Thursday, November 16, 2006

Today's Headlines

- Crude oil is falling $2.50/bbl. to $56.26, the largest decline since August 2005, after an EIA report showed that US inventories of natural gas climbed and reports surfaced of Nigeria and Venezuela cheating on their pledged production cuts.
- House Democrats elected Steny Hoyer to the No.2 post in their caucus for the next session of Congress, handing a defeat to their own leader, Nancy Pelosi, who campaigned against him.
- Confidence among US homebuilders unexpectedly rose in November for a second month, in another sign that the slump in housing may be moderating, according to a private survey released today.

Wall Street Journal:
- Delta Air Lines plans to install air bags on its newest Boeing 777s to improve onboard safety.
- Economist Milton Friedman died today at the age of 94, citing his daughter.

- Clear Channel Communications(CCU) agreed to be acquired by Thomas H. Lee Partners and Bain Capital LLC for about $19 billion, or $37.60/share.

NY Times:
- Toyota Motor(TM) plans to open a $1.2 billion plant in Texas tomorrow to assemble the biggest version of its Tundra pickup.

- Target Corp.(TGT) is donating $1 million to the Salvation Army for a third year.

Financial Times:
- News Corp.’s(NWS) 20th Century Fox film unit may announce this week that it has set up a financial deal worth more than $520 million backed by Dune Capital Management, a hedge fund formerly controlled by billionaire George Soros.

- European Central Bank Governing Council member Nout Wellink said Democrats winning a majority in both houses of the US Congress for the first time since 1994 benefits Europe.

El Universal:
- Venezuela failed to meet a pledge to cut its output by 50,000 barrels a day as of Oct. 1, citing figures from OPEC. Nigeria also failed to meet its pledged cut of 120,000 bpd.

- Libya, Africa’s second-largest oil producer, calculated its 2007 public budget on the assumption that the average price of its crude oil will be $35 a barrel, citing Prime Minister Baghdadi Mahmudi.

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