<strong>FINANCIAL TIMES<br />CME HEAD BACKS DERIVATIVES REFORM</strong><br />A powerful exchange chief has brushed aside concerns in the US and Europe over the regulation of over-the-counter derivatives, in comments likely to bolster support for the proposed reforms. Regulators on both sides of the Atlantic are insisting that most OTC derivatives be shifted onto formal exchanges and processed through clearing houses, a move that would require companies to post cash margins against all hedging transactions.<br /><br /><strong>PEPSICO CHIEF SEES NO IMMEDIATE END TO “AGE OF THRIFT”</strong><br />Indra Nooyi, chief executive of PepsiCo, said yesterday that the soft drinks and snack company expected the “age of thrift that we are seeing in consumers and western Europe” to continue into next year, partially offset by demand from emerging markets. “Consumers in the developed world are adjusting to a changing macroeconomic environment by placing value at the top of their agendas,” she said.<br /><br /><strong>STATE STEPS IN WITH AID FOR HAPAG-LLOYD</strong><br />Hapag-Lloyd has become the first container shipping line to receive direct state aid in this downturn after the German government agreed to guarantee €1.2bn (£1bn) in loans for the Hamburg-based company.<br /><br /><strong>SARA LEE TO SEPARATE EXECUTIVE ROLES</strong><br />Sara Lee, the Chicago-based group best known for producing frozen gateaux cheesecake and Jimmy Dean sausages, has bowed to investor pressure from one of the world’s largest pension funds and agreed to separate the role of chairman and chief executive. The board said it would recruit and independent chairman.<br /><strong><br />THE TIMES<br />LATVIA FEARS LEAD TO BANK PROTECTION IN SWEDEN</strong><br />Concerns about more economic trouble in the Baltic state have led Sweden to extend protection to its big banks. Sweden is extending protection to its big banks over fears that fresh financial troubles in Latvia will hit Swedish lenders, which control about half of the Baltic state’s banking industry.<br /><br /><strong>PRIVATISATION EXPERT GEORGE YARROW ATTACKS OFGEM FOR ‘FAILING TO PROTECT CONSUMERS’</strong><br />One of the architects of Britain’s energy market liberalisation has launched a withering attack on Ofgem, the industry regulator, for failing to protect consumers and accusing it of falling prey to political interference. George Yarrow said that the watchdog was becoming increasingly “politicised” and was losing its legitimacy.<br /><br /><strong>The Daily Telegraph<br />JIM ROGERS PREDICTS THAT COMMODITIES BOOM COULD LAST 20 YEARS</strong><br />Jim Rogers, the bullish commodities investor, has predicted that demand for raw materials will outstrip supply for the next two decades, fuelling an extended boom. The chairman of Rogers Holdings, based in Singapore, believes the weakness of the dollar will underpin a flight towards commodities. “Commodities are the best place to be, if you ask me, based on supply and demand,” he said.<br /><br /><strong>BMI APPOINTS WOLFGANG PROCK-SCHAUER AS NEW CHIEF EXECUTIVE</strong><br />BMI, the loss-making UK airline that its owner Lufthansa is considering selling, has appointed a new chief executive as part of a wider management shake-up. Wolfgang Prock-Schauer is currently chief executive of India’s Jet Airways.<br /><br /><strong>WALL STREET JOURNAL<br />CHEVRON ENGINEERS SQUEEZE NEW OIL FROM OLD WELLS</strong><br />Chevron is employing new technologies in hopes of extending the life of one of the world’s oldest and most prolific oil fields, a process that is being replicated elsewhere to help the energy industry squeeze more out of aging oil basins. The Kern River field has produced more than 2bn barrels of oil in its 110-year history, but Chevron estimates it still holds another 1.5bn barrels. Chevron is using Kern as a real-world laboratory.<br /><br /><strong>BARNES & NOBLE PLANNING EBOOK READER</strong><br />Barnes & Noble plans to announce its own brand of e-book reader and could begin selling the device as soon as next month, according to people briefed on the matter. The device is expected to feature a six-inch screen from digital-paper maker E-Ink.<br /><br />Corp. with touch input and a virtual keyboard, like the one used on Apple Inc.'s iPhone. The Barnes & Noble device is expected to also use a wireless connection to download books from the online e-book store that the books retailer unveiled in July, those people said.