Today's Headlines

Bloomberg:
- A year after suicide bombers killed 52 people on three London Underground trains and a bus, police say they have intensified their terrorism investigations and the likelihood of another attack is high.
- A ban of gay marriage doesn’t violate the state constitution of New York, the state’s highest court ruled, leaving Massachusetts as the only US state allowing such unions.
- Philip Morris USA and other cigarette makers don’t have to pay $145 billion to Florida smokers, the state’s top court ruled, refusing to reinstate a punitive-damage award the companies said would bankrupt them.
- Mexico’s currency, stocks and bonds surged after Felipe Balderon, who pledges to maintain President Vicente Fox’s economic policies, led a near complete recount of the country’s closest-ever presidential election.
- US Treasuries rose after a private survey showed the pace of service industry expansion last month slowed more than economists forecast, damping expectations the Fed will lift interest rates next month.

Wall Street Journal:
- Microsoft(MSFT) plans to offer free software that will let Word, Excel and PowerPoint handle documents in a competing format promoted by Sun Microsystems(SUNW), IBM(IBM) and others.
- General Motors(GM) executives are putting together a case against a link-up with Nissan Motor and Renault SA and will present it at a GM board meeting tomorrow.
- Magazines, in a break from tradition, are using their front covers as advertising space for customers as competition for ad dollars intensifies.
- North Korea has sent missiles to Iran in an effort to strengthen ties with Tehran and build a combined front to resist US pressure.
- GE(GE) wants to win more credit-card customers and is expanding its range of offerings to include people who don’t normally qualify for cards.
- Walt Disney’s(DIS) ABC television has obtained about $2.3 billion in prime-time advertising commitments.
- Time Warner’s(TWX) AOL unit is considering offering its menu of services, including e-mail, free of charge to anyone with a high-speed Internet connection.
- Wal-Mart Stores(WMT) has developed a sizable business selling financial services to people on low incomes who may shop in its stores but don’t have accounts at traditional banks.
- Neiman Marcus Group(NMG/A) plans to open the first of four new smaller boutique stores this month that will target younger customers with contemporary apparel, shoes and accessories.

NY Times:
- The inability of New Jersey’s government to end a budget stalemate isn’t about tax issues, but more about a clash of two senior Democratic leaders and their struggle to control the party.
- Wireless networks will be installed at 18 locations in 10 of NYC’s parks by the end of August as the city expands free Internet access.

Financial Times:
- Investors have set aside $1.3 trillion for worldwide private-equity projects, which shows there’s no slowdown in buyout funding and acquisitions, citing a survey by Private Equity Intelligence.