Bloomberg:
- Copper prices will probably fall 35% to about $1 a pound in two years as miners produce more of the metal to meet Chinese demand, said Juan Villarzu, Executive President of Codelco, the world’s biggest copper miner.
- Shares of Tyson Foods, the world’s largest beef producer, rose as much as 7.5% to a one-year high after a court ruling cleared the way for Canadian cattle shipments to resume to the US, ending a two-year ban.
- The dollar is rising against the euro as gains in manufacturing boosted speculation the Fed will keep lifting interest rates.
- Hurricane Emily’s winds weakened to 125 mph as the storm moved across the Caribbean Sea on a path toward Jamaica.
Wall Street Journal:
- The US Social Security system can be made solvent far into the future without large tax increases by supplementing traditional benefits with special personal retirement accounts, Harvard economist Martin Feldstein wrote.
- Kroger, Albertson’s and Walgreen are among US supermarket and drug-store chains suing Visa USA claiming that it fixes prices.
- GM saw sales rise again in early July, as its offer of employee discounts to all US customers extended into this month, with some car dealers seeing sales up by 55% from a year earlier.
NY Times:
- A Vermont federal jury for the first time in almost 50 years recommended the death penalty in a case involving a man convicted of kidnapping a woman in the state and killing her in NY.
Xinhua:
- China’s government said a Japanese company’s plan to test drill for natural gas and crude oil in an area claimed by China is a “serious provocation,” citing a foreign ministry official.
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