Thursday, May 25, 2006

Today's Headlines

- Emerging-market bonds are lagging behind junk-rated debt in the US this month, as the riskiest securities end more than five years of trading in tandem.
- Yahoo! and EBay(EBAY) forged an alliance to challenge Google’s grip on the Internet.
- Ken Lay and Jeffrey Skilling, who built Enron Corp. into the nation’s seventh-largest company and then drove it into bankruptcy, were convicted of orchestrating a fraud that made the energy trader the symbol of corporate deceit in America.
- Crude oil rose above $71/bbl. in NY after the US economy grew at a faster than initially reported and talks to convince Iran to abandon uranium enrichment ended inconclusively.
- Dell Inc.(DELL) agreed to sell computers with Google software(GOOG), making it the pre-installed default search engine on its PCs.

Wall Street Journal:
- US credit card holders are paying off larger amounts and balancing debt more adroitly, cutting into profit card issuers make on unpaid balances.
- Regions Financial Corp. agreed yesterday to combine with AmSouth Bancorp(ASO) in a $10 billion transaction as they seek to compete with larger rivals.
- Intel Corp.(INTC) has been telling computer makers that its new desktop microprocessor, internally called Conroe, won’t be limited to higher-end PCs.
- Nokia Oy(NOK), Samsung Electronics and Sony Ericsson have brought out cell phones with cameras that produce surprisingly high resolution photos.

NY Times:
- A Pakistani immigrant was convicted yesterday on charges of plotting to blow up NYC’s Herald Square subway station.

San Francisco Chronicle:
- California wines beat French ones for the second time in 30 years in an annual tasting of selected vintages from the two regions.

- The Russian government will hold 45% of its windfall oil fund in US dollars and 45% in euros, with the remainder in British pounds, citing Finance Minister Kudrin.

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