Late Tuesday Headlines

• Japan exports fall 45.7%, resulting record trade deficit means no more Treasury purchases (Bloomberg)
• Merrill loss even greater: unseen $500 million charge emerges (FT)
• Highland's troubles grow: UBS sues for $745 million loss in CDO fund (Bloomberg)
• Renters losing edge on homeowners (WSJ)
• More newspaper drama: Hearst to sell or close San Francisco Oracle (Reuters)
• Another failed hedge fund tries to stage comeback tour, this time it's Dillon Read (Bloomberg)