Bloomberg:
- India’s economy grew at the slowest pace in six-quarters as below-average rainfall reduced harvests.
- French joblessness rose in February, keeping the unemployment rate at a five-year high of 10.1% which is almost double the US unemployment rate.
- The unemployment rate in Germany rose to 12.0% in March, another post WWII record, as companies eliminated jobs in response to slowing demand.
- Continental Airlines will reduce annual expenses by $418 million after the company’s pilots, dispatchers and mechanics accepted new pay and benefit agreements.
- Shares of Zimmer Holdings, Stryker and other makers of artificial hips and knees fell after federal prosecutors demanded documents related to some of the companies’ contracts with surgeons.
- Ted Koppel, anchor and managing editor of Disney’s ABC news show “Nightline,” is leaving the program when his contract expires in December.
- US Treasury notes rose after first-time claims for unemployment insurance benefits unexpectedly increased and the Fed’s most watched measure of inflation held steady.
- Crude oil is rising and gasoline and heating-oil surged to records on signs that US refineries lack capacity to make enough fuel and Goldman Sachs predicted that oil could touch $105/bbl.
The Wall Street Journal:
- Some investors are speculating that Morgan Stanley may end up selling the whole company or part of it, as it copes with a rift between CEO Purcell and former executives.
- Web sites such as those run by American Eagle Publications of Show Low, Arizona, are selling or giving away software coding for computer viruses.
Reuters:
- Intel and Bertelsmann AG will work together to develop Internet technology to download and share films, music and other files.
New York Times:
- Qwest Communications may announce a higher offer for MCI Inc. as early as today to prevent an acquisition by Verizon Communiciations.
- The threat of terrorism promoted and financed by foreign countries against the US is falling.
NY Post:
- Haggar Corp. has hired Bear Stearns to help it explore alternatives, including a possible sale.
Boston Globe:
- The Massachusetts Senate passed a bill yesterday supporting embryonic stem cell research, a setback to Governor Mitt Romney because it promotes a technique that involves cloning human cells.
Washington Post:
- Washington, DC-area officials are considering laws to reduce how much land a house and driveway can cover on a piece of property, in an effort to curb construction on over-sized residences.
Women’s Wear Daily:
- JC Penney is the target of a leveraged buyout by a group led by Cerberus Capital Management LP and the Carlyle Group.
Al-Ahram:
- Apache Corp. secured new rights to explore for oil and gas in Egypt for about $50 million.
Dagens Industri:
- Ericsson AB expects the number of mobile phone users in the Middle East to rise by as many as 36 million over the next three years.
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