Bloomberg:
- Caremark Rx Inc.(CMX) rejected a $26 billion hostile bid from Express Scripts(ESRX) because it relies on too much debt and backed a lower offer from CVS Corp.(CVS).
- NYC officials are looking for the origin of a noxious smell that engulfed parts of Manhattan and New Jersey this morning, sickening at least 27. The Dept. of Homeland Security said there were no signs of terrorism.
- Federal Reserve Vice Chairman Kohn said conditions are in place for a “good year for the US economy.”
- General Motors(GM) promised to make a hybrid car that travels 40 miles on a battery before its gasoline engine kicks in. Ford Motor(F) introduced a redesigned Focus compact with a voice-activated music player to attract young buyers.
- Stem cells from amniotic fluid may open a third avenue of research for scientists seeking to regenerate human tissue that is less controversial than embryonic cells and more versatile than adult stem cells.
- Welsh Carson Anderson & Stowe, the buyout firm that helped create United Surgical Partners Intl. eight years ago, agreed to buy the company for $1.8 billion in cash.
- China’s central bank Governor Zhou Ziaochuan said he is considering more steps to cool the world’s fourth-biggest economy, after lifting bank reserve ratios four times in seven months.
- Copper prices in NY declined again as rising stockpiles of the metal continue to curb investment fund speculation.
- Crude oil is falling again on skepticism that OPEC will cut production as much as it pledged.
- Banks that helped finance the biggest increase in oil-tanker construction in 30 years may repossess ships as freight rates slump and operating costs rise, accountancy firm Moore Stephens LLP said.
Wall Street Journal:
- Nokia Oyj(NOK) will introduce a slim, folding mobile-phone handset at the Las Vegas consumer electronics show today.
- Procter & Gamble(PG) is starting two Internet sites designed to learn about customers and how to sell to them.
- News Corp.’s(NWS) MySpace.com social networking Internet site and the National Academy of Television Arts & Sciences will say today that amateur video makers can have their work considered for a “broadband Emmy.”
- Dolby Labs(DLB) said it has developed a way for television viewers to tone down noisy commercials.
- Vonage Holdings(VG), which provides a telephone service over the Internet, intends to supplement it by offering wireless high-speed Internet, or Wi-Fi, access.
USA Today:
- US states including California, Louisiana and Missouri plan to expand health-care coverage as they seek to broaden access to care for the 42.4 million uninsured Americans.
NY Times:
- A Chicago pilot program is telling 1,100 residents when are the most expensive times to use electricity in a bid to encourage conservation.
- Rick Rosner, the creator of the television programs “CHiPs” and “The New Hollywood Squares”, has joined with DirectTV Group(DTV) to create a mobile satellite and television system. The 25-pound system, called Sat-Go, will be introduced today at the CES in Las Vegas.
- Private equity firms are offering CEOs top pay to continue to run the once-public companies the firms bought out.
Financial Times:
- Blockbuster Inc.(BBI) may be helped by the latest products for online video downloads, rather than hurt.
El Nacional:
- Venezuelan President Hugo Chavez’s decision to shut down a private television station is part of a government plan to gain “communication hegemony,” citing Andres Izarra, president of state-run television station Telesur. “Socialist thought must predominate over capitalist values,” said Izarra.
Xinhua News:
- Chinese police destroyed a terrorist training camp in the northwestern province of Xinjiang on Jan. 5, killing 18 people in a gun battle.
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