Today's Headlines

Bloomberg:
- ASML Holding NV, Europe’s largest maker of equipment used to make semiconductors, forecast a drop in orders this quarter from the previous three months.
- Abu Dhabi, holder of the world’s fifth-largest oil reserves, will offer stakes in its five biggest fields to foreign companies such as Exxon Mobil to boost output capacity by 25%.
- The OECD plans to cut its growth estimates for this year and next because of weaker-than-expected economies in Japan and Europe.
- Joseph Perella and Terry Meguid, Morgan Stanley’s top two investment bankers, plan to resign as the exodus of senior managers from the world’s No. 2 securities firm gathers pace.
- Siebel Systems said Michael Lawrie stepped down as CEO, less than a year after raking the reins from Thomas Siebel.
- Merck said it probably earned first-quarter profit of 62 cents a share, more than the company had forecast.
- Crude oil is falling more than $1 a barrel to a seven-week low after an Energy Dept. report showed that US inventories climbed for a ninth consecutive week as OPEC boosted production.

Wall Street Journal:
- California officials expect the state to be able to handle summer electricity demand if temperatures are normal, but a hot season could mean shortages in the south of the state.
- A food workers’ union said it filed claims of unfair labor practices against Wal-Mart Stores to press the retailer to release documents.
- The US Congress is due to start a debate today on the Central American Free Trade Agreement.
- The House Energy and Commerce Committee gave federal regulators primary authority over the location of liquefied natural gas terminals on US coasts.
- The SEC will postpone the deadline for requiring companies to start expensing employee stock options.
- Amazon.com had an injunction imposed against it lifted by a state appellate court in a dispute with Toys “R” Us over exclusivity rights.

Dow Jones:
- Brijot Imaging Systems, a security company that has licensed millimeter-wave technology from Lockheed Martin, plans to deliver camera systems that can spot weapons on people from 45 feet.

NY Times:
- The rising cost of steel is forcing US developers to scale back or drop projects.
- Yahoo! said it will give free Web sites to small businesses.
- US companies reported about a 12% average return on pension investments last year.

Metal Bulletin:
- Copper production at a mine in Chile owned by Anglo American Plc and Falconbridge Ltd. dropped to 65% of capacity because of technical problems.

San Francisco Chronicle:
- A California legislative committee approved a bill that would allow terminally ill patients in the state to hasten their death.

Tehran Times:
- Iran is China’s third-largest supplier of crude oil, after Saudi Arabia and Angola.