Bloomberg:
- Morgan Stanley Chairman and CEO Philip Purcell says he has the “unanimous” support of his board.
- AIG said a reinsurance contract with Warren Buffet’s Berkshire Hathaway led to the “improper” reporting of financial results.
- GM will spend $44 million to help develop a fleet of vehicles using fuel cells as part of an agreement with the US Department of Energy.
- The US economy expanded at a 3.8% annual rate in the fourth quarter, restrained by a slower building of inventories than the government estimated last month.
- Crude oil is falling more than $1 a barrel to the lowest in almost three weeks after a government report showed that US inventories rose for a seventh straight week.
Wall Street Journal:
- Rising steel prices have made millionaires in some US “Rust Belt” communities such as Fort Wayne, Indiana, that haven’t seen prosperity since the 1950s.
- Berkshire Hathaway Chairman Warren Buffett was told beforehand of a transaction that is central to an investigation into one of its units.
- Short Sellers are finding it more difficult to make money because of increased competition and a less-favorable tax code.
- Citigroup’s Diners Club credit card wants to improve its market share by almost tripling the number of locations where the cards are accepted.
New York Times:
- A review of the UN agency that monitors free elections found management abuses including employees humiliation, misuse of funds and a willingness to tolerate sexual harassment.
- Disney’s Miramax studio and MGM are cutting their production budgets as Hollywood struggles with rising costs of film-making.
Chicago Sun-Times:
- Wm. Wrigley Jr. Co. is opening three facilities around the world to help it meet increasing demand for chewing gum in Asia.
LA Times:
- The Bush administration will announce today it is sending 500 more Border Patrol agents to Arizona to crack down on illegal immigration along the US-Mexican border.
San Francisco Chronicle:
- San Francisco’s Board of Supervisors approved a 45-day moratorium on new medical marijuana clubs until they can devise regulations protecting them from federal law.
Rocky Mountain News:
- Colorado Governor Bill Owens wants the US Congress to revise gaming laws to limit the $20 billion American Indian gambling industry.
China Central Television:
- China called for the scrapping of export rebates on some steel products and curbs on the expansion of steel production.
Financial Times Deutschland:
- Siemens AG and IBM have submitted a joint bid to upgrade the computer system of the German army.
National Post:
- Cognos Inc., Canada’s biggest software maker, plans to increase its workforce 47% to 5,000 by 2008.
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