Friday, July 22, 2005

Today's Headlines

- The UK economy, Europe’s second largest, grew in the second quarter at the slowest annual pace in more than 12 years as the expansion in services slowed and industry fell into recession.
- President Bush’s energy bill may include a provision for companies such as Lyondell Chemical to pay $2 billion to $4 billion into a fund to clean up drinking water polluted by the gasoline additive MTBE.
- Microsoft said it chose Windows Vista as the name of its next Windows operating system, and said the version is on schedule for release in the second half of 2006 after a two-year delay.
- The US dollar is gaining against the yen and euro on speculation its drop yesterday following China’s currency revaluation was excessive.
- US 10-year T-notes are rising for a third day in four after a decline that pushed yields to the highest in more than two months attracted investors.
- US companies have reported an 8% gain in second-quarter earnings so far, with more than a third of the S&P 500’s Index having reported results, including Citigroup, Microsoft and Yahoo!.

Wall Street Journal:
- A compromise energy bill proposal in the US Congress would cut to one rather than two months a proposed extension of daylight savings time.
- US Senate Republicans say they plant to schedule a vote for next week on a proposal to abolish the death tax in a bid to force a compromise with Democratic opponents of the repeal.
- US sales of DVDs are slowing, with dire implications for media companies such as News Corp., Time Warner and Walt Disney.

NY Times:
- Wal-Mart Stores and Best Buy are among retailers that may not carry a cleaned-up version of Take-Two Interactive Software’s “Grand Theft Auto: San Andreas” video game.

- Some Chinese shipyards have started to cut prices as demand for new ships drops, citing unidentified shipbrokers.
- Greek shipping companies cut first-half new ship orders by 60%, in terms of cargo capacity, as prices rose and freight rates fell.

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