Today's Headlines

Bloomberg:
- Consumer Confidence in France fell to its lowest on record this month amid surging oil prices and the highest jobless rate since 1999.
- The US dollar is headed for the biggest quarterly advance against the euro since 2001 as the euro region’s political problems intensify and their economies stagnate.
- The Fed will raise interest rates at least three more times this year to keep inflation in check, according to a majority of Wall Street’s biggest bond dealers.
- Bank of America agreed to buy MBNA for about $35 billion, gaining the biggest non-bank credit card issuer.
- OPEC suspended talks to raise crude oil output quotas.
- Crude oil is falling to a two-week low after an Energy Dept. report showed that US imports surged as refineries increased production of gasoline and other fuels.

Wall Street Journal:
- Vodafone Group Plc will team up with Microsoft to let users of Microsoft’s MSN instant-message service exchange messages with people using Vodafone phones.
- Chevron has helped US congressmen to draft and circulate letters urging the Bush administration to examine and possibly block the Chinese bid to acquire Unocal.
- A decrease in May air-cargo traffic from a year earlier illustrates how high oil prices may be crimping economic growth worldwide, citing the International Air Transport Assoc.
- Financing for CNOOC’s bid for Unocal, which includes favorable terms from its government-owned parent, caused waves among rival bidder Chevron and some lawmakers who say CNOOC is getting unfair subsides.
- China’s state-controlled telephone companies may build fewer third-generation wireless networks as the government cuts back construction over cost concerns.
- Shares of AIG have dropped 15% since it emerged in February that the company’s accounting was under investigation, though delayed first-quarter results indicate that the stock might now be a good bet.
- Sling Media’s Slingbox enables users to watch television shows they receive at home in other locations and other devices besides a TV, Walter Mossberg wrote.
- US and Canadian municipalities are turning to wireless technologies to monitor parking spaces, as the old-fashioned, coin-operated mechanical parking meters are being replaced.

NY Times:
- Microsoft has been in talks for two weeks to buy closely held Claria Corp., which makes pop-up ads and software that tracks Web site visitors, for $500 milllion.
- Midwestern cities made up seven of the 10 US cities with the largest population drops between 2000 and 2004.

LA Times:
- Los Angeles, whose rainy season ends at midnight, will have had the second-wettest period since officials began keeping records.

Reuters:
- CNOOC expects Chevron to improve its $16.3 billion cash and stock bid for Unocal before shareholders vote on the matter in August.