq, has been flying the planes over the captured al-Jarrah...