US set to become biggest oil producer: America will overtake Saudi Arabia and Russia to become the world's largest global oil producer by 2017, according to the International Energy Agency, in one of the clearest signs yet of how the shale revolution is redrawing the global energy landscape. It underscores how the drilling boom that has unlocked North America's vast reserves of hard-to-get-at oil and gas is changing the world's oil balance, reports the FT. Greece battles to avert €5bn default: Athens is battling to raise funds to avoid defaulting on a €5bn debt repayment this week as international lenders remained deadlocked over how to reduce its overall debt even as parliamentary approval was gained for Greece's 2013 austerity budget, the FT reports. The country's debt management office has announced plans to cover the €5bn debt through a treasury bill auction on Tuesday, but Greek banks expected to buy the issue can only raise about €3.5bn of collateral acceptable to the ECB, according to two senior Athens bankers. Don't fear fiscal cliff: A leading Democratic senator has said her party should be willing to go off the fiscal cliff in order secure tax rises on the wealthy, raising the stakes in year-end budget negotiations, the FT reports. Japan's economy shrinks annualised 3.5% between July and September: It is the steepest decline since the earthquake-hit first quarter of 2011, as exporters suffered big falls in shipments to key markets such as China and Europe. Prime Minister Yoshihiko Noda described the gross domestic product figures as "severe," while Seiji Maehara, economy minister, said Japan had possibly entered a "recessionary phase," reports the FT. Japan posted relatively strong growth in the first half of the year as output was boosted by the redevelopment of parts of the northeast affected by the tsunami and by a revival of consumer spending, assisted by state subsidies to buy fuel-efficient cars. Retailers target goods diverted in storm: Companies are scrambling to retrieve thousands of shipping containers diverted from the New York area during Hurricane Sandy as they seek to avoid product shortages in the run-up to the crucial pre-Christmas shopping season, the FT reports. Starbucks, Amazon and Google to face MPs over tax: Representatives from the three companies will face questioning by a parliamentary committee on Monday afternoon on why they have paid just small amounts of corporate tax in the UK, reports Reuters. "It is hard for the ordinary person to believe it's fair," said Margaret Hodge, a Labour MP and chairman of the public accounts committee. "It makes people incredibly angry in the current fiscal climate," she added. Markets: Investors are starting the week in timid mood as worries about Washington's budget battle and Athens" bailout programme continue to weigh on sentiment. In addition, a lack of conviction towards growth-sensitive assets is apparent following mixed data over recent days from some of the world's biggest economies, reports the FT's global markets overview. The FTSE All-World equity index is down 0.1 per cent as the FTSE Eurofirst 300 trades barely changed and after Asia saw a muddled performance. US stock futures suggest the S&P 500 in New York will rise 0.2 per cent when the bell rings.