OPEC Cuts Production By 1.5 Million Barrels · The Organization of Petroleum Exporting Countries agreed Friday to cut daily oil production by 1.5 million barrels effective November 1st. The emergency measure comes as oil prices trade near 16-month lows, depressed by a demand drop in major consuming nations amid the financial crisis. (WSJ)

China Orders Halt To Hedging Deal With Goldman Subsidiary · China's securities regulator has ordered a state-owned power group, Shenzhen Nanshan Power, to cancel oil derivatives contracts signed with Goldman Sachs subsidiary, J. Aron & Company, fearing the deal will expose the company to losses if oil prices continue to slide. (FT)

NYSE Liffe Names OCC Clearing House · NYSE Liffe, the futures division of NYSE Euronext, said late Tuesday Options Clearing Corporation will clear its new precious metals futures contracts, helping it to better compete with the CME Group which controls 98% of U.S. futures trading. (FT)

Supreme Court Begins New Term With Altria Lawsuit · The Supreme Court began its new term today with a hearing on a tobacco case, in which three Maine smokers are suing Altria Group for allegedly deceptive advertising of "light" cigarettes. (Legal Newsline)

Argentine Farmers Threaten To Suspend Export · Farmers in Argentina resumed nationwide protests threatening to suspend grain and beef export unless they are given economic concessions. (BBC)

Politics Drives Brazil’s Deforestation · Deforestation increased by 133% since last month in Brazil's Amazon region, writes The Guardian. The former environmental minister, Marina Silva, quit when President Lula de Silva (her long-time friend) sided with state governors and pro-growth forces in his cabinet.  Mato Grosso State Gov. Blairo Maggi is the world's largest soya bean producer.

Xstrata Jumps On Lonmin Share Plunge To Boost Stake · Xstrata spent $784 million this morning to boost its stake in Lonmin to 25% after Lonmin shares plunged when Xstrata dropped its hostile takeover bid. The mining giant had cited concerns about its ability to fund the deal when it backed away from platinum producer. Xstrata's buying spree effectively blocks other bidders for Lonmin. (Bloomberg)

Farmer Mac Receives $65M Cash Infusion · The Federal Agricultural Mortgage Corp., a government-chartered company which provides funding for U.S. agricultural loans, raised $65 million through a preferred stock offering to offset losses related to its Fannie Mae and Lehman Brothers investments. (Bloomberg)

BHP Cleared To Buy Rio Tinto, Australia Shares Jump · The Australian Competition and Consumer Commission declined to block BHP Billiton's hostile bid for rival Rio Tinto. Rio shares jumped on the news, which sent trading in all Australian shares higher. The S&P/ASX 200 Index closed up 194.1 points, or 4.2%. (The Australian)

Xstrata Drops Lonmin Bid On Funding Fears · Swiss copper giant Xstrata has dropped its $8.9 billion hostile bid for Lonmin, citing concerns that it would not be able to secure financing for the deal. Shares of the platinum miner, which had been holding out for a higher deal, plunged in London trading after the pull-out. (FT)

Gold Futures Plummet 7.6%, Most Since 1980 · Investors dropped gold as an alternative investment Friday morning on word of a new U.S. government crisis plan. Futures were down 7.6% to $828.50 an ounce, the biggest decline since November 1980. (Bloomberg)

Oil Surges $6, Stages Second Largest One-Day Climb · While investors shunned jittery equity markets, oil prices staged the second largest one-day surge on record, closing $6.01 higher at $97.16 a barrel on the New York Mercantile Exchange. (CNN Money)

Gold, Silver Surge As Investors Seek Safety · Gold futures are posting their biggest gain in eight years, rising 7.8%, to $841.10 an ounce in Wednesday trading, as investors sought shelter from Wall Street's troubles. Silver is also up, posting a gain of more than 8%. (Bloomberg)

Crude Oil Tumbles $7, Hits Seven-Month Low · Crude oil declined more than $7 to a seven-month low of $94.13 per barrel as traders digested Lehman Brothers' bankruptcy and speculated that the worsening credit crisis will continue to slow the global economy. (Bloomberg)

Altria Seeks To Buy UST For $10 Billion · UST shares rose 25% after it was reported that Altria, the parent company of Philip Morris USA, is in talks to buy the maker of chewing tobacco and wine for more than $10 billion. (NYT, WSJ, Bloomberg)