Bloomberg:
- The European Commission said the economy of the euro region risks slowing more abruptly than forecast as the currency’s gains erode exports and record oil prices undermine investment and consumer spending.
- Adobe Systems agreed to buy Macromedia for about $3.4 billion to add Flash Web-design programs to its offerings.
- GE agreed to buy Bombardier’s inventory finance division for about $1.4 billion.
- Banc of America Securities’ Thomas McManus, who urged money managers to buy shares as the market bottomed in 2002, recommended for the first time in more than two years that investors increase their US stock holdings.
- The US dollar fell against the euro and yen on speculation slowing economic growth and low Treasury yields will curb returns on US assets.
Wall Street Journal:
- China auto stylists are developing distinctive designs to meet demands from local consumers for something that’s uniquely Chinese.
- The US and the UK are getting closer to an agreement to provide billions of dollars in debt relief for impoverished countries.
Automotive News:
- Ford Motor plans temporary shutdowns later this quarter at plants that produce mid-size and large sport-utility vehicles.
NY Times:
- Goldman Sachs, Merrill Lynch and Lehman Brothers are among investment banks that have contacted some of Morgan Stanley’s managing directors in an effort to hire them.
LA Times:
- Sony’s Sony Pictures Entertainment unit is building a digital library of its movies and television shows so filmmakers can use them more easily in DVDs, digital cable and Internet downloads.
Gulf News:
- United Arab Emirates Oil Minister Mohamed al-Hamli said there is no “urgency” for OPEC to boost oil-output quotas in May.
AFP:
- OPEC will increase output by 500,000 barrels a day in May to help meet growth in demand, citing the group’s president Sheikh Ahmad Fahd al-Sabah.
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