Bloomberg:
- GM(GM), Delphi and the UAW are at odds over wages and proposed Delphi plant closings as they try to reach a labor agreement before a critical court hearing Aug. 11, a union official said.
- Natural Gas prices soared, nearing a six-month high, on concern Tropical Storm Chris will disrupt Gulf of Mexico production.
- Israel sent troops into Lebanon and raided an eastern town with special forces as Hezbollah fired 190 rockets, the most since the conflict began three weeks ago.
- Time Warner(TWX) said it will give away its AOL service to high-speed Internet users, sacrificing subscriber revenue in a bet that online advertising will compensate for the loss.
- Companies in the US added 99,000 jobs in July, the fewest this year, a private report based on payroll data showed today.
Wall Street Journal:
- Christopher Cox, the chairman of the SEC, said he intends to concentrate on protecting the assets of people in their forties and fifties.
- Phelps Dodge(PD) may increase the cash portion of its bid for Inco Ltd.(N) by more than $5.98 billion.
- Automatic Data Processing(ADP) is likely to announce today that it plans to spin off its brokerage-services arm.
- Ford Motor(F) may consider selling underperforming units such as Jaguar or pursuing alliances with other automakers.
- Shares in Sprint Nextel(S) may be set to rise over the next few years as the company’s costs have been dropping faster than its customers prices.
- Firsthand Funds, Legg Mason and T. Rowe Price Group are among mutual funds that are engaging in private-equity investments, as they seek higher return at the expense of higher risk.
- The dissolution of Dynasty Asset Management, once one of the largest China-focused hedge funds, highlights the risk to hedge funds in Asia.
- Democratic Representative John Murtha is accused in a lawsuit being filed today of defaming a US Marine Corps staff sergeant.
NY Times:
- US Postal Service revenue from online business is helping make up for a drop in first-class mail such as cards and letters.
- Goldman Sachs(GS) plans to double the number of money managers it has internationally to attract rich clients for its private banking services.
LA Times:
- Google Inc.(GOOG) is in talks with the Univ. of Cal., home of the world’s largest academic research library, about scanning its 34 million volumes on 10 campuses.
Washington Post:
- US Democrats are diverting campaign money to fund voter-turnout programs, concerned they will lose the mid-term elections in November because of a lack of organization at the local level.
AFP:
- France may boycott a UN meeting of contributors to a Lebanon peacekeeping force, part of a plan to end the Israel-Hezbollah war, citing a French official. France considers that the deployment of a buffer force in Lebanon is premature.
- Israel’s offensive against Hezbollah in Lebanon will last until the end of next week, citing Israeli Justice Minister Ramon.
CCTV:
- China should take “comprehensive” measures to prevent money supply and loans from growing too fast so as to ensure sustainable development of the economy, citing the central bank.
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