Today's Headlines

Bloomberg:
- Commodity prices are falling again, capping the biggest three-week plunge in almost 26 years.
- Crude oil fell below $63 bbl. in NY for the first time since March on rising US fuel inventories and signs that consumption will ease.
- US ethanol prices slumped to the lowest in almost eight months, extending a five-week slide, on expanding domestic suppliers of the grain-based gasoline additive and slower demand after the summer driving season.
- President Bush said CIA intelligence-gathering that has already thwarted al-Qaeda attacks on the US would stop unless Congress passes his proposed rules for treating suspected terrorists.
- Treasuries were little changed, paring earlier gains, after Fed Bank of Kansas president Thomas Hoenig suggested lower energy prices may support consumer spending and sustain economic growth.
- Financial regulators need to pay more attention to whether margin requirements placed on investors such as hedge funds are adequate, said NY Fed President Geithner.

Wall Street Journal:
- General Motors(GM) expects to make a profit selling compact cars after slashing costs, citing Chairman Bob Lutz.
- KSL Capital Partners LLC, a US buyout firm, is in exclusive talks to acquire ClubCorp USA Inc., which owns and operates golf clubs.
- Chinese local authorities are funding a “frenzy of construction,” defying Beijing’s attempts to rein in excessive investment and threatening the global economy.
- Fisher-Price is planning to recreate the craze of the first Tickle Me Elmo doll when it releases the 10th anniversary edition of the toy next week by keeping details secret.

NY Times:
- Hedge fund Fortress Investment Group LLC is planning an IPO that would value the company between $5 billion and $7 billion.
- A wealthy high school in Long Island, NY, helped a poorer rival raise money to fund its interscholastic sports program.
- Radio companies including Clear Channel Communications(CCU) and CBS Corp.(CBS) are considering selling some of its stations in smaller markets as they compete with satellite and Internet broadcasts.
- US mutual funds focusing on energy and natural resources, among the best performers in the past year, have lost 6.7% of their value in a month, citing Morningstar.

USA Today:
- Some newly formed cities are outsourcing tasks to private companies, saying these firms can operate more efficiently than government.

AP:
- Morgan Stanley decided to join an agreement among brokerages that makes it easier for brokers to change firms without being sued, citing a Morgan Stanley spokesman.
- Philadelphia Mayor John Street signed a bill yesterday that bans smoking in all restaurants and many bars.

Star-Ledger:
- Schering-Plough(SGP) has been considering for several months a merger with Bristol-Myers Squibb(BMY) and has yet to approach the company.

Globe and Mail:
- Western Oil Sands may face a proxy battle from shareholders who are unhappy with the Canadian oil-sands company’s decision to invest in Iraq.

Xinhua:
- Foreign direct investment in China fell 2.1% in the first eight months from a year earlier. For August alone, foreign direct investment declined 8.5%.
- China closed more than 320 Web sites and deleted 15,000 items of “hazardous” information from the Internet from Sept. 6-8.