Today's Headlines

Bloomberg:
- The US Supreme Court upheld a law that makes it a crime to perform “partial birth” abortions, allowing the first nationwide ban on the procedure.
- Freddie Mac(FRE), the second-largest source of money for US home loans, is offering to buy as much as $20 billion of mortgages in an effort to maintain the financing available for subprime borrowers.
- A National Collegiate Athletic Association committee approved a ban on coaches using text messaging to contract potential recruits.
- President Bush threatened Sudan with greater economic and diplomatic sanctions unless President Umar al-Bashir’s government fulfills its commitments under agreements aimed at ending the bloodshed in Darfur.
- College officials in the US are considering measures including better surveillance cameras and passes to improve security following the shooting at Virginia Tech that left 33 people dead.
- Iraq could double its crude oil output to 4 million barrels a day in as little as five years with enough security to allow for basic oilfield work, according to consulting firm IHS Inc.
- VersSun Energy(VSE), the second-largest US ethanol producer, plans to build an ethanol refinery in Reynolds, Indiana.
- Russia plans to build the world’s longest tunnel, a transport and pipeline link under the Bering Strait to Alaska, as part of a $65 billion project to supply the US with oil, natural gas and electricity from Siberia.
- As part of a borrowers’ assistance program designed to help WaMu homeowners with subprime mortgage loans stabilize their finances and avoid foreclosure, Washington Mutual(WM) today announced a commitment to refinance up to $2 billion in subprime loans at discounted interest rates.
- Bank of America(BAC) CEO Lewis said the problems in the US subprime market won’t spill into the prime market.
- CSX Corp.(CSX), the third largest US railroad, said UK hedge fund TCI Fund Management LLP holds a “significant” stake in the company and filed to buy more than $500 million of its stock. The shares surged 6.7% to a record.

Wall Street Journal:
- The US government is seeking to help American companies gain business in Asia helping reduce carbon-dioxide emissions. General Electric(GE), DuPont co. and others are attending a trade mission starting today in Chennai, India selling solar power, more-efficient building material and alternative-energy sources.
- Countrywide Financial Corp.(CFC), CIT Group(CIT) and iStar Financial(SFI) might be among financial-service companies being considered for takeovers following the $25 billion purchase of SLM Corp.(SLM) by a group led by JC Flowers.
- The US Congress and President Bush have moved closer to a compromise over immigration legislation that may give priority to border security.
- IAC/InteractiveCorp(IAC) plans to start a Web site for African-Americans and other ethnic minorities.

NY Times:
- Bain Capital LLC and Thomas H. Lee Partners LP raised their bid for Clear Channel Communications(CCU) by more than $1.5 billion to about $27.6 billion.

CNBC:
- MedImmune Inc.(MEDI), maker of FluMist flu vaccine, may announce it has accepted a buyout offer as early as April 23.

NY Post:
- Ellington Management Group LLC plans to buy Fremont General Corp.’s(FMT) real estate business and $2.9 billion of subprime loans.

USA Today:
- The US military is scheduled later this year to open the largest solar power plant in North America as a way to provide electricity to an Air Force base in the Nevada desert.
- The Defense Department has announced plans to offer more health screening, improve record-keeping and improve a disability claims system for injured soldiers.

AP:
- The World Trade Center Memorial Foundation has raised more than $300 million in private donations, citing NY Mayor Michael Bloomberg.

Washington Post:
- Nissan Motor will introduce its first diesel vehicles in North America in the next few years, citing an interview with CEO Ghosn.
- Saudi Arabia has agreed to cancel 80% of Iraq’s more than $15 billion in debt to the country, citing Iraqi and Saudi officials. However, Russia still has not agreed to forgive debt to the country accumulated under former Iraqi dictator Saddam Hussein.

London Times:
- Frontier Airlines Holdings, a Denver-based carrier, asked US regulators for permission to fly to any country with an open-skies agreement with the US, joining the list of low-fare airlines considering cheap transatlantic flights.

Finanz und Wirtschaft:
- Dow Chemical(DOW) has between $5 billion and $10 billion to spend on acquisitions and share buybacks over the next five years.

Milliyet:
- Iran is seeking talks on its nuclear program with the five permanent members of the United Nations Security Council and German, citing meetings between Iranian Foreign Minister Manouchehr Mottaki and Turkish officials.