Bloomberg:
- Siemens AG, Europe’s largest engineering company, agreed to buy Diagnostics Products(DP) for about $1.86 billion in cash to bolster its medical division, the manufacturer’s most profitable unit.
- China’s central bank unexpectedly raised its benchmark interest rate for the first time since October 2004 to cool the world’s fastest-growing major economy.
- Zinc and copper tumbled and oil extended declines after China raised its key interest rate, prompting speculation increased borrowing costs will curb demand for commodities in the world’s fastest-growing economy.
- Fed Chairman Bernanke gave his strongest signal yet that the central bank may pause in its cycle of interest rate increases.
- Exxon Mobil(XOM) said first-quarter profit rose 6.9% to $1.37/share, .10 lower than analyst estimates.
- Treasuries due in five years or less jumped after Fed Chairman Bernanke said the central bank may slow the pace of interest-rate increases.
Wall Street Journal:
- IBM(IBM) will offer a smaller version of its mainframe computers, designed for small-to medium-sized businesses.
- Toyota Motor(TM), Honda Motor and Nissan Motor are giving US executives more influence over decision-making in Japan.
- Time Warner(TWX) plans to start television production of reality shows and less costly cable programs at Warner Bros.
- Fiber optic spare capacity is being gradually filled as a result of the growth in Internet traffic though there is still too much excess capacity around.
- Google’s(GOOG) new Web-based shareable calendar is easy to use and avoids the need to reload or switch to a new page every time a change is needed or an appointment has to be added.
- Verizon Wireless(VZ) has adopted strict decency standards for the music, video and games that can be downloaded onto its cell phones.
Legal Week:
- The US’s 50 biggest law firms generated combined revenue of $36 billion last year, an increase of 12% on the previous year, according to a survey.
NY Times:
- Some US companies’ shareholders for the first time are organizing as they seek more say in executive pay practices and director elections.
- Walt Disney(DIS) and CBS Corp.(CBS) have met with Univision Communications(UVN) over a possible buyout offer.
- General Electric(GE) plans to invest $75 million to build the world’s largest solar energy plant with PowerLight Corp. in Serpa, Portugal.
San Francisco Chronicle:
- California’s income tax collections for April are $1.5 billion higher than Republican Governor Schwarzenegger and independent analysts expected, and lawmakers are debating how to use the surplus.
EE Times:
- Samsung Electronics won orders to supply media processors for Apple Computer’s(AAPL) next line of iPod music players at the expense of PortalPlayer(PLAY).
Arab News:
- Saudi Arabian Mining Co. plans to increase its gold production by 20% as prices for the precious metal soar, citing the CEO.
Il Sole 24 Ore:
- UniCredit SpA’s Pioneer division will make more acquisitions in the US after the purchase of Vanderbilt Capital Advisors LLC.
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