Monday, September 12, 2005

Today's Headlines

Bloomberg:
- Reinsurers are seeking to increase premium rates for coverage of oil platforms in the Gulf of Mexico by about 35% following losses related to Hurricane Katrina.
- Goldman Sachs, riding a surge in fees from equity and debt underwriting and higher revenue from oil trading, probably led US securities firms to record third-quarter earnings.
- Palestinians set fire to synagogues and other buildings still standing in Israel’s Gaza Strip settlements, as Israeli troops left and Palestinian security forces moved in early today.
- The euro fell to a two-week low against the yen and dropped versus the dollar after Japanese Prime Minister Koizumi was re-elected and polls show none of Germany’s parties will get a majority in next weekend’s election.
- EBay agreed to buy Internet telephone company Skype Technologies SA for $2.6 billion in cash and stock.
- Wachovia Corp. agreed to buy Westcorp for $3.42 billion to expand its auto-finance group.
- Crude oil and gasoline are falling on signs that damage from Hurricane Katrina and record fuel prices will reduce fuel consumption.
- Oracle agreed to buy Siebel Systems for $5.85 billion, leapfrogging SAP AG to become the top seller of programs that manage customer relations.
- US Treasuries are falling as declines in oil and gasoline prices bolstered expectations that the Fed will raise interest rates next week.

Wall Street Journal:
- The FBI and the Defense Dept.’s Defense Intelligence Agency are investing in start-up companies in hope of developing new high-tech products.
- GM is discussing with parts suppliers around the world a reorganization of its purchasing department, as it seeks ways to cut costs.
- Wal-Mart Stores used back up plans for natural emergencies that helped move supplies quickly into regions devastated by Hurricane Katrina.

Barron’s:
- Glickenhaus investment firm founder Seth Glickenhaus said Countrywide Financial is one of the top 10 success stories among US stocks and may double its mortgage business within five years.

Financial Times Deutschland:
- SAP AG has taken 27 corporate clients from its US rival Oracle since January, citing SAP’s US chief.

Gulf News:
- The number of mobile-phone subscribers in the Middle East and North Africa is expected to almost double to 150 million during the next four years.

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