Today's Headlines

Bloomberg:
- Crude oil may decline as concern eases that shipments will be disrupted from Iran and Iraq, a Bloomberg survey of analysts showed.
- Asian stocks rebounded from their biggest weekly slide in 16 years.
- Chicago plans to pass Houston, Philadelphia and San Francisco to become the biggest US municipality with citywide wireless Internet access.
- Hedge funds investing in emerging markets lost 4% in May as stock markets from India to Chile slumped.
- Ayman al-Zawahiri, the second in command in the al-Qaeda terrorist organization, called on Palestinians to reject an Arab peace initiative backing a two-state solution to the Israeli-Palestinian conflict.
- The US dollar is headed for its biggest weekly gain since November against the euro as Fed speakers suggested they will raise interest rates this month.
- Crude oil rose for the first time in four days as hurricane season begins.
- Copper is falling, reversing earlier gains, on concern a rise in global interest rates will slow economic growth and curb demand for the metal.

Wall Street Journal:
- Asian energy companies such as Cnooc Ltd. of China may present less competition for global oil resources than many people believe, because they are acquiring assets more slowly than Western companies, citing a Wood Mackenzie Ltd. report.
- Morgan Stanley(MS) plans to start sales of a mutual fund today that will offer investors a fund of 21 different hedge funds.
- Tribune’s(TRB) shares might be boosted as much as 42% if the media company carried out a radical reorganization such as spinning off its television stations.
- Harrah’s Entertainment(HET) has reached multi-year partnerships and sponsorship deal with ESPN Inc. and Miller Brewing.
- The US FDA will start requiring wholesalers to keep track of who handles the drugs they sell.
- Investors should review their allocations to emerging-market mutual funds, in view of the big share declines in those markets in recent days.

NY Times:
- The military operation that culminated in the killing of Abu Musab al-Zarqawi was a joint-intelligence effort with Jordanian security services and initially involved US ground forces.

TheDeal.com:
- True Religion Apparel(TRLG) has hired Goldman, Sachs(GS) to advise on a possible sale of the company.

Financial Times:
- News Corp.’s(NWS/A) sale of part of its stake in Phoenix Satellite Television Holdings Ltd., its most successful Chinese venture, shows Chairman Rupert Murdoch is realizing that China is an unfavorable country for foreign media projects.

Mysteel.com:
- China’s exports of steel products rose 65% in May from a year ago to 3.5 million metric tons.