Today's Headlines

Bloomberg:
- The UNs’ decision to deploy a peacekeeping force to stop violence between Israel and Hezbollah is too unclear to justify Germany’s participation, three former German government officials said.
- China raised its benchmark lending and deposit rates simultaneously for the first time in two years to curb an investment boom that threatens to fan inflation and overcapacity.
- Ford Motor(F) will cut North American production by 21% in the fourth quarter and 11% in the current quarter in response to falling US sales.
- 57% of analysts and traders surveyed by Bloomberg News said oil prices will drop again next week.
- TiVo Inc.(TIVO) won a court ruling to prevent EchoStar Communications(DISH) from selling devices that infringe its patents.
- Neiman Marcus(NMG/A), Chiquita Brands(CQB) and Owens-Illinois(OI) may benefit the most when Moody’s Investors Service next month raises credit ratings on loans for hundreds of companies in North America.
- Microsoft(MSFT) almost doubled its stock buyback to $36 billion after a tender offer fell short of its forecast.
- BHP Billiton(BHP) shut the world’s biggest copper mine after striking workers in Chile blocked all roads to the site.
- Shares of European mining companies and steelmakers declined after China’s central bank raised interest rates in the world’s fastest-growing major economy.
- OAO Gazprom, the world’s largest natural-gas producer, will become the biggest component of the Morgan Stanley Capital International Emerging Markets Index in September.

Wall Street Journal:
- UAL’s United Airlines, AMR Corp.’s(AMR) American Airlines say they haven’t had any drop in passenger traffic or bookings since a terrorist plot to bomb planes was discovered in the UK.
- Aging power lines and equipment may lead to an increase in localized US electricity outages unless much more is spent to replace them, citing engineering firm Black & Veatch.
- Opsware Inc., a network-software maker co-founded by Internet-browser pioneer Marc Andreessen, expects to report a 60% increase in revenue next week.

NY Times:
- EarthLink(ELNK) is trying to transform itself into a full-service telecom company because its main dial-up business could run dry in the era of broadband internet.
- The US Health and Human Services Dept. is calling for tougher rules on nursing home evacuations after it found flaws in the way that several Gulf Coast facilities transported residents during last year’s hurricanes.

Daily Telegraph:
- Boeing(BA) B-52 strategic bombers, which have been part of the US Air Force inventory for more than 50 years, may be converted to use coal-based fuel if tests in the Mojave Desert next month are successful.

Le Figaro:
- France’s Finance Ministry plans to end the inheritance tax currently paid by the partner of a deceased person, citing the finance ministry.

El Universal:
- Venezuela plans to change its constitution to reflect the country’s “socialistic development,” citing Planning and Development Minister Jorge Giordani. Venezuela’s constitution needs an overhaul to conform to its socialist path, Giordani said, adding that the new document will be a last step in reshaping Venezuela from an “extremely individualistic and consumer society.”