- UK Prime Minister Tony Blair said foreign nationals who encourage terrorism anywhere in the world will be deported, following two waves of bomb attacks in London last month that left 56 dead.
- The US Navy is airlifting an underwater robot across the Pacific to try to free seven Russian submariners trapped on the seafloor off the Kamchatka Peninsula with less than 24 hours of air.
- Billionaire investor Warren Buffett’s bet against the US dollar may have hurt Berkshire Hathaway’s profit for the second straight quarter as the dollar strengthened against foreign currencies.
- US telecommunications regulators scrapped rules that telephone companies say limit their ability to compete with cable-tv operators in selling high-speed Internet service.
- US Treasuries are falling after a report showed the economy created more jobs last month than forecast.
- The US dollar is rising against the euro for the first day this week after a government report showed the US economy added more jobs than forecast, boosting speculation the Fed will keep raising rates.
- Shares of China’s Baidu.com, a search engine that models itself on Google, tripled after the company raised $109 million in its US IPO.
Wall Street Journal:
- International Business Machines has doubled the speed of its silicon-germanium semiconductor chips.
- Velvet has returned to fashion for the coming fall season as first deliveries at Saks Fifth Avenue, Bloomingdale’s and Neiman Marcus bring in array of velvet blazers.
- Medicare is being sued by a group of seniors seeking to recover billions of dollars spent on smoking-related diseases.
- Kinetic Concepts, Smith & Smith & Nephew Plc and Johnson & Johnson may benefit from increased demand for products that help with slow-healing wounds.
- CB Richard Ellis Group, the world’s largest global commercial real-estate services firm, is in talks to buy Trammell Crow for $1 billion.
- BP Plc, whose Texas City, Texas, plant has had two explosions since March, will upgrade equipment at the company’s five US refineries to improve safety.