Today's Headlines

Bloomberg:
- Crude oil is falling after a government report showed that US economic growth slowed and China said it planned to implement new energy pricing measures to increase efficiency.
- General Motors(GM), the best performing stock in the Dow Jones Industrial Average, would tie a 22-year record for consecutive daily gains with an increase today.
- Treasuries are rising, pushing yields on 10-year notes below 5% on declining inflation worries and increased speculation for a Fed “pause.”
- Bank of America(BAC) is on the brink of overtaking Citigroup as the world’s.

Wall Street Journal:
- Israeli and Lebanese bloggers are providing live updates, comment and links to each other across the firing lines. The dialogue marks a breakthrough in communications between residents of the two countries, who until now had no phone connections and little ability to talk to each other.
- General Motors’(GM) rising share price has caused hedge funds to lose money, as traders incorrectly bet against the carmaker turning around its losses.
- US conservatives trying to hold down taxes are expanding a campaign to impose spending limits on state legislatures.
- Hedge funds could receive more money from pension funds if the US Congress passes the pension bill currently before it. A little-noticed provision in the bill would change existing law, which states that if hedge funds obtain more than 25% of their total assets from pension funds they become fiduciaries, with resulting restrictions and increased scrutiny. It the bill is passed in its present form, public-employee or foreign pension plans would no longer be counted in the capped amount, thus allowing funds to accept unlimited amounts from them.

NY Times:
- About 60% of likely car buyers now say fuel economy is a priority, compared with 22% of prospective buyers in 2002.

Central People’s Radio:
- China will change how it prices energy products to reflect the resource scarcity in the country. Officials hope a reformed pricing mechanism for energy will raise efficiency.