Bloomberg:
- Barry Diller’s IAC/InterActiveCorp agreed to sell its 5.44% stake in Vivendi Universal Entertainment to GE’s NBC Universal for $3.4 billion in stock and cash.
- ABN Amro Holding NV, the biggest Dutch lender, and JPMorgan Chase plan to enter the $36 billion shipping futures market to benefit from widening price swings.
- McDonald’s said May sales climbed 1.8% after the US debut of fruit and walnut salads and other new items muted lower European demand.
- ImClone Systems said an independent review of its Erbitux colon-cancer drug confirmed that the medicine also helps patients with head and neck cancer.
- Billionaire Kerkorian will boost his share in GM to about 7.2%, short of his goal of 8.8%, after completing the purchase of 18.9 million shares.
- Yields on German, Swiss and Swedish bonds fell to records as faltering economic growth spurs investors to the security of government debt.
- OPEC will consider a proposal to raise output quotas when the group meets next week, said the group’s acting secretary-general.
- Crude oil fell, pulled lower by heating oil, after an Energy Dept. report showed that supplies of the fuel rose last week.
Wall Street Journal:
- The European Aeronautic, Defense & Space Co. and Northrop Grumman Corp. of the US agreed in principle to team up for the purpose of competing with Boeing for a contract to supply the US Air Force with aerial refueling tankers.
- A slowdown in the growth of US credit-card business is likely to cause a spate of consolidation that may spell the end of independent card companies.
- US states are taking the initiative on measures to reduce fuel consumption rather than waiting for Congress to resolve details of an energy bill.
- Time Warner’s AOL will later this month offer a free Web site featuring content that was previously available only to its paying subscribers to increase ad revenue.
- Regulation of hedge funds, which the SEC is due to introduce next February, may be shelved now that Christopher Cox is set to succeed William Donaldson as SEC chairman.
- A number of US radio stations are up for sale at companies from Viacom to Susquehanna Pfaltzgraff, and there are even hints that Walt Disney may sell its ABC Radio stations.
- US states including Illinois and Pennsylvania have begun to trim property taxes after state and local governments’ budget situations improve.
- Time Warner’s HBO cable tv unit has experienced a decline in ratings as viewers lose interest in some of their shows because they have become too focused on Hollywood entertainment themes.
- Clear Channel Communications is trying to provide podcasting, or delivering fans’ favorite shows directly to their computers, in return for fees.
NY Times:
- Investors are losing interest in Chinese IPOs.
Washington Post:
- A new drug safety board created by the FDA to revive confidence in the country’s drug supply will actually hurt efforts to improve safety, FDA safety officer David Graham and Senator Charles Grassley said.
LA Times:
- A California father and his son have been arrested by FBI agents after the younger man admitted to attending al-Qaeda training camps in Pakistan.
Arizona Republic:
- Arizona’s tax revenue has risen to record levels, hitting $1 billion in April, because of profits from the state’s booming housing and real estate market.
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