- North Korea agreed to give up its nuclear arsenal and rejoin a global treaty to halt the spread of weapons of mass destruction in return for US guarantees of security and energy assistance.
- Grape growers in California’s Napa Valley said they are expecting their biggest harvest in four years.
- Norsk Hydro ASA, Norway’s second-largest oil company, agreed to buy Spinnaker Exploration of the US for $2.45 billion to gain fields in the Gulf of Mexico.
- Iran agreed to allow stepped-up inspections by UN atomic experts, as US and European delegates began negotiations to avoid the escalation of a dispute over the Islamic Republic’s nuclear ambitions.
- L. Dennis Kozlowski was sentenced to 8 1/3 to 25 years in prison for looting Tyco International Ltd.
- Crude oil and gasoline are rising, as natural gas surged to an all-time high, on forecasts that Tropical Storm Rita will strengthen into a major hurricane and make landfall in Texas or Louisiana.
Wall Street Journal:
- Hispanic illegal immigrants in the Gulf region struck by Hurricane Katrina who are unable to benefit from federal and state assistance are migrating across the US.
- Teaching business has become big business in China with US private-equity firms such as Carlyle Group moving into the market.
- Exchange-traded funds that are actively managed, while retaining some of the main advantages of an ETF, are being prepared.
- IBM plans to continue its strategy of staying out of the applications business while partnering with applications vendors to sell its own products.
NY Times:
- The US and its allies are seeking a resolution from the UN nuclear monitoring agency that would declare Iran’s nuclear program non-compliant to rules.
- A coalition of 500 doctors, and hospitals, insurers and employers in NY’s Hudson Valley region are creating a Web-based central electronic patient-records database that is affordable for small doctors’ offices.
NY Post:
- Donald Trump, chairman of Trump Entertainment Resorts, has reached a deal with Warner Music Group to launch Trump Mobile, a product featuring audio and video ringtones and Trump wallpaper for cell phone screens.
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