Bloomberg:
- Best Buy(BBY), the largest US electronics retailer, posted its biggest profit increase in a year on rising demand for flat-panel televisions.
- Oil is falling to a three-week low on concern slowing global economic growth will curtail energy use.
- The US dollar rose a seventh straight day against the euro as a report showing gains in US wholesale prices boosted speculation the Fed will keep lifting interest rates.
- President Bush traveled to Baghdad today on a surprise visit to assure Iraqi Prime Minister Nuri al-Maliki and his cabinet that the US won’t back away from its commitment to their country.
- Gold had its biggest plunge in 15 years, falling bellow $600 an ounce, and copper tumbled to a seven-week low on speculation rising global interest rates will curb economic growth.
- Karl Rove won’t face criminal charges in a three-year investigation into the leak of a CIA operative’s name, his lawyers said.
- Investors in June were the least optimistic about equities in 13 months as expectations for a slowdown in economic growth soared.
- Emerging-market stocks dropped to a six-month low after a seventh Fed official in as many days hinted US rates will rise, prompting investors to dump riskier assets. Shares in Russia and Poland led the slide.
Wall Street Journal:
- US technology companies such as Microsoft(MSFT), Yahoo!(YHOO) and IAC/Interactive Corp.(IACI) are seeking secure, cheaper supplies of electricity to cut costs and fuel their growing demand for power as use of the Internet increases.
NY Times:
- US sales of DVDs are slowing, and movie studios are looking for something new to replace declining revenue.
- Upstate New York cities’ long-term viability is being threatened by the migration of young adults.
USA Today:
- More Americans approve of President Bush and are optimistic about the outcome of the war in Iraq after the death of Abu Musab al-Zarqawi, citing a USA Today/Gallup poll.
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