Bloomberg:
- Crude oil is falling again, pulled lower by a 7% plunge in natural gas, as speculation subsides with inventories still at record highs for this time of year.
- The US tariff on ethanol imports will probably need to be lifted to meet President Bush’s goal of increasing the use of renewable fuels, Energy Secretary Bodman said.
- Blackstone Group LP increased its offer for Sam Zell’s Equity Office Properties Trust(EOP) to $38.3 billion to thwart Vornado Realty Trust in the world’s biggest leveraged buyout.
- Shares of EBay Inc.(EBAY) rose the most in eight months after the company boosted its full-year profit forecast and posted a 24% fourth-quarter profit gain, spurred by growth in Europe.
- Saudi Arabia, the US and France lead donors pledging a total of $7.6 billion in new funds to help rebuild Lebanon and lend support to Prime Minister Fouad Siniora’s government, French President Jacques Chirac said.
Wall Street Journal:
- American Stock Exchange has appointed Morgan Stanley to advise it on becoming a for-profit company as it prepares for a possible stock offering or merger with another exchange.
- US bank start-ups rose to more than 150 last year, the most since 2000, citing the research firm SNL Financial LP.
- Freeport-McMoRan Copper & Gold’s(FCX) $25.5 billion takeover bid for Phoenix-based Phelps Dodge(PD) is more likely to succeed now than it was when it was proposed in November, thanks to a plunge in copper prices.
- Shares of Research In Motion(RIMM) have fallen 10% since Apple Inc.(AAPL) announced its iPhone on Jan. 9, but it’s far too soon to write off the Canadian company.
NY Times:
- Hedge fund managers are becoming significant fund-raisers for political candidates, providing at least $2.8 million in contributions to candidates and party committees last year. Hillary Clinton’s campaign will get money from Lisa Perry, whose husband, Richard, runs a $12 billion hedge fund. John Edwards has gotten money from executives he worked with at Fortress Investment, a $29.7 billion fund. Chelsea Clinton was hired by Avenue Capital, a $12 billion fund whose head contributes to the Clintons.
Washington Post:
- Lockheed Martin Corp.(LMT) has won a bid to provide high-tech identification cards for US ports.
Financial Times:
- Kohlberg Kravis Roberts’ decision to buy $700 million of Sun Microsystems(SUNW) convertible notes limits the buyout firm’s risks, and it gives KKR a chance for gains if Sun stock rises enough.
Rzeczpospolita:
- Sniace SA, a Spanish chemicals maker, will build a bio-fuel plan in west Poland for as much as $156 million.
Haaretz:
- SanDisk Corp.(SNDK) may close down the disc-on-key unit of M-Systems Flash Disk Pioneers Ltd. two months after completing its acquisition of the smaller company.
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