Bloomberg:
- Terrorists set off bombs in morning rush hour on London’s subway system and a bus, killing at least 33 people and injuring more than 345 others in the deadliest attack on the city since Word War II.
- Abu Musab al-Zarqawi’s al-Qaeda-linked cell said that it killed Egypt’s ambassador-designate to Iraq, who was kidnapped in Baghdad on July 2.
- US retailers from Wal-Mart Stores to Nordstrom posted better-than-expected sales gains in June as rising temperatures and increased hiring spurred purchases of air conditioners and warm-weather clothing.
- Omnicare, the biggest provider of drugs and pharmacy services to US nursing homes, agreed to buy NeighborCare for about $1.5 billion to expand its customer base and cut costs by increasing efficiency.
- The impact on the US stock market from terrorist attacks may not last long if historical trends are any guide, according to strategists Abby Joseph Cohen of Goldman Sachs and Tobias Levkovich of Smith Barney.
- The US Department of Homeland Security will raise the terror threat level for public transit systems while keeping the national threat level unchanged.
- Crude oil reached a record $62.10 a barrel in NY and then plunged as terrorist bombs that killed at least 33 people in London raised the possibility of an economic slowdown. It was the largest price swing in 14 years.
Wall Street Journal:
- A breakup of the European Monetary Union is now possible, following the French and Dutch voters’ rejection of the European Union constitution, Joachim Fels, chief global fixed-income economist at Morgan Stanley in London wrote.
- US amputees, aided by advances in medical treatment, are requesting to return to combat in Iraq.
- Mitsubishi Motors, Ford Motor’s Volvo unit and DaimlerChrysler’s Mercedes-Benz and other automakers are ending their free-maintenance programs in the US to cut costs.
- Countries such as Australia, South Africa and Colombia are struggling to expand ports, rail yards and airports to meet demand for coal and other commodities, creating a bottleneck that keeps prices high.
NY Times:
- Since McDonald’s was sued in 2002 for allegedly making two NY teenagers fat, 20 US states adopted laws preventing lawsuits claiming obesity-related personal injury, while laws in 11 states are pending.
Financial Times:
- Al-Qaeda said it carried out attacks on London today in a statement posted on an Islamist Web site.
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