Today's Headlines

Bloomberg:
- Emerging market currencies, bonds and stocks fell after the US Fed signaled inflation may accelerate, reducing the yield advantage of developing nation and other high-risk assets.
- Hedge fund managers worldwide earned $44.8 billion in fees last year, down 21% from a record 2003, as investment returns worsened, according to estimates by UBS AG.
- The Chicago Mercantile Exchange, the biggest US futures market, has put its acquisition plans on hold because of a “frenzy” of interest by competitors to go public.
- US sales of previously owned homes fell less than forecast in February to a 6.79 million annual rate, supported by cheap mortgage rates and growing employment.
- Crude oil is falling more than $2 a barrel in NY as the Energy Dept. reported that US inventories rose to the highest since July 2002.
- The US dollar is rising to a five-week high against the euro after US inflation accelerated at the fastest pace since 2002.

The Wall Street Journal:
- Microsoft is facing scrutiny from the European Commission because it may not be complying with the commission’s antitrust order on Windows software.
- US building costs rose 10.5% last year, as strong demand and higher prices spurred the biggest increase since the early 1980s.
- General Motors is in talks to sell a stake in its GMAC Commercial Mortgage unit to raise as much as $1 billion.
- Burlington Resources, BP PLC and Peoples Energy Corp. are meeting opposition to oil and gas drilling in the US West from an unlikely coalition of ranchers and environmentalists.
- Toyota Motor’s plan to become the world’s No.1 seller of cars worries investors who wonder if the Japanese carmaker might be giving up profit in search of market share.
- American International Group is being investigated over whether offshore companies it claimed were unaffiliated actually belonged to AIG.
- The FDA wants drugmakers to submit genetic testing data from the development stage to encourage the use of technology to evaluate how patients will respond to new medicines.

The New York Times:
- China’s economic growth is being driven predominately by an investment binge, sparking concern that the country’s financial system eventually might be stressed by unneeded factories and underused highways.
- Boston Scientific plans to use its right to buy closely held Cryovascular Systems, which has a technology to temporarily freeze the walls of blood vessels while blockages are being repaired.
- Gannett Co., Knight-Ridder Inc. and Tribune Co. are buying 75% of Topix.net, a Web site with links to news articles and government information.