Bloomberg:
- BearingPoint said regulators started a formal probe into its accounting and delayed plans to complete its financial statements.
- Delta Air Lines said it is realigning service at some of its US hubs, adding international flights and selling 11 Boeing 767-200 aircraft to ABX Air Inc.
- Hurricane Katrina may slow US economic growth by .5 to 1 percentage points, the CBO told lawmakers.
- US lawmakers from both parties are urging the Fed to forgo raising interest rates at its Sept. 20 meeting to help consumers and businesses recover from the destruction of Katrina.
- Egyptians began voting today in the nation’s first presidential election, which incumbent Hosni Mubarak, who has ruled the country for a quarter of a century, is set to win against nine less known challengers.
- BMW AG will join GM and DaimlerChrysler AG to develop fuel-saving gasoline-electric power systems and catch up with hybrid leader Toyota Motor.
- Apple Computer CEO Jobs introduced a Motorola phone that runs Apple’s iTunes music software.
- Ford is recalling 3.8 million 1994-2002 vehicles because a cruise-control switch can overheat and cause fires.
- US Treasuries remained lower after Michael Moskow, president of the Fed’s Chicago branch, said the risk of faster inflation needs to be addressed with “appropriate” increases in interest rates.
- Crude oil is falling for a third session, touching a two-week low, as the EIA slashed demand estimates for the commodity.
Wall Street Journal:
- One of Boeing’s airplane-parts suppliers said it will lay off more than 200 workers because of the Boeing-machinists strike, and another said that it will cut workers to a three-day week.
- Bank of America, JP Morgan Chase, and Wells Fargo are among US lending institutions that are giving customers in areas affected by Hurricane Katrina some breaks on paying loans.
- Credit Suisse First Boston issued an open letter to the board of Novell, a US software maker, urging management changes, asset sales and share buybacks.
- US government expenditure on caring for the victims of Hurricane Katrina and on reconstruction may reach between $150 billion and $200 billion, citing early congressional estimates.
- Steel used in building cars and industrial machinery may cost as much as 20% more because flooding caused by Hurricane Katrina in New Orleans has cut supplies and stalled the distribution of raw materials.
- The reconstruction of New Orleans will occur in phases once the water has been pumped out of the flooded city after Katrina’s passage, URS Corp. CEO Koffel told CNBC.
NY Times:
- Iraq’s national baseball league has grown to 26 teams from 18 provinces since it started in 2003.
AP:
- United Airlines parent UAL Corp. plans to file its reorganization plan today as part of a series of hearings ahead of a Dec. 1 deadline as it seeks to emerge from bankruptcy.
Iran Daily:
- The assets held by Iranians living in the US rose by a third last year to $800 billion as capital flight increased.
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