Friday, May 19, 2006

Today's Headlines

- Many Texans are buying economy cars, including gasoline-electric hybrids.
- Toyota Motor, Nissan Motor and Honda Motor, Japan’s three largest carmakers, said they will be unable to pass on higher steel costs to customers as competition limits their ability to raise prices.
- Crude oil may fall on signs that US gasoline stockpiles will be sufficient to meet demand this summer, when consumption peaks, a Bloomberg News survey shows.
- European stocks headed for their worst weekly decline in three years amid speculation the ECB will raise interest rates to stem inflation.
- American Tower(AMT), the largest US owner of sites for broadcast and wireless services, said the SEC is reviewing its stock option grants.
- Crude oil is falling below $69/bbl. in NY after Iran signaled it may allow UN atomic agency inspectors better access, easing concern about shipments from the fourth-largest producer.
- Gold is heading for its biggest weekly decline in 23 years and silver plunged as the US dollar rallied.
- The Reuters/Jeffries CRB Index of 19 commodities has fallen 5% this week, the most since December 1980.

Wall Street Journal:
- High-end fashion brands, including Christian Dior SA, are moving sales to the Internet with the aim of increasing revenue, after scorning Web-based retailing for years.
- Hedge funds, such as Lone Pine Capital LLC and Caxton Associates LLC, are releasing relatively up-to-date details of their largest holdings, providing rival money managers with investment ideas.
- Rising US gasoline prices are prompting some holiday resorts to make special offers to ease motorists’ financial burden and tempt them to visit.
- AT&T(T) said it will offer television service to as many as 20 markets by the end of the year, as it uses an Internet technology to deliver TV signals.

NY Times:
- About 90,000 housing units are being built in Miami as the city’s business district is transformed into a community where people live, work and shop.

NY Daily News:
- NYC added 8,100 jobs last month, 47% more than the 5,500 monthly average for the past decade.

Rocky Mountain News:
- Qwest Communications(Q) will begin operating pay-TV services in the Denver region after a local advisory group approved the move, which will result in the operator competing with Comcast(CMCSA).

Financial Times:
- Former New Jersey Senator Robert Torricelli, a Democrat, is being probed by the Senate committee investigating illegal payments by ousted Iraqi dictator Saddam Hussein for possible connections to the scandal-ridden UN/Iraq oil-for-food program.
- Currency trading volumes reached record levels two days ago on an increase in volatility.

NY Post:
- US airport security screeners will begin monitoring passengers who appear nervous or sweaty.

- Toymakers including Ravensburger AG and Hasbro(HAS) expect their sales to rise this year as consumers snap up soccer-themed games ahead of the World Cup tournament.

Financieele Dagblad:
- Euronext NV is in “advanced” talks about a merger with the NYSE.

Le Matin:
- Morocco’s offshore area may contain large oil and gas reserves.

National Post:
- Iran’s parliament passed a law this week that would force non-Muslims in the country to wear colored badges identifying their religion.

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