Today's Headlines

Bloomberg:
- Crude oil plunged over $2/bbl. after a government report showing gasoline supplies surged more than estimates curbed historic investment fund speculation.
- New US hedge fund raised less money in 2006 for the second year in a row because of a rout in emerging markets and the collapse of Amaranth Advisors LLC.
- Blackstone Group LP won the biggest leveraged buyout in history as Equity Office Properties Trust shareholders approved the $39 billion takeover of the real estate investment trust built by billionaire Sam Zell.
- Michael Fitzgerald, vp for energy risk management at Fimat USA, said for traders to sell oil at $60/bbl.
- Copper prices fell in NY, resuming a slump that began in May, as an increase in global stockpiles signaled demand is slowing.

Wall Street Journal:
- The US Senate Energy Committee is probing whether futures traders are influencing markets that establish natural-gas prices, citing letters sent by panel chairman Jeff Bingaman.
- A New Jersey jeweler has become the first to sell branded, natural emeralds to guarantee quality in a business where flaws in the stones often are disguised.
- San Francisco’s historic State Armory and Arsenal building has been turned into a pornography production plant, one of the few ways to preserve the building’s architectural integrity without violating zoning laws. The 200,000-square-foot building, listed on the National Register of Historic Places, was bought for $14.5 million by the Internet porn company Kink.com, which last week started shooting bondage films on location.
- Delta Air is likely to move closer to the end of insolvency protection at a US Bankruptcy Court hearing in NY today.

NY Times:
- Rural colleges and universities in the US are trying to build miniature cities to attract students who want the amenities of urban areas.
- General Electric(GE) is moving closer to business in clinical diagnoses as it continues to diversify by adding security, energy services and “green” products, among other areas.

Washington Post:
- General David Petraeus, the recently confirmed head of US forces in Iraq, spent time on Capitol Hill last week trying to convince senators to support President Bush’s plan to increase the number of troops.
- The 2008 US presidential election may become the first billion-dollar presidential campaign.
- A stuffed animal introduced by a family-owned wholesale gift company in Ontario, Canada is thought to be the first to marry a physical toy with a related social-networking virtual world. The Webkinz stuffed animal, created by Ganz, comes with an identification number that gives children access to the Webkinz Web site, where they can use virtual money to buy clothes for their pet’s online persona and invite other pets to come hang out.

Folha de S. Paulo:
- The US government is seeking a partnership with Brazil to increase the market for ethanol and reduce dependence on crude oil, citing Nicholas Burns of the US State Department. The research and development of biofuel such as ethanol may be a pillar for a new and stronger partnership between the US and Brazil, Burns said. A partnership between the US and Brazil on biofuel could be ready in less than 12 months.

MehrNews:
- The Islamic Development Bank, a Saudi Arabia-based lender owned by 56 mainly Muslim nations, agreed to lend $1.3 billion to Iran.