Bloomberg:
- President Bush plans to double the size of the country’s emergency oil reserves by 2027, Energy Secretary Bodman said. This would amount to only 100,000 barrels per day or .12% of daily global oil demand. Current global oil demand is 85.7 million barrels per day, however oil is rising $2.27/barrel on the report. Bush will also propose tonight cutting US gasoline consumption by 20% over the next 10 years through a combination of higher vehicle fuel efficiency and greater use of renewable fuels like ethanol.
- Shares of Texas Instruments(TXN) rose the most in 11 months after fourth-quarter profit topped analysts’ estimates and the company said it’s working through stockpiles of processors.
Wall Street Journal:
- Several pharmaceutical companies are in advanced-stage trials for drugs to treat lupus, the strongest sign of advancement in 50 years for the 1.5 million Americans suffering the autoimmune disorder.
- US pension plans have returned to financial health on improved investments gains and higher interest rates, citing studies by benefits consultants.
- Wal-Mart Stores(WMT) plans to adjust the merchandise its sells in some of its outlets to better meet local demand.
- Cisco Systems(CSCO) is testing new products including video conferencing in a bid to juice growth.
- MGM Mirage and other US casinos may be considering splitting their real estate interests from gambling to benefit from a rise in Las Vegas property prices.
NY Times:
- Blackstone Group LP, which took the parent company of Orbitz Inc. private in August, hired UBS AG to explore an IPO of Orbitz stock.
- Europe is seeing strong interest in business ventures that develop energy from less polluting or renewable sources.
International Herald Tribune:
- The British Broadcasting Corp.(BBC) is in talks about putting some of its programming on Google’s(GOOG) YouTube online video site.
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