Bloomberg:
- The Fed will raise interest rates one or two more times and then stop because inflation is in check, said Paul McCulley, a managing director at PIMCO, which runs the world’s biggest bond fund.
- David Dreman, whose US money management firm overseas $13 billion, is starting his first hedge funds to bet on stocks he expects to fall as well as rise.
- European government bonds climbed, spurring the biggest two-day drop in 10-year yields in almost seven years, on increasing speculation the European Central Bank will lower interest rates.
- The S&P 500 may reach a record high in 2006 because stocks are undervalued relative to bonds and real estate, according to Ed Keon, Prudential Equity’s chief investment strategist.
- Citigroup is close to an agreement to swap its asset-management unit for Legg Mason’s brokerage, plus stock and cash, in a transaction valued at about $4 billion.
- The US dollar is gaining against the euro, British pound and Swiss franc on signs that central banks in Europe are moving closer to reducing interest rates.
- Crude oil is falling after an Energy Department report showed that US inventories fell less than expected as fuel demand declined.
CNBC:
- David Guyer, CEO of Eyetech Pharmaceuticals aid that the company has a second medicine in its pipeline to treat a leading cause of blindness in adults.
- E*Trade offered to buy Ameritrade Holding for $17.50 a share last night.
- Ameritrade will buy TD Waterhouse in a deal valued at more than $3 billion.
Wall Street Journal:
- Iraq is using an international conference in Brussels to ask for help in building a peaceful and responsible country, Hoshyar Zebari, Iraq’s foreign minister wrote.
- EBay may lose its market dominance as merchants move to other online sites or set up their own because of higher fees and an increase in competition.
- Warren Buffett is prepared to invest even more in utilities than the $10 billion to $15 billion he’s previously mentioned.
- S&P’s Rating Services has increased the risk of defaults on some types of home loans as a result of looser lending criteria.
- The shares of both Carnival Corp. and Royal Caribbean Cruises have dropped this year, though passenger bookings are the highest in four years and fares are surging.
- Mattel plans to put the Barbie doll in show in a musical tour to reverse the toy’s declining popularity with girls.
- US Senators may compromise on legislation that would end estate taxes for all but the most wealthy Americans.
- Morningstar will expand a hedge-fund database this year, adding ratings, risk-evaluation tools and research on fund indices.
NY Times:
- US companies that specialize in environmentally friendly energy sources, such as solar energy, have attracted more than $50 million in venture capital money this month.
Washington Post:
- The number of lobbyists registered in Washington D.C. has doubled since 2000, and so have the fees they charge clients, making the industry one of the fastest-growing in the US.
- AMN Healthcare Services and Cross Country Healthcare, which may provide two-thirds of US travel nurse staffing, said demand for their services is increasing.
AP:
- Knight-Ridder CEO Tony Ridder yesterday said he expects national advertising to increase in the second half of the year.
Financial Times Deutschland:
- Oracle plans to overtake market-leader SAP AG in two to four years in business-management software and is pushing for industry consolidation.
La Stampa:
- Most Europeans are skeptical of the European Union and most Italians want to revert to the lira as the national currency, Italy’s Reform Minister Roberto Calderoli was quoted as saying.
Xinhua News Agency:
- China’s Premier Wen Jiabao called for stricter polices aimed at forcing companies to cut energy and raw material consumption amid the country’s urbanization and industrialization progress.
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