Bloomberg:
- Apple Computer’s plan to switch its computers to Intel chips for the first time may help CEO Jobs sell cheaper laptops and extend gains in market share.
- Washington Mutual said it will acquire Providian Financial for $6.45 billion.
- Weatherford International agreed to buy Precision Drilling’s energy-services and international contract drilling units for $2.28 billion.
- Microsoft agreed to give away some proprietary information on the inner workings of its Windows operating system to avert the threat of as much as $5 million in daily antitrust fines by the European Union, regulators said.
- Pfizer said it won US approval to sell its Viagra male-impotence drug as treatment for pulmonary arterial hypertension, a potentially fatal lung disorder.
- The UK suspended its referendum on the European Union constitution, defying calls from Germany and France for the ratification process to continue after French and Dutch voters rejected the treaty.
Wall Street Journal:
- McDonald’s is looking to work with a wider range of film studios for its movie-related promotions as its 10-year exclusive marketing partnership with Walt Disney is set to expire next year.
- General Motors shareholders are likely to question CEO Richard Wagoner at tomorrow’s annual meeting on his plans to reorganize the company.
- E*Trade Financial increased its offer for Ameritrade Holding, in the hope of thwarting the latter’s talks with TD Waterhouse.
- ProLogis, an Aurora, Colorado-based real estate investment trust, agreed to buy Catellus Development for $3.6 billion in cash and stock.
- CIT Group is expected to announce today it will expand services to provide investment banking and advice on mergers and focus its commercial finance department on aerospace, healthcare and retail.
- PricewaterhouseCoopers LLP said US hotel prices will rise 4% to $89.97/night this year.
NY Times:
- UAL’s United Airlines is the first US airline to receive regulatory approval to install Wi-Fi wireless Internet service on its planes.
Reuters:
- The US railway industry is facing a shortage of trained people to drive and maintain freight trains as experienced conductors and engineers retire.
Financial Times:
- Europe should increase spending on military equipment and research by as much as $55 billion a year to avoid falling behind the US in weapons technologies, citing the report of France’s Defense Economy Council.
Handelsblatt:
- European Central Bank Chief Economist said the bank’s monetary strategy doesn’t exclude the possibility of reducing interest rates.
China Business News:
- Falling steel prices are likely to make 90% of China’s producers of rebar and wire rods unprofitable, citing an official at the China Iron and Steel Association.
Les Echos:
- French economic growth will remain “very weak” and the country will lose influence in Europe after the referendum rejecting the European Union constitution, said Daniel Bouton, chairman of Societe Generale SA.
Frankfurter Allgemeine Zeitung:
- Allergan, the US drugmaker best known for its Botox anti-wrinkle product, expects to get approval to sell the injectible treatment in Germany and the UK in the next 12 months.
Le Monde:
- Labor rules protecting workers in Europe are hampering economic expansion and causing high unemployment, said Jack Welch, former CEO of GE.
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