Bloomberg:
- Gold in NY fell for the third straight session as lower energy costs reduced the appeal of the precious metal as a hedge against inflation.
- Crude oil fell and gasoline tumbled to a three-month lower after BP Plc(BP) dropped plans to shut the largest US oil field and a cease-fire began in Lebanon.
- Wall Street bonuses will jump 15% this year, with investment bankers and equities traders reaping the rewards of rising stock markets and record mergers and initial share sales.
- Israel said it was calling back some troops from southern Lebanon after its military and Hezbollah stopped fighting in compliance with a UN-brokered cease-fire.
Wall Street Journal:
- The Bush administration has approved new Cuban immigration rules to make it easier for people from the island to rejoin their families in the US.
- The US Transportation Security Administration is testing an Israeli-developed sensor that measures biometric responses for blood pressure, pulse and sweat levels to determine if someone may be a security risk.
- The shares of many re-insurers are trading at low multiples of the companies’ forecast profits and could be a good bet, since fears of another record storm season may well prove unfounded.
- Barclays Global Advisors and PowerShares Capital Management LLC both plan exchange-traded funds that would track preferred shares.
NY Times:
- Verizon Communications(VZ) plans to spend $3 billion to build a fiber optic phone, broadband Internet and video network for NYC’s 3.1 million homes and apartments. Verizon plans to spend about $20 billion by the end of the decade to extend its network to 16 million homes from Florida to California.
NY Daily News:
- IAC/InteractiveCorp’s(IACI) Home Shopping Network is offering a “Shop-By-Remote” service that will enable viewers to make purchases by using their cable TV remote control.
Financial Times:
- Cazenove Capital Management aims to raise as much as $142 million in an IPO of shares of a fund of hedge funds.
Fars:
- The volume of Iran’s trade with Venezuela will increase eightfold to $8 billion a year.
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