Today's Top News 12-2-11

BLOOMBERG

The U.S. Senate took aim at the Iranian central bank in an effort to choke off oil exports, while the European Union stopped short of targeting crude as it tightened sanctions intended to curb Iran’s nuclear program.

Herman Cain told a New Hampshire newspaper that ending his Republican presidential campaign is “an option” he is considering, as he continued to face questions about the latest allegation of sexual indiscretion lodged against him.

The first attempts to prevent a payroll tax cut from expiring Dec. 31 fell short in the U.S. Senate, even as House Speaker John Boehner expressed confidence that Congress would extend the tax break and unemployment benefits.

Russian voters may inflict the first major electoral setback on Prime Minister Vladimir Putin in a parliamentary vote this weekend, which may prompt the premier to fortify his hold on power and boost public spending.

Argentine capital flight accelerated to the fastest pace in at least four years last quarter as investors concerned about inflation and a weakening peso pulled cash out of South America’s second-biggest economy. Capital flight totaled $8.4 billion in the July-to- September period from $6.1 billion in the previous quarter.

Sweden is enjoying its lowest borrowing cost ever relative to Germany as investors reward the biggest Scandinavian economy for cutting its debt to less than half Europe’s average and enforcing discipline at its banks.

AOL Inc. Chief Executive Officer Tim Armstrong said he’s aiming to get at least 10 percent of revenue from mobile advertising in the next year and a half, up from a “tiny” portion now.

Payrolls climbed 120,000, after a revised 100,000 increase in October, with more than half the hiring coming from retailers and temporary help agencies, Labor Department figures showed today in Washington. The median estimate in a Bloomberg News survey called for a 125,000 gain. The unemployment rate declined to 8.6 percent from 9 percent.

AP Top Stories

To the dismay of many Republicans, you won't find a presidential candidate anywhere at this year's Republican Governors Association meeting, a conference crawling with conservative mega-stars.

Hundreds of thousands are without power in California. A wind gust reached 123mph in Colorado. The powerful winds that tore across Western states Thursday created a path destruction that closed schools, left neighborhoods with a snarl of downed trees and power lines, and prompted some communities to declare emergencies.

The Obama administration this week unveiled sweeping changes to federal tribal-land leasing rules that had not been touched in 50 years. Obama nominated a Native American to the federal bench, signed a law renewing the Indian Health Care Act and settled a tribal royalty’s lawsuit that had dragged over three administrations.

A U.S. House committee voted to subpoena former MF Global chief Jon Corzine to testify before Congress.

The trustee liquidating Lehman Brothers Holdings Inc's brokerage unit asked a bankruptcy judge for permission to set aside $18.3 billion of assets to be returned to customers beginning early next year.

The US military handed over control of its former Iraq HQ Camp Victory to the authorities there, as troops prepare to leave by the end of the year.