Today's Headlines

Bloomberg:
- The cost of hiring tankers may fall 25% this year on excess ship supply, Clarkson Plc, the world’s largest shipbroker, said.
- Nokia(NOK), the world’s biggest maker of mobile phones, raised its forecast for growth in the global handset market to 15%.
- Emerging markets are becoming vulnerable to imbalances in the global economy and investors aren’t paying enough attention to the risks in some of those economies, a group of the world’s largest banks said.
- Apple Computer(AAPL) today denied its iTunes store breaches a trademark agreement with the Beatles’ company, saying that it doesn’t own the rights to music sold through the site.
- Crude oil is rising to an eight-week high and gasoline surged as US fuel supplies declined and the UN Security Council asked Iran to curb its nuclear program.
- US Treasuries fell, pushing 10-year yields to the highest since May 2004 on more signs the US economy remains strong.

Wall Street Journal:
- Some US small-cap mutual funds have been closing to new investors, making it difficult to tap into the strong growth shown by companies with market values of less than $500 million.
- The bankruptcy-court case of Foamex International, a maker of foam for mattresses, carpet cushions and car seats, shows how hedge funds are playing a larger role in financing troubled companies.
- Lottery commissions in several US states are turning to slot machines in efforts to boost revenue.
- General Electric(GE) and other companies are restricting employees’ use of the Internet because of concern with viruses, communications blockages and possible regulatory violations.
- A group of private-equity and hedge-fund managers seems to be leading the bidding for Enron’s international assets.
- General Motors(GM) is closer to an agreement to sell 51% of its finance arm, General Motors Acceptance Corp., to a group led by Cerberus Capital for $11 billion.
- The US House of Representatives is expected to pass a bill this week that would require financial reports from colleges and universities as a way to curb tuition increases.
- The US Environmental Protection Agency plans to impose new emissions standards for lawn equipment to reduce air pollution and gas consumption.

AP:
- TiVo Inc.(TIVO) shared technology know-how with EchoStar Communications’(DISH), which used the details in its own boxes for pausing and rewinding live television programs, TiVo’s co-founder, Michael Ramsey said in court yesterday.

NY Times:
- US House Speaker Dennis Hastert said that he and other House Republicans support a guest-worker program.

Interfax
- Oil and condensate production from Kazakhstan’s Karachaganak field could triple if $10 billion is invested during the next six to eight years, citing the CEO of BG Group.