* Russian oligarch to challenge Putin

* Sino-Forest to default on debt payment

* Wen may cut China taxes to spur growth in 2012

* China promises crackdown on fake goods

* Evraz raises prospect of Severstal merger

* Former dissident sworn in as Tunisia’s president

* Chelsea striker Anelka heads to China

* ENN, Sinopec make $2bn offer for China Gas

* BG prepares to sell $600m stake in Gujarat Gas

* Gulfsands shuts down production in Syria

* India’s CBI charges Essar executives

* Obama calls on Iran to return downed US drone

* Obama says US will be loyal partner for Iraq

* Textile workers vent fury on Ahmadi-Nejad

* China’s HNA pulls out of NH Hoteles deal

* Rich economies eye deal outside Doha

* Markets: mixed

Russian oligarch to challenge Putin
One of Russia’s richest tycoons said on Monday he would run for president against Vladimir Putin in next year’s election, prompting speculation that the Kremlin may be trying to contain growing public dissent in its “managed” democracy, the FT reports.

Sino-Forest to default on debt payment
Sino-Forest, the Chinese forestry company fighting allegations of fraud, said on Monday that it would miss an interest payment on its debt and is unable to say when it will be able to publish its earnings statement, which would put it in default on $1.8bn worth of bonds, the FT reports.

Wen may cut China taxes to spur growth in 2012
China may use tax cuts to shore up expansion in the second-largest economy next year as export growth weakens and the threat of bad loans from stimulus spending narrows the government’s options, Bloomberg reports.

China promises crackdown on fake goods
China has promised another wave of tough measures against counterfeiters as it defends itself against constant criticism of its record in the protection of intellectual property rights. The country will launch a crackdown early next year on goods including fake medicines and cigarettes, pirated software and CDs, said Jiang Zengwei, deputy minister of commerce, the FT reports.

Evraz raises prospect of Severstal merger
Evraz has raised the possibility of a merger with Severstal in a deal that would unite Russia’s two biggest steelmakers to create the world’s eighth-largest producer by output, with a combined market capitalisation of £12bn ($18.7bn), the FT reports.

Former dissident sworn in as Tunisia’s president
A former dissident doctor who once likened entrenched Arab regimes to cancer-stricken patients was sworn in as president of the transitional government of Tunisia on Tuesday, in the country’s latest step towards democratic rule, the FT reports.

Chelsea striker Anelka heads to China
Chelsea striker Nicolas Anelka is moving to Shanghai to play in the Chinese Super League, the biggest name to play in a league that has been dogged by corruption scandals and poor performance, the FT reports.

ENN, Sinopec make $2bn offer for China Gas
China Petroleum & Chemical Corp., known as Sinopec, andENN Energy Holdings offered HK$15.3bn ($2bn) cash for China Gas Holdings to gain control of a fuel distribution network covering 20 provinces, Bloomberg reports.

BG prepares to sell $600m stake in Gujarat Gas
BG, the oil and gas producer, has lined up Citigroup to advise on a potential sale of its stake in Gujarat Gas in a deal that could raise about $600m, say people familiar with the matter, the FT reports.

Gulfsands shuts down production in Syria
The tightening of European Union sanctions against Syria has forced Sinochem, the Chinese state-controlled company, and Gulfsands Petroleum, the UK-listed oil and gas explorer, to shut down production in the country, the FT reports.

India’s CBI charges Essar executives
Billionaire Essar Group founder Ravi Ruia has become the latest senior executive to be charged as part of sprawling investigations into alleged corruption in India’s telecoms sector, the FT reports.

Obama calls on Iran to return downed US drone
The Obama administration said Monday it has delivered a formal request to Iran for the return of a U.S. surveillance drone captured by Iranian armed forces, but is not hopeful that Iran will comply, the WSJ reports.

Obama says US will be loyal partner for Iraq
With Iranian influence and Syria’s instability looming over Iraq as U.S. troops pack up to go, President Barack Obama assured Baghdad on Monday the United States would remain a strong partner beyond the withdrawal, Reuters reports.

Textile workers vent fury on Ahmadi-Nejad
Mahmoud Ahmadi-Nejad was given a hostile reception by angry textile workers on Monday, in a rare humiliation for Iran’s populist president. One worker threw his shoe at Mr Ahmadi-Nejad, while a group of labourers unfurled a banner saying ‘We have not been paid for 17 months’. The outburst is being seen as a reflection of mounting frustration among ordinary Iranians at rising inflation and high levels of unemployment, the FT reports.

China’s HNA pulls out of NH Hoteles deal
Shares in NH Hoteles tumbled by more than 10 per cent on Tuesday after a Chinese state-controlled company pulled out of a deal to buy a 20 per cent stake in the indebted Spanish hotel chain, the FT reports.

Rich economies eye deal outside Doha
A small group of governments including the US and European Union are exploring the possibility of an agreement among themselves on services trade, a sign of rising despair at the stasis in global trade talks, the FT reports.

Emerging Markets
MSCI Emerging Market Index down -0.67% at 918.69

Europe
FTSE down +0.77% at 5,470
RTS up +0.82% at 1,375
Warsaw Wig up +1.15% at 38,344
FTSE 300 Eurotop up +0.54% at 972.72

Americas
DJIA down -1.34% at 12,021
S&P 500 down -1.49% at 1,236
Bovespa down -1.53% at 57,347

Asia
Nikkei 225 down -1.17% at 8,553
Topix down -0.80% at 740.71
Hang Seng down -0.69% at 18,447
Shanghai Composite down -1.87% at 2,249
MSCI Asia ex-Japan down -1.07% at 458.83
S&P CNX Nifty Index up +0.76% at 4,801

Currencies
€/$ 1.32 (1.32)
$/¥ 77.77 (77.90)

Commodities
Brent Crude (ICE) up +1.01 at 108.27
Light Crude (Nymex) up +0.72 at 98.49
100 Oz Gold (Comex) up +0.50 at 1,665

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