Today's Headlines

Bloomberg:
- Calpine agreed to sell its US oil and natural-gas properties for $1.05 billion.
- Mittal Steel, the world’s largest steelmaker, plans to cut production at plants worldwide by an amount equal to more than 5% of capacity as it joins rivals bidding to shore up plunging prices for the metal.
- A US Senate panel today voted in favor of the Central American Free Trade Agreement, clearing the way for the full Senate to vote on it as early as this week.
- Credit Suisse Group, Switzerland’s second-biggest bank by assets, will drop the 73-year-old First Boston moniker from its investment banking division.
- Jarden Corp., which makes Oster and Mr. Coffee appliances, agreed to buy Holmes Group for about $625.9 million to add brands such as Crock-Pot and Bionaire.
- Crude oil is falling, bringing its two-day drop to more than $3/bbl. in NY, as a government report showed US oil and fuel inventories rose.

Wall Street Journal:
- Deutsche Bank AG’s Deutsche Asset Management may say today it will buy a group of warehouses and other industrial properties totaling about 2.1 million square meters in 18 US markets for about $1.3 billion.
- Some members of the US Congress are demanding tariffs on Chinese goods unless China revalues the yuan, but either action could disrupt the US economy and global financial markets.

NY Times:
- Millennium Pharmaceuticals Chairman, President and CEO Levin is stepping down and will be succeeded by Deborah Dunsire, who heads Novartis AG’s North American cancer unit.
- Chinese companies are attempting to acquire brands that are famous worldwide in response to a government edict for companies to increase worldwide recognition.

Detroit News:
- DaimlerChrysler’s Chrysler unit told car dealers yesterday that it may offer customers an employee-discount pricing program as early as July 6 if General Motors extends a similar promotion.

Financial Times:
- The Chicago Merc approached the Chicago Board of Trade about a merger that would create the world’s largest futures exchange.

Deutsche Presse-Agentur:
- The International Monetary Fund has cut its forecast for economic growth in Germany next year to 1.3% from its previous forecast of 1.8%.

El Watan:
- Algeria plans to double petroleum refining capacity by 2010.

Hong Kong Commercial Broadcasting:
- China plans to start filling its strategic stockpile of crude oil with locally produced fuel from the end of this year. China won’t purchase oil from overseas for its strategic reserves because of high international oil prices, citing Zhang Guobao, vice chairman of the National Development and Reform Commission.