According to Reuters, Paulson says that China is picking up the pace of the yuan rise.

Reuters writesThe Asian Development Bank cut growth rates for countries in Asia including China

Reuters reports that Novartis will cut 2.5% of its work force in the latest sign of trouble at bug drug companies.

The Wall Street Journal writes that The Fed said it will provide banks up to $40 billion in the next eight days to stimulate lending.

The Wall Street Journal writes that a large fund to bail-out SIVs may be losing steam as other alternatives are working.

The Wall Street Journal reports that Biogen (BIIB) has stopped its efforts to find a buyer. Shares fell sharply.

The Wall Street Journal reports that the takeover deal for SLM (SLM) has come to an end.

The Wall Street Journal writes that Rupert Murdoch’s purchase of Dow Jones (DJ) is nearly complete.

The New York Times writes that Northern Rock has named a new CEO and will take a $574 miillion write-down for exposure to credit markets.

The New York Times reports that the Illinois attorney general has subpoenaed documents from Countrywide (CFC) as it examines the company’s lending practices.

The New York Times writes that Bank of America (BAC) and Wachovia (WB) repoted larger-than-expected losses.

The New York Times also writes that an airline trade group expects profits in the industry to fall further next year.

The FT writes that the head of Goldman Sachs (GS) will be paid $70 million this year.

The FT reports that Paramount will launch a new feature film, Jackass, online, a move which will shake up the movie industry.

CNN Money says that the government upped its forecast for crude prices in 2010 by 20%.

Barron’s reports that an ITC judge has determined that Nokia (NOK) handsets do not infringe on Qualcomm (QCOM) patents.

Douglas A. McIntyre

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