Bloomberg:
- Royal Philips Electronics NV, Europe’s biggest maker of consumer electronics, said “lighter demand” in consumer markets in Europe this quarter is hurting the company’s plans for growth.
- A pause in ratifying the European Union constitution would be “sensible” after the French and Dutch rejections of the treaty, UK Prime Minister Tony Blair said.
- Research In Motion Co-Chief Executive Officer Balsillie said he has back-up technology to keep US BlackBerry devices running should a three-month-old patent settlement with NTP fall apart.
- The US dollar is falling against the euro for the first day in six after a government report showed inflation was declining and hedge funds sold Treasury positions.
- Crude oil is rising to the highest in more than two months after the Energy Dept. reported a larger-than-expected decline in US inventories.
Wall Street Journal:
- A US federal judge in NY ruled that Rocker Partners LP, a hedge fund, can sue former executives and others connected with Lernout & Hauspie Speech Products NV, a Belgian maker of speech-recognition software that collapsed five years ago.
- The US government is seeking to strengthen legislation regulating US mortgage companies, Fannie Mae and Freddie Mac, that it sees as too lenient.
- The US utility industry may see a rash of mergers if congress repeals a 70-year-old law that bars oil companies, banks and other outsiders from owning the energy-producing companies.
- OPEC agreed to raise oil output quotas by 500,000 barrels a day and will make a similar increase again later if needed.
NY Times:
- China’s government may set up a $15 billion fund to bolster the nation’s ailing stock market.
- US officials are pressing companies to offer a generous range of prescription choices as the insurers prepare policies for the new Medicare drug program.
Bond Buyer:
- New provisions in the pending Senate energy bill would allow the issuance of as much as $2 billion in tax-credit bonds to finance renewable-energy and clean-coal generation projects.
LA Times:
- Los Angeles County’s board of supervisors has voted to allow the sale of syringes to illegal drug addicts without a prescription in an effort to reduce the spread of HIV and AIDS.
Globe and Mail:
- China has 1,000 spies in Canada, more than in any other country, citing an interview with a defector.
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