Bloomberg:
- The UNs’ nuclear agency cleared the way for the Security Council to weigh possible political or economic sanctions against Iran after 3 years of inspections failed to declare the Islamic Republic’s atomic work peaceful.
- Exxon Mobil(XOM) said it will raise capital spending 13% this year to about $20 billion to boost reserves and expand refineries.
- OPEC will maintain oil production near 20-year highs as violence in Nigeria and a dispute with Iran over nuclear research keep prices above $60/bbl.
- Shares of the NYSE(NYX) climbed as much as 12% in their trading debut, underlining investor confidence in the future of the world’s largest equity market as a public company.
- Micro Tech(MU) agreed to buy Lexar Media(LEXR) for about $680 million in stock to expand a push into the fastest-growing part of the flash-memory market.
- Biogen(BIIB) and Elan(ELN) won the backing of a US regulatory panel to resume sales of Tysabri, the MS drug withdrawn a year ago because it was linked to a rare, fatal brain infection.
- Copper, zinc, and nickel dropped in NY and London on speculation rising interest rates will slow economic growth, curbing demand for industrial metals.
- Oil is falling for a third day after a report showed a larger-than-expected gain in US stockpiles left inventories at 7-year high levels.
- Brazil’s currency, bonds and stocks tumbled, leading declines throughout Latin America, as rising interest rates in the US, Europe and Japan lured money from riskier developing country assets that are heavily dependent on commodities.
Wall Street Journal:
- A US federal grand jury is looking into possible price-fixing and collusion in the air-freight business, indicating that the Justice Department might seek criminal charges against some airlines.
- XM Satellite Radio Holdings(XMSR) will soon have to carry advertising on four of its stations, citing the company’s chairman.
- GM(GM) failed to follow US consumer trends and regional preferences, running ads in Miami showing cars driving in snow and starting Spanish-language advertising later than rivals.
- Verizon Communications(VZ) CEO Seidenberg is betting that high-speed lines will help the company win against rivals in the race to supply televisions, Internet and voice services.
- Prime brokers, which offer preferred-customer services for hedge funds that include financing trading, helping with paperwork and introducing potential clients, may have too free a rein.
- David Tepper, who heads Appaloosa Management LP, a hedge-fund firm, has acquired 14.8% of Dana Corp.(DCNAQ), a vehicle parts maker that went into Chapter 11 last week, but individual investors would be wise not to emulate him.
Market News Intl.:
- Fed Bank of Minneapolis President Gary Stern said he doesn’t see any “material” acceleration of inflation.
USA Today:
- The US government plans to test almost eight times as many wild birds this year as in the past decade in efforts to stave off the spread of the deadly H5N1 bird flu virus.
NY Times:
- Chinese Web sites are home to scam artists selling products from date rape drugs to stolen cars.
- New York State regularly sends patients from mental hospitals to nursing homes, where it illegally houses hundreds of patients without the required care and in conditions comparable to imprisonment.
Washington Post:
- Harold Ickes, an adviser to Senator Hillary Rodham Clinton, is leading a group of Democrats in raising millions of dollars to start a private firm named Data Warehouse that plans to gather data on Americans in an attempt to find Democratic voters.
Reuters:
- Boston Scientific(BSX) plans to appoint new management and may adopt another name for Guidant’s(GDT) heart-rhythm unit after closing its $27 billion acquisition of Guidant next month.
AP:
- Arizona Governor Janet Napolitano said she signed an executive order to put more of the state’s National Guard troops on the border with Mexico to assist federal efforts to curb illegal immigration.
BBC’s Brazilian News:
- Brazil may build as many as seven nuclear power plants in 15 years as part of a plan to diversify energy sources, citing Science and Technology Minister Rezende.
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