Today's Headlines

Bloomberg:
- Saudi Arabia’s main stock index had its biggest drop ever, falling almost 9%, on concern that share prices have outpaced prospects for earnings growth.
- US Federal Reserve Bank of Dallas President Richard Fisher said in a NY Times column that more globalized nations tend to achieve faster economic growth, lower inflation and higher incomes than those which are less so.
- Boeing(BA) will get a $5 billion order from Hainan Airlines and seven Chinese carriers tomorrow for as many as 80 planes, airline executives said.
- President Bush said he wants a diplomatic solution to Iran’s nuclear power ambitions and called published reports that the US many be contemplating military strikes “wild speculation.”
- The first exchange-traded fund that tracks US oil prices debuted today on the American Stock Exchange, providing another way to invest in a market that has drawn increasing interest from speculators.
- Crude oil is rising on speculation of potential supply disruptions and debut of the oil ETF.

Wall Street Journal:
- Novartis AG, Switzerland’s largest drugmaker, said it asked for regulatory approval to sell its Gleevec treatment for four types of cancer.
- Webaroo Inc., a closely held US Internet company, plans to release a service that allows customers to search and browse Web sites while not connected to the Internet.
- Alcoa Inc.(AA) will say today it plans to expand into China with a $95 million joint venture near Shanghai.
- Sprint Nextel(S) will ally with Time Warner(TWX), Comcast(CMCSA) and other US cable operators for a test program of a new wireless service for television and Internet.
- Walt Disney(DIS) plans to make much of its programming on ABC and other channels available for free on the Internet.
- The US Citizenship and Immigration Services received a record 6.6 million hits on its Web site in March as legal immigrants seek citizenship amid the debate over new residency laws.
- Wal-Mart Stores(WMT) plans to match employees’ work shifts with customer traffic patterns and boost part-time workers’ schedules as the CEO of the company’s US stores tries to improve shoppers’ experience.

Lloyd’s List:
- Shell Gas & Power International expects global supplies of liquefied natural gas to rise almost 282% through 2020.

NY Times:
- Orkut, Google’s(GOOG) on-line friends network, is more popular in Brazil than any other country.

Financial Times:
- DirectTV Group, EchoStar Communications(DISH) and other satellite-tv providers are being squeezed between cable operators and telecom companies, both seeking to offer telephone, broadband Internet and video services.
- US forests are becoming an increasingly popular investment, yet most of the price gains may already be history.

Les Echos:
- French Prime Minister Dominique de Villepin will propose scrapping the much-disputed new labor young worker contract which has brought violent demonstrations to the streets of France.

Nihon Keizai:
- Samsung Electronics of South Korea and Japan’s Sony Corp.(SNE) have agreed to build a second liquid-crystal display factory.

Oman Daily:
- The Oman government will invest $10 billion over the next five years to boost domestic oil production, citing Oil Ministeer Mohammed al-Rumhy.