Bloomberg:
- The perceived risk of owning low-rated subprime mortgage bonds is stable today after falling yesterday.
- Gold in NY headed for the biggest weekly decline since July as investors sold the metal to cover losses in emerging markets. Silver also fell more than 5%.
- The US government’s accusations that Morgan Stanley, UBS AG and Bear Stearns employees were central figures in an insider-trading ring illustrates why regulators and lawmakers are suspicious of Wall Street’s relationship with hedge funds.
- Federal Reserve Bank of St. Louis President William Poole said that a US recession isn’t likely.
- Crude oil is falling .53 as speculators cut bets on higher prices as worries over demand intensify.
Wall Street Journal:
- The US Environmental Protection Agency wants nitrogen-oxide emissions from diesel engines powering locomotives and ships to be reduced by more than 75%.
- Illinois Senator Obama, who is holding New York fundraising events on March 9, has support from billionaire investor George Soros; Orin Kramer, a partner at Boston Provident Partners LP; and Jamie Rubin, a partner with private equity firm One Equity and the son of former Treasury Secretary Robert Rubin. The Clinton campaign relies for its Wall Street fundraising on Steve Rattner of Quadrangle Group LLC; Alan Patricof of Apax Partners Inc.; Thomas Lee of Lee Equity Partners LLC; and Thomas Steyer, who oversees investments at Farallon Capital Management LLC.
NY Times:
- Wal-Mart Stores(WMT), whose strategy of selling more upscale products hasn’t yet worked, will start making product decisions around three different types of consumers, citing Chief Merchandising Officer John Fleming and Chief Marketing Officer Stephen Quinn.
- The US FDA is reviewing the safety of over-the-counter children’s cough and cold medicines.
NY Post:
- Clear Channel Communications(CCU) may be closer to its $26 billion takeover after a shareholder advisory firm urged investors to vote in favor of the offer.
USA Today:
- More US universities and colleges, including Indiana Univ. and Ohio’s Youngstown State Univ., are following major cities in banning smoking to reduce the amount of secondhand smoke.
- US and Brazilian officials are negotiating details of an ethanol partnership in advance of a trip by President George W. Bush to Latin America next week. The US, Brazil and other nations today will announce the establishment of the International Biofuels Forum, which will be affiliated with the United Nations.
Variety:
- Time Warner’s(TWX) Warner Bros. is working on a movie on the lives of former Central Intelligence Agency agent Valerie Plame and her husband, former ambassador Joe Wilson.
Financial Times:
- Billionaire Warren Buffett called hedge-fund fees “grotesque,” and said it was “folly” for investors to pay big fees in search of higher returns, citing Buffett’s annual letter to shareholders of his stock.
- This week’s market turmoil may result in more companies launching IPOs in the US in search of its stricter governance standards. While US markets may carry higher costs due to stricter rules, companies who list there may find that their shares are more highly valued.
Die Welt:
- About 80% of Germans are considering driving a more efficient car and using it less and 57% are willing to travel less by plane to cut dependence on mid-east oil and help the environment.
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