Bloomberg:
- Texas Instruments CEO Templeton said he expects “strong” demand for cell phones as the largest handset makers fill rising orders for the newest models.
- The French economy grew .1% in the three months through June, lagging behind the dozen nations sharing the euro for a second quarter as consumer spending was damped by surging oil prices and concern about job losses.
- Shares of Fannie Mae fell to a four-month low amid investor concerns the company will need a year to complete an earnings restatement that may total as much as $10.8 billion.
- Oil is rising to another record for a fifth straight day, touching $66.95/bbl. in NY on speculation that increased fuel demand may outpace production capacity.
- The US dollar is gaining against the euro after the US reported a trade deficit for June that was better than some traders expected.
Wall Street Journal:
- According to a recent WSJ Online poll, 54% of the economists surveyed believed the Fed’s Open Market Committee will go too far in raising rates whilst 46% were concerned it will keep them too low.
- Billionaire investor Carl Icahn’s alliance with hedge funds to get Time Warner to sell assets and boost a buyback gives him a new platform to go after some of the biggest US corporations.
- DKT International, a non-profit US AIDS-prevention group, sued the US government in federal court for refusing the group federal funding because it won’t endorse President Bush’s policies against prostitution.
NY Times:
- The FBI said there is the potential for terrorist attacks in New York, LA and Chicago around the Sept. 11 anniversary.
NY Post:
- Employees at investment banks, asset management companies and securities brokerages in the US may see as much as a 10% boost in bonuses this year.
Reuters:
- Maytag’s board of directors is set to back Whirlpool’s takeover offer of about $1.7B, or $21 a share.
Il Giornale:
- The European Central Bank must cut interest rates to spur growth in Europe, Deputy Finance Minister Baldassarri said.
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