Bloomberg:
- The International Energy Agency cut its estimate for 2005 world oil demand growth for a third month as record-high fuel prices curb sales in China, Thailand and other developing countries in Asia.
- US consumers can expect to pay at least $400 more for heating oil this winter compared with last year after the shutdown of refineries caused by Katrina pushed prices to all-time highs.
- Governments of the North Atlantic Treaty Organization approved the use of ships and planes to help transport European aid to victims of Hurricane Katrina.
- PalmSource is being sold to Japan’s Access for as much as $324 million in cash.
- Oyster beds on the Louisiana coast, the largest US source of the shellfish, were nearly wiped out by Katrina, boosting costs for buyers such as the Oyster Bar in NY’s Grand Central Station.
- US Treasuries rose on expectations higher energy prices in the aftermath of Hurricane Katrina will slow the world’s largest economy.
- Homeland Security Secretary Michael Chertoff will replace FEMA head Michael Brown from his role leading the relief efforts following Hurricane Katrina.
Wall Street Journal:
- Japan’s Honda Motor debuts a new version of the Civic this month that it hopes will revive the model’s appeal to young, sporty buyers in the US.
- The hurricane catastrophe on the Gulf coast will probably cut US second-half economic growth and employment, according to the 56 economists polled in this month’s forecasting survey.
- Disruption caused by Hurricane Katrina may mean more US students turn to distance learning through Internet courses.
- Some Mississippi casino operators are offering their staff transfers to properties in other states in an attempt to hang onto personnel in the wake of Katrina and before reopening their venues.
- The US government requested a federal takeover of local law enforcement in New Orleans after Katrina and was rebuffed by the Louisiana governor’s office.
- Shares of Valero Energy have risen 25% since Katrina wrecked Gulf coast oil installations, pushing refining margins sky-high.
NY Times:
- Ford Motor yesterday agreed to sell its Hertz car-rental unit to a group of buyout firms for about $15 billion in cash and debt.
Market International:
- China has no plan to sell US dollar assets, citing an economist at a state-owned research institute.
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