Today's Headlines

Bloomberg:
- Hurricane Katrina came ashore along the Louisiana coast, sparing New Orleans a direct hit, as it weakened on a path toward Biloxi, Mississippi.
- This month’s decline in shares of US homebuilders, the steepest in three years, may be short-lived as companies benefit from record demand and earnings.
- Intelsat Ltd. agreed to buy PanAmSat Holding for $3.2 billion in cash to become the world’s largest commercial-satellite operator.
- OPEC may raise its production ceiling when the oil exporters group meets next month to try to reduce record prices.
- Hurricane Katrina may cost US insurers such as Allstate as much as $25 billion, making it the most expensive storm to ever hit the US.
- Patients given a statin drug within 24 hours of a heart attack increase their chances of survival by more than 50%, according to a UCLA study of more than 170,000 patients.
- US Treasuries rose as Hurricane Katrina sent crude oil prices above $70 a barrel, stoking speculation economic growth will slow.
- Hewlett-Packard said customers of its Snapfish online photo service can pick up prints in one hour at Walgreen stores, one of three new offerings aimed at expanding its printing business.
- The yen is falling against the US dollar after opinion polls showed Japanese Prime Minister Koizumi’s lead over the opposition slipping before next month’s election.

Wall Street Journal:
- Abercrombie & Fitch’s CEO Michael Jeffries sold stock in the teen clothing retailer ahead of the second-quarter report.
- US workers may be able to reduce their retirement tax burden through a new 401K pension plan starting from next year.
- Delphi, GM, Ford and Visteon may cut wages and thousands of jobs in cost-saving restructuring plans.
- Tango dancing with more fluid, callisthenic movements to the music of Massive Attack or Jimi Hendrix is sweeping the dance floors across the US.
- The US and Mexico may be close to ending a 15-year disagreement about US antidumping duties on Mexican cement, as shortages in the US prompt political pressure to increase imports.

NY Times:
- An increasing number of religious groups are broadcasting their services to users of Apple’s iPod.

NY Post:
- Microsoft officials have held talks in recent weeks with NY real estate brokers who have sold retail space in Times Square.

Crain’s NY Business:
- China’s Beijing Ventone Real Estate wants to acquire as much as 1 million square feet of Manhattan office space to create a center for Chinese companies.

LA Times:
- Actor George Clooney will announce plans today to build a $3 billion, 25-acre casino, boutique hotel and condominium project in Las Vegas.