Today's Headlines

Bloomberg:
- Avigdor Lieberman, who may become Israel’s next internal security minister, said the country must consider taking unspecified “unilateral” action to stop Iran from developing nuclear weapons.
- The Russian government should invest some of the windfall oil revenue held in its Stabilization Fund in foreign stocks to reduce the economy’s dependence on high oil prices, the World Bank said.
- Wal-Mart Stores(WMT) is roiling major suppliers with a plan to cut inventories.
- The US dollar declined the most since January versus the euro and posted its biggest loss in a month against the yen as traders pared bets that the Fed will raise its benchmark interest rate twice more this year.
- Joshua Bolten, the new White House chief of staff, indicated he’s preparing to make changes in the Bush administration, telling senior aides today to “refresh, re-engage or quit now.”
- The bidding contest for Aztar Corp.(AZR) intensified as Columbia Sussex Corp. offered $1.68 billion for the owner of the Tropicana casino in Las Vegas, topping three rival offers.
- Crude oil is rising, touching $70/bbl. in NY for the first time since Hurricane Katrina, on speculation the dispute over Iran’s nuclear program may disrupt shipments.

Wall Street Journal:
- Corning Inc.(GLW) has staged a spectacular recovery and now has a market capitalization of $42 billion and debt that’s rated investment-grade.
- General Electric’s USA Network unit and Major League Gaming Inc. have reached an agreement to provide video game tournaments over cable television.
- China Construction Bank is in early talks with Bear Stearns(BSC) that might result in the Chinese state-owned bank buying a minority stake in the securities firm.
- General Mills(GIS), Kraft Foods and other consumer-product companies are boosting Internet advertising as more people turn to online media.
- More US states are approving restrictions on using cell phones while driving to prevent distractions that can lead to accidents.

MoneyToday:
- Samsung and IBM(IBM) agreed to team up to sell printers.

NY Times:
- Many European governments, including some that have criticized US anti-terrorism measures, are now broadening their surveillance and prosecuting powers.
- Hasbro(HAS) expects to begin selling a toy line of six Pussycat Dolls, modeled after the rhythm-and-blues-influenced pop group.
- US Representative Steve Buyer, an Indiana Republican, is co-sponsoring a bill to limit anti-war demonstrations at military funerals.

AP:
- Time Warner’s(TWX) AOL has joined Shanghai Media & Entertainment Group’s broadband unit to broadcast more than three hours of daily Chinese programming.

Financial Times:
- A surge in hiring by investment banks as they report record profits is pushing up salary levels for bankers.
- Multi-strategy hedge funds, which offer the same diversification benefits, for lower fees, as funds of funds, are putting pressure on the latter to prove they add value.