Today's Headlines

Bloomberg:
- The US dollar will rise this year and next after three years of losses against the euro and the yen, a JP Morgan survey of corporate customers shows.
- Growth in demand for oil tankers will slow in 2005 for a second straight year as near-record prices curb oil consumption.
- Rising energy prices and higher interest rates will take a larger bite out of consumer spending and cause the US economy to slow later this year, a Bloomberg News survey of economists found.
- China will use 380,000 metric tons of steel, or .1% of its output last year, to build stadiums and gymnasiums for the 2008 Olympic Games in Beijing, the China Iron and Steel Association said.
- Crude oil is falling for a fifth day in NY, the longest decline since August, on signs that US inventories will be sufficient to meet increased demand by refiners making gasoline.
- ShopKo Stores, a discounter with 360 stores, agreed to be acquired by a private equity firm for $715.2 million, the second buyout of a retail company in two months.

Wall Street Journal:
- Oil prices are unlikely to stay at their present high level, according to Lee Raymond, Exxon Mobil Corp.’s chief executive officer.
- Transactions between Delphi Corp. and BBK Ltd. are being investigated by the SEC as part of an inquiry into Delphi’s accounting.
- The private investors who own Warner Music Group stand to make $329.4 million in cash after an IPO next month.
- A bill tightening supervision of Fannie Mae and Freddie Mac may pass this year after the administration said it will be flexible over restrictions on the two biggest buyers of US home mortgages.
- The FDA has been asked by medical and environmental groups to curtail use of antibiotics in animal feed because of possible dangers to human health.
- A bill tightening supervision of Fannie Mae and Freddie Mac may pass this year after the administration said it will be flexible over restrictions on the two biggest buyers of US home mortgages.

NY Times:
- Documents for an agreement between AIG International Group and a unit of Berkshire Hathaway were altered two months after the accord was reached.

TradeWinds:
- The global container shipping fleet’s carrying capacity is set to grow by 60% through 2008 and may create an oversupply of shipping space, citing shipbrokers.

Les Echos:
- STMicroelectronics NV, Europe’s largest semiconductor maker, will be ready to deliver the first chips for high-definition television decoders using the MPEG-4 standard in September.