Tuesday, July 19, 2005

Today's Headlines

- The US dollar rose the most in a week against the euro and climbed to the highest in more than a year versus the yen on speculation rising interest rates will attract foreign investors to US assets.

Wall Street Journal:
- The world’s steel industry has quickly turned from supply shortages to overproduction, leading to a flood of mergers and acquisitions.
- FCC chairman Kevin Martin says his top goal is to broaden access to high-speed Internet services.
- The US Congress may extend daylight-savings time for two months, starting it earlier in the year, and ending it later in order to save energy.
- Starbucks became a competitor in the music business since it started selling selected music.
- Trading of convertible bonds has gone through its worst six-month spell in 15 years.

NY Times:
- President Bush is moving faster than expected on his selection process for a Supreme Court nominee and may make an announcement “within the next few days.”
- Fruit and vegetables will have their identifying details tattooed on with lasers, eliminating the need for stickers.

Washington Post:
- The Bush administration wants to introduce performance-based compensation for the 1.8 million civilian federal employees by 2010.

NY Post:
- McDonald’s will introduce three premium chicken sandwiches today, reflecting a leaner American diet.
- Federated’s Macy’s is expanding the American Rag brand to 300 stores in an effort to lure teenagers from Abercrombie & Fitch and American Eagle Oufitters.

- Federal Reserve Bank of St. Louis President William Poole said it’s reasonable for financial markets to expect policy makers will lift interest rates further.

- Russian GDP probably expanded 5.6% in the first half of the year, slower than 7.9% in the same period last year.

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