Today's Headlines

Bloomberg:
- The sea off Greenland’s eastern coast may have as much as 110 billion barrels of oil, with further reserves to the west of the island, citing the US Geological Survey and Greenland’s Directorate of Commodities.
- Mumbai, India’s commercial hub, was rocked by seven explosions on trains and in commuter stations, killing as many as 142 people and injuring 450 in the nation’s worst terrorist attack in 13 years.
- China’s government said it’s “very concerned” about North Korea’s missile tests and has conveyed its concerns to the Pyongyang-based leadership, according to a Chinese foreign ministry spokeswoman.
- A bill to prohibit online gambling in the US and prevent financial transactions with offshore online gambling sites is scheduled for a July 12 vote in the US House of Representatives.
- A glut of ships that carry liquefied petroleum gas, used by most Asian households for cooking, may leave some vessels standing idle, said Simon Hill, managing director of Petredec Services.
- US 10-year Treasury notes rose, pushing yields to the lowest in three weeks, on signs economic growth is slowing in response to 17 interest-rate increases by the Fed.
- The Bush administration cut its estimate of this year’s budget deficit by 30% to $296 billion amid a surge in tax collections from corporations and wealthy individuals.
- Blackstone Group raised $15.6 billion for buyouts, topping rivals such as Kohlberg Kravis Roberts and Texas Pacific Group as manager of the world’s largest takeover fund.
- National City(NCC) agreed to buy Harbor Florida Bancshares for about $1.1 billion in its first acquisition of bank braches in Florida.

Wall Street Journal:
- Companies in the UK and US are becoming less inclined to outsource information technology services, citing a survey by DiamondCluster Intl., a management consulting firm.
- Time Warner(TWX) expects plans by its AOL unit to offer Internet services for free to some customers to cost almost $1 billion in operating profit through 2009.
- Sequoia Capital, a venture capital firm known for providing startup money for Google(GOOG) and Yahoo!(YHOO), will shift its focus in China to semiconductor firms from Internet-related companies.

NY Post:
- Former Time Warner(TWX) executive Steve Case plans to set up an internet site starting October to help people manage healthcare needs such as transferring medical records, finding a doctor and scheduling an appointment.

NY Times:
- Google(GOOG) is planning to build an office and research center in Michigan that will employ as many as 1,000 workers.
- Hewlett-Packard(HPQ), which secured a $3 billion contract from Procter & Gamble(PG) in 2003 to manage its information technology, is slowing the growth pace in its consulting unit.
- US law-enforcement officials say that some users of methamphetamine are turning to identity theft to finance their illicit drug habit.

USA Today:
- Southwest Air(LUV) passengers flying from San Diego to Phoenix didn’t like getting assigned seats on the first of more than 200 flights the carrier will use to determine whether it should drop its open-seating policy.

AP:
- NYC will place hundreds of extra police officers in the subways during rush hour and increase random bag searches there in response to today’s train bombings in Mumbai.