Bloomberg:
- Time Warner’s(TWX) agreement to increase its share buyback to $20 billion as part of a settlement with billionaire Carl Icahn may help boost the shares of the world’s largest media company.
- The LAPD will become the first department in the US to adopt a GPS device to track fleeing drivers. The gadget, manufactured by StarChase LLC, will be fired onto a suspect car, then will transmit location information to officers who can stay a safe distance behind.
- Dubai’s royal family sent a delegation to the US today to meet officials to allay concerns about the emirate’s control of US ports as part of its $6.8 billion buyout of the UK’s Peninsula & Oriental Steam Navigation Co.
- Blackstone Group LP, which is raising the world’s biggest buyout fund, agreed to acquire hotel owner MeriStar Hospitality Corp. for about $2.6 billion.
- Citigroup Global Markets, which a month ago predicted the Fed would be done raising rates at this point, and Bear Stearns increased their forecasts for how high the central bank will lift interest rates.
- Harvard Univ. President and former Treasury Secretary during the Clinton administration Lawrence Summers resigned as head of the oldest higher-education institution in the US after a five-year tenure marked by clashes with professors.
- Crude oil is rising in NY after rebel attacks on Nigeria’s oil facilities halted almost 20% of the output from the country.
Wall Street Journal:
- Overall revenue from US digital video recorder sales will rise to $5.5 billion in the next few years from $1.01 billion in 1999.
- A startup company backed by Time Warner’s(TWX) AOL and Barry Diller, chairman and CEO of IAC/InteractiveCorp.(IACI), is trying to become a middleman in distributing Web videos.
- Julius Baer Holding AG’s GAM, Allianz Global Investors and Alliance Capital Management’s AllianceBerstein are among mutual funds that are asking shareholders for permission to use tactics often found in hedge funds.
- CEOs are increasingly having strings attached to their remuneration packages amid rising complaints about excessive pay.
- Warnaco Group’s(WRNC) Speedo body-length swimsuits are being worn by US Olympic bobsled and skeleton competitors.
CNBC:
- Triarc Cos.(TRY) CEO Peltz may be considering a takeover of HJ Heinz(HNZ).
Advertising Age:
- Wal-Mart Stores(WMT) will expand its marketing department by as much as 30% as it seeks to compete more effectively with Target Corp.(TGT) and other retailers.
NY Daily News:
- Ron Insana, who anchors financial news network CNBC’s “Street Signs” program, plans to leave the network after almost 15 years to start a monthly financial newsletter and his own business.
NY Times:
- The American Medical Association agreed with US Congress to develop about 140 specific performance measures by the end of the year to help the US create pay standards for Medicare.
- US college e-mail, designed to make professors more accessible, is erasing healthy boundaries between students and their lecturers, breaking down the prudent conventions of student/professor communication, citing professors from across the US.
- US hedge funds are getting into the business of small loans, attracted by the prospect of being able to charge sky-high interest rates.
- The Port Authority of NY and New Jersey is spending $73 million on turnstile scanners and vending machines that will allow Path train riders to use fare cards with embedded computer chips.
USA Today:
- Some affluent US communities, including Aspen, Colorado, and Arlington County, Virginia, are passing laws limiting the size of new houses.
Iran Daily:
- Ayatollah Ali Khamenei, Iran’s Supreme Leader, encouraged Palestinian group Hamas to continue not to recognize the state of Israel and refuse negotiations with its government.
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