Today's Headlines

Bloomberg:
- Crude oil is falling $1.80/bbl. to $62.48/bbl. today despite rising speculation in the commodity by investment funds, unconstructive comments from Iran regarding their nuclear program and more optimism for US economic growth.
- The US dollar traded near a six-week high against the yen after a government report on Friday showed the US economy created more jobs than expected, suggesting the Fed is less likely to cut interest rates over the coming months.
- Mirant Corp.(MIR), a US electricity producer that emerged from bankruptcy last year, said it is exploring strategic alternatives including a possible sale of the company.
- Farallon Capital Management(FAN), the fifth largest US hedge-fund manager, is negotiating to buy the manufactured home community business of Affordable Residential Communities(ARC), for approximately $1.8 billion.
- Iran’s president said Iran has begun enriching uranium on an industrial scale, stepping up the Islamic Republic’s defiance of the UN and risking an escalation of tensions over its nuclear program.
- Advanced Micro Devices(AMD) said revenue declined 8% in the first quarter amid a pricing battle with larger rival Intel Corp.(INTC). AMD is surging 5.1% on the report.
- Shares of Burlington Northern(BNI) and other US railroads rose after Warren Buffett’s Berkshire Hathaway(BRK/A) invested in three North American carriers even as the stocks hovered near all-time highs and many worried over the possibility of a US recession.
- Kohlberg Kravis Roberts received commitments for $5.6 billion in debt financing for its purchase of discount retailer Dollar General(DG), according to a regulatory filing.
- Copper prices in NY rose to a five-month high on expectations that demand in the US, the world’s second-biggest user of the metal behind China, will strengthen.

Wall Street Journal:
- Yahoo! Inc.(YHOO) has introduced a digital music player intended to rival Apple Inc.’s(AAPL) best-selling iPod.
- Private-equity financiers are increasingly looking to acquire companies that have lost the confidence of public shareholders and are being sold at a discount.
- The Pentagon has partnered with private investors, Intelsat Ltd. and Cisco Systems(CSCO) to provide high-speed Internet for moving military units.

NY Times:
- Hewlett-Packard’s(HPQ) printing division, which generated 30% of the company’s revenue last year, is trying to make it easier for people to print material from the Internet.
- Jimmy Wales, the creator of online encyclopedia Wikipedia, is working with Tim O’Reilly, a publisher credited with starting the term Web 2.0, to create guidelines for debate on the Internet. Wales and O’Reilly envisage bloggers agreeing to a code of conduct that would have accompanying seals of approval with specific logos carried on their Web sites.

Washington Post:
- President Bush is expected to announce a proposal today that would make more green cards available to skilled workers.

CNBC:
- Berkshire Hathaway Inc.(BRK/A) has bought “major” stakes in two North American railroad companies other than Burlington Northern(BNI), citing CEO Buffett.

Shanghai Securities:
- Electronic Arts(ERTS) may buy a stake in The9 Ltd. to expand in China’s online game market.

Economic Times:
- Genpact, an Indian computer services company part owned by General Electric(GE), and Sutherland Global Services plan to sell shares in the US this year.

Xinhua News Agency:
- China will boost imports of equipment with more advanced technology to help ease the country’s expanding trade surplus, citing Vice Commerce Minister Wei Jianguo. The government will simplify import procedures and issue policies to support imports of machinery and technology that makes integrated circuits, advanced chemical fibers and digitally controlled machine tools, said Wang Qinhua, a director from the commerce ministry.

Gulf News:
- Qatar plans to invest more than $75 billion in the country’s oil and gas sector in the next five years.

Gulf Times:
- Indonesia may sign production agreements in the next two months with Royal Dutch Shell Plc and other international companies to extract gas from coal seams that could double the nation’s output of gas, citing Energy Minister Purnomo Yusgiantoro.