Bloomberg:
- Fed Chairman Bernanke, laying the groundwork for a pause in interest-rate increases, said policy makers must be wary of lifting borrowing costs too far.
- US 10-year note yields fell the most in six weeks after Fed Chairman Bernanke said “moderation” is under way in the economy, fueling speculation the bank will pause in lifting interest rates.
- American Airlines(AMR) reported its highest quarterly profit in six years and Southwest Airlines’ earnings more than doubled on increased fares and travel demand.
- Crude oil is falling to a three-week low in NY after a government report showed an unexpected increase in US oil and gas inventories.
- Israeli soldiers fought Hezbollah forces within southern Lebanon for the first time since the conflict began a week ago as the US and Israel resisted diplomatic efforts to halt the hostilities.
- Ethanol prices in the US have fallen 22% from an all-time high two weeks ago as rising production and improved distribution helped meet soaring demand for the gasoline additive.
Wall Street Journal:
- Oil production from Iraq’s southern fields has grown from 1.65 million barrels per day to 2 million bpd in recent months.
- China’s government is stressing the need to reduce water pollution while failing to sanction chemical and petrochemical factories that pollute.
- HCA Inc.(HCA) was in recent days negotiating a leveraged buyout that would have been among the largest in history until the transaction fell apart in the last few days.
- Southwest retailers and investors are focusing on the growing purchasing power of Hispanics.
- US tax-law changes that will raise taxes for many Americans living overseas is forcing companies to reconsider hiring policies and employees to consider returning home.
- Latham & Watkins and other US law firms are pulling in growing business as regulators widen their probe into the backdating of stock options.
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