Bloomberg:
- Citigroup(C) plans to almost double staff at its commodities-trading unit worldwide as higher prices increases demand to speculate on these markets.
- Crude oil rose above $70/bbl. even after the EIA reported that demand for oil in China remained flat from year-ago levels.
- Gold jumped to $700 an ounce in NY for the first time since 1980 after a report suggested China should buy gold to diversify its currency reserves.
- Thomas H. Lee Partners LP plans to raise $9 billion for its sixth and biggest buyout fund, 20% more than an initial target set about a year ago.
Wall Street Journal:
- Exxon’s(XOM) first quarter capital spending, to boost oil and gas resources, soared 41% to $4.8 billion.
- Owners of Teflon-coated pots and pans have sued DuPont Co.(DD), claiming the Wilmington, Delaware-based chemical company didn’t divulge the possible dangers of chemicals released when the cookware is heated.
- Alltel Corp.(AT) and Sprint Nextel(S) have reached a 10-year roaming-service deal that may expand coverage and reduce some rates.
- Lehman Brothers(LH) is second only to Citigroup(C) as an adviser on US financial mergers and acquisitions so far this year, citing Thomson Financial.
- Time Warner’s(TWX) Warner Bros. will probably announce that it will sell and rent movies and television shows online using BitTorrent’s so-called peer-to-peer technology.
AP:
- Rhode Island Democrats meeting at their state convention endorsed the re-election bid of US Congressman Patrick Kennedy, who last week said he was entering a drug-rehab program.
NY Times:
- Cuba plans to drill for oil in the portion of the Florida Straits it controls while laws prohibit US companies taking leases in Cuba-controlled waters or from drilling in US coastal zones due to environmental concerns.
- US buyers are slowly getting more control of the real estate market than sellers.
- US airlines are expected to add few planes to their fleets through 2007, citing a report from Bear Stearns.
Ma’ariv:
- M-Systems(FLSH) may announce a technological breakthrough that will allow it to increase by 30% the amount of data stored on a chip without raising costs of its flash memory devices.
El Moudjahid:
- Crude-oil prices may fall as producing countries increase output capacity, Algerian Energy Minister Chakib Khelil said.
Daily Telegraph:
- Vodafone Group Plc rejected an indicative off of $38 billion from Verizon Communications(VZ) for the UK company’s 45% stake in their Verizon Wireless joint venture.
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