Bloomberg:
- Berkshire Hathaway may report its lowest quarterly profit in almost four years because of losses from Hurricane Katrina and an incorrect bet against the US dollar.
- The US House of Representatives voted to bolster private-property rights by limiting local governments’ power to seize land for economic development.
- Crude oil may decline as stockpiles increase and warm weather in the northern US cuts demand for heating oil, a Bloomberg survey showed.
- Autonomy, whose software helps businesses keep track of data, agreed to buy US competitor Verity for $500 million in cash to add programs for searching databases.
- The US dollar rose to a 26-month high against the yen and the strongest level of the year versus the euro on continuing optimism over the US economy relative to the economies of other developed nations.
Wall Street Journal:
- Investors, including private partnerships and real-estate investment trusts, are buying millions of acres of US forest land from companies such as International Paper under pressure to boost profit.
NY Times:
- Mazada Motor joined Toyota Motor, Honda Motor and Ford Motor in featuring alternative-fuel vehicles at the Tokyo Motor Show.
- Ford Motor is expected to announce plans today to subsidize the installation of around 100 ethanol fuel pumps at gasoline stations in the US Midwest to push a money-saving alternative to gas.
Washington Post:
- SBC Communications CEO Whitacre stirred controversy over access to the Internet when he indicated companies wouldn’t be able to use SBC’s network for free.
- FEMA said it will set aside as much as $1.5 billion worth for small companies to maintain trailers for Hurricane Katrina evacuees.
Philadelphia Inquirer:
- Planet Hollywood International plans to build a $380 million casino along the Penn’s Landing waterfront in Philadelphia, subject to approval by city and state officials.
Detroit News:
- GM has been operating several assembly plans on overtime and ordering more parts from suppliers to prepare for a possible strike at Delphi.
Financial Times:
- Pierre Omidyar, the founder of EBay, will start a $100 million fund with a view to lending to small businesses in developing countries.
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