Today's Headlines

Bloomberg:
- Time Warner may be worth as much as 46% more if the company is broken up.
- Krispey Kreme Doughnuts, which is under a federal accounting probe, said former CEO Scott Livengood and other officers may have manipulated earnings to report profits above analysts’ estimates.
- The People’s Bank of China said it will allow the nation’s biggest companies to enter the foreign exchange market for the first time and that the dollar, euro and yen will be the major currencies used to value the yuan.
- President Bush signed a $286.5B highway and transit bill that will boost revenue for construction companies and set new auto-safety standards.
- US Treasuries maturing in 10 years or more are rising for a second day on speculation the Fed will be able to contain inflation.

Wall Street Journal:
- Older US workers are remaining at their jobs long after they were entitled to retire because many want to maintain higher incomes and don’t want to lose their social relationships.
- The US Department of Agriculture is encouraging low income farm laborers to build their own homes by providing loans with no down payment for people who work on the construction themselves.
- Gap Inc. is using a PG-rated strip tease show with animated characters to attract younger customers.
- IBM, Starbucks, Caterpillar and Verizon Communications are among 52 large employers who plan to press pharmacy-benefit managers to disclose costs and rebates.
- The US hotel business is enjoying a resurgence, after three years of minimal growth, depressed room rates and a low level of construction.
- Billionaire investor Carl Icahn plans to put pressure on Time Warner to sell part of its cable television assets and commit to a share buyback bigger than the $5 billion the media giant had agreed to.

NY Times:
- The US Border Patrol has arrested more than 19,000 illegal immigrants based on biometric data provided by the Homeland Security Department.
- Avery Dennison and 19 other companies agreed to pool patents to help foster increased adoption of RFID technology in favor of bar codes.
- Delta Air Lines pilots are considering more pay concessions that may help the third-largest US airline avert Chapter 11 bankruptcy-court protection.