Bloomberg:
- Senate Majority Leader Bill Frist said he expects an “overwhelming majority” of senators to vote tomorrow for Henry Paulson to be the next US Treasury secretary.
- DaimlerChrysler AG plans to sell the two-seat Smart mini-car in the US, betting a fuel-efficient vehicle that fits on a pool table will help end eight years of losses at is Smart division.
- Russian President Putin told his security services to find and kill those responsible for the deaths of four Russian diplomats in Iraq.
- Pessimism about US stocks rose to the highest level since October 2002 last week, according to Investors Intelligence, a very bullish development.
- The US government needs to step in and regulate the $1.2 trillion hedge-fund industry or states will “join forces” and oversee the private investment pools, the attorney general of Connecticut told senators.
- US Dept. of Energy Secretary Samuel Bodman announced today that the DOE has approved two loan requests totaling 750,000 barrels of crude oil from the Strategic Petroleum Reserve to two Louisiana refineries.
Wall Street Journal:
- US money managers are gaining enthusiasm for large-capitalization stocks and losing interest in small-cap shares.
- Mitsubishi UFJ Financial Group, the world’s biggest lender by assets, is in talks with the US Fed about obtaining “financial holding company” status, a move that would allow the Japanese bank to expand into underwriting, insurance and investment banking in the US.
- A small group of hedge fund managers is heading a campaign to deter Congress and the SEC from tightening regulations over the business.
- HJ Heinz(HNZ) is trying to rebuild relations with McDonald’s 33 years after being cut off for not supplying enough ketchup during a tomato shortage.
- Two Detroit-area auto dealers are offering modified versions of the Hummer H2 and H3 they say can get 25 miles per gallon in highway traffic compared with the usual 19 to 20.
- United Parcel Service(UPS) and the US Postal Service reached an agreement on a deal that will put mail on UPS planes and may improve the post office’s reliability.
- US securities firms face two civil antitrust lawsuits in connection with the part they allegedly play in “naked short-selling.”
USA Today:
- 33% US adults said they are changing their summer vacation plans because of higher gas prices.
AP:
- Dallas Mavericks owner Mark Cuban and Hall of Fame quarterback Dan Marino have joined a bid to buy the NHL’s Pittsburgh Penguins.
NY Times:
- President Bush’s administration will issue new welfare rules today that will prompt states to move more people from welfare to work, representing the biggest policy change since 1996.
- Iraqi Prime Minister Nuri al-Maliki said the country’s new amnesty plan won’t allow pardons for people who attacked US soldiers “out of respect” for their contributions.
- The US Episcopal Church may lose full membership of the Anglican Communion if it doesn’t renounce same-sex unions and gay bishops, citing the Church of England’s Archbishop of Canterbury.
- Three-time heavyweight boxing champ Muhammad Ali plans to introduce a line of reduced-calorie snacks and beverages aimed at curbing youth obesity.
Washington Post:
- Military commanders said they expect to reach their target of training and equipping more than 325,000 members of the new Iraqi security forces by the end of the year.
Daily Telegraph:
- Global mergers and acquisitions activity may reach a record $3,500 billion this year, citing Thomson Financial.
Wall Street Journal Asia:
- China’s cabinet plans a two-day meeting this year to set new policies for the nation’s financial system.
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