Bloomberg:
- Qualcomm raised its fourth-quarter sales and profit forecasts on better-than-expected phone chip shipments.
- The risks to world economic growth are “slanted to the downside” with record oil prices posing a particular threat, the IMF said today.
- Crude oil and gas are jumping as Hurricane Rita barreled toward the Texas coast, threatening the biggest concentration of US refineries.
- Billionaire investor Kirk Kerkorian’s Tracinda, the third largest investor in GM, said it may ask for representation on the automaker’s board.
- US Treasuries are rising, led by the biggest gain in 10-year notes this month, on concern Hurricane Rita and rising energy prices will weigh on the economy.
- The US dollar is falling the most in three weeks against the euro and dropped versus the yen on concern Hurricane Rita will add to damage caused by Katrina, damping consumer spending and slowing US economic growth.
Wall Street Journal:
- Procter & Gamble turned to in-store marketing to offset declining attention among consumers for print and television advertising.
- Raising the levees protecting New Orleans from a new storm surge would cost billions of dollars, threaten vulnerable marshlands, and probably set off lawsuits from homeowners whose properties would have to be confiscated.
- Sales growth is slowing at Dollar Tree Stores, Fred’s, and Family Dollar due to competition from discount stores such as Target.
NY Times:
- New Orleans flood walls that were built over the past several decades were below US Army Corps of Engineers standards.
- Some US House Republicans today plan to suggest budget cuts of more than $500 billion over 10 years to offset spending in the wake of Hurricane Katrina.
ESPN.com:
- Nike has reached an agreement with Take-Two Interactive Software to feature its shoes in a basketball video game.
Detroit News:
- Ford Motor plans to increase the proportion of Ford, Mercury and Lincoln models powered by hybrid engines to half by the end of the decade.
NY Post:
- Bank of NY denied Calpine access to the proceeds of a $117 million asset sale after bondholders claimed the energy company is using funds that were supposed to be set aside for asset purchases for other purposes.
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