Bloomberg:
- General Motors(GM), losing sales to fuel-efficient cars from Toyota Motor(TM), is developing a hybrid-electric vehicle with a battery that recharges at any outlet, said GM officials.
- Crude oil may fall in NY as stockpiles approach nine-year highs, easing concern that supply may be inadequate to meet peak summer demand, according to a Bloomberg survey of energy analysts.
- Pequot Capital Management, a $7 billion hedge fund run by Arthur Samberg, said it never made trades based on non-public information. The NY Times had reported that the SEC is investigating whether Pequot used insider tips to profit on trades.
- Energy Partners Ltd.(EPL), a US oil and natural-gas producer, agreed to buy Stone Energy(SGY) for $1.4 billion after Stone dropped its sale to Plains E&P.
- The US charged seven people in Miami with participating in a terrorist conspiracy to blow up the Sears Tower in Chicago.
- Anadarko Petroleum Corp.(APC) agreed to pay $21 billion in cash for Kerr-McGee(KMG) and Western Gas Resources(WGR) to more than double its sales and create the largest independent oil and gas producer in the US.
- Emerging-market bonds tumbled after Turkey’s central bank stepped in to shore up its currency and indicated it may raise interest rates, prompting investors to move out of riskier developing nation assets.
- US Transportation Secretary Norman Mineta has resigned.
- A federal appeals court struck down a controversial SEC rule that subjected the $1.1 trillion hedge-fund industry to stricter regulation and random inspections for the first time.
- The US dollar climbed to an eight-week high against the euro on increasing speculation the Fed will raise interest rates at least twice more this year.
- UGS Corp., a maker of software used by GM to design cars, may go public early next year in an offering that CEO Affuso said would raise as much as $4.6 billion.
Wall Street Journal:
- Mittal Steel(MT) is in advanced talks with rival Arcelor SA about possibly raising its $30.1 billion hostile offer for the business.
- Google Inc.(GOOG) started giving away commercial videos for free on its Web site, supporting the offering with advertising.
- Jones Apparel Group(JNY), VF Corp.(VFC), Kellwood Co.(KWD) and other apparel makers goods are opening stores in China in a bid to develop sales to that country’s growing middle class.
- Qualcomm(QCOM) has accused Intel(INTC) of stalling efforts to develop an industry standard for the next generation of wireless technology.
NY Post:
- Best Buy(BBY) and Blender magazine joined to create special music aisles at Best Buy’s(BBY) 658 stores to get shoppers to buy more than the “Top 10” songs that account for most purchases.
Detroit Free Press:
- General Motors(GM) plans to offer no-interest, six-year loans on most 2006 models.
Die Welt:
- McDonald’s(MCD) plans to increase the number of cafes it operates in Germany as much as fivefold to boost revenue from drinks such as cappuccinos.
Der Tagesspiegel:
- Nanosolar Inc., a US-based maker of solar cells, plans to build the world’s largest factory for solar modules in Berlin.
Le Monde:
- French President Chirac is ending his 12 years in power with little apparent legacy and leaving voters with the perception that he has failed to be involved in recent crises, citing an opinion poll.
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