According to Reuters, Richard Branson’s Virgin Group has been picked as the preferred bidder for troubled UK financial company Northern Rock.

Reuters writes that Rio Tinto (RTP) rebuffed a bid from BHP Billiton (BHP) by outlining an aggressive growth plan of its own.

Reuters reports that a large Chinese fund, China Investment Corp, says it will not make a competing bid for Rio Tinto.

Reuters also reports that Google’s (GOOG) efforts to crack the Chinese market will depend on it ability to get local partners to help it navigate Chinese tastes and regulations.

The Wall Street Journal writes that Airbus has sold 160 planes to China with a total retail value of $14.8 billion.

The Wall Street Journal reports that E*Trade (ETFC) and potential buyers are debating over the value of the company’s mortgage portfolio.

The Wall Street Journal writes that oil stayed below $100 on rumors that Saudi Arabia was shipping more oil to the US.

The Wall Street Journal also writes that cable TV is working with new technology that allows advertisers to better target their audiences.

The Walll Street Journal writes that Citigroup (C) is being pressured to improve mortgage terms for troubled home owners and the government seeks ways to keep down foreclosures.

The Wall Street Journal says there is a debate about whether Citi should bring $41 billion in shaky securities onto it balance sheet.

The Wall Street Journal also writes that November has been a poor month for many of 2007’s best performing stocks including Monsanto, Freeport McMoRan, Apple (AAPL), and EMC (EMC).

The Wall Street Journal also reports that a price cut on the Sony (SNE) PS3 is helping to improve sales.

The New York Times writes that retail sales where up over the holiday weekend, but retailers relied on discounts to bring in customers.

The New York Times writes that, despite pressure from lobbiests, the head of the FCC is trying to further regulate the cable industry.

The New York Times writes that ABC News and Facebook are setting up a venture to get voters closer to political coverage.

The FT writes that the outlook is dimming for US car makers and US consumer spending slows.

Barron’s writes that the drops in shares of AMD (AMD) and Ericsson (ERIC) have added to investor concerns about tech stock prices.

CNN Money writes that banks may face new losses from "conduits", the "opaque structures banks set up to provide debt funding to borrowers." Citi has $73 billion in conduit assets.

Douglas A. McIntyre

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