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Asia Stocks Rise on Speculation U.S. Spending Will Boost Growth; Rio Jumps Asian shares rose, driving the regional benchmark index to a two-month high, after President- elect Barack Obama said the U.S. will run deficits for years, lifting speculation government spending will restore growth.

Alcoa Will Fire 13,500 Employees, 13% of Its Workforce, Reduce Production Alcoa Inc., the world’s largest aluminum maker, announced its third production cut in as many months and said it will reduce its global workforce by 13,500 in response to declining demand and prices.

Dollar Strengthens After GM Says Government Bailout Should Ensure Survival The dollar rose for a sixth day against the yen, the longest run of gains in two years, after General Motors Corp. said it has enough government funding to cover the worst-case scenario and may not need additional loans.

Bank of America Will Sell Up to $2.8 Billion of China Construction Shares Bank of America Corp. plans to sell up to $2.8 billion of China Construction Bank Corp. shares, less than a month after scrapping an earlier attempt to raise money from its three-year-old stake.

Black's Apollo Said to Be Among Largest Creditors in Lyondell Bankruptcy Apollo Management LP, the private- equity firm led by Leon Black, is among the largest creditors of Lyondell Chemical Co., which filed for bankruptcy protection in New York today, according to a person with direct knowledge of the matter.

Asian Currencies Rise, Led by Won, as Rate Cuts, Spending Support Growth Asian currencies gained, led by the South Korean won and the Indonesian rupiah, on speculation interest-rate cuts in the region and U.S. stimulus spending will help revive economic growth.

Apache, Santos Seek to Revive $651 Million Australian Natural-Gas Project Apache Corp. and Santos Ltd. are seeking to revive a A$900 million ($651 million) natural gas project in Australia after signing an accord to sell the fuel to an iron ore venture proposed by Citic Pacific Ltd.

General News

Gaza Cease-Fire Efforts Intensify After Israeli Shells Hit UN-Run School Mounting casualties among Palestinian civilians and its own troops are increasing pressure on Israel as an offensive against Hamas in the Gaza Strip aimed at stopping rocket fire on towns and cities entered a 12th day.

Obama Says Federal Deficit Is Likely to Approach $1 Trillion `for Years' President-elect Barack Obama said he expects to inherit a $1 trillion budget deficit and that similar shortfalls are in store “for years to come” as the government grapples with a recession and other spending demands.

South Korea Lawmakers Delay Free-Trade Ratification Until Obama in Office South Korean lawmakers agreed to delay ratification of a U.S. free-trade deal until after President- elect Barack Obama takes office, ending a standoff that disrupted other economic legislation.

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