Today's Headlines

Bloomberg:
- Crude oil is falling $1.76/bbl., to session lows of $61.38/bbl., after Enbridge Inc., which supplies Canadian oil to the US, resumed shipments through a pipeline that was shut and worries over a China economic “hard landing” increased.
- MetroPCS Communications(PCS) surged as much as 35% in their first day of trading after the wireless-service provider raised $1.15 billion in the biggest US IPO this year.
- The EIA reported nat gas supplies fell 2.8% last week, however they are still 22.1% above the five-year average.
- Advanced Micro Devices(AMD) gained as much as 5.5% on speculation a private equity company will invest in the second-largest maker of personal-computer processors.
- Union Pacific(UNP), the biggest US railroad, said first-quarter profit rose 24% as shipping tied to the growing ethanol industry surged.
- Shares of HJ Heinz(HNZ) rose as much as 3.9% after a report said the company hired bankers to study taking the company private, making acquisitions or selling assets.
- Hedge funds globally attracted $60 billion in new money in the first quarter, almost half what they raised all of last year, as institutions shrugged off the industry’s subpar investment gains.
- Amgen Inc.(AMGN) said chemotherapy patients taking its anemia drug Aranesp had no greater risk of dying, sending shares of the company up as much as 7.3%.

Wall Street Journal:
- Bernard Dan, CEO of CBOT Holdings(BOT), parent of the Chicago Board of Trade, said price is not the only consideration in deciding which of the two bids for the CBOT to support.
- Mumbai’s economic growth and urban sprawl is putting increased pressure on the rail system that serves the metropolis of 18 million people.
- Cargill Inc., the largest US agricultural company, plans to boost production of renewable chemicals made from plants that can be used to make plastics, foam and lubricants.
- Fortress Investment Group LLC and other large hedge funds are making it difficult for smaller funds to attract the money flowing into the business.
- Tudor Investment Corp., the hedge-fund firm run by Paul Tudor Jones, has become the first hedge fund to set up a political-action committee.

NY Times:
- Companies such as Dell Inc.(DELL) and SAP AG(SAP) have begun outsourcing work to Eastern Europe. While India’s and China’s take of the $386 billion outsourcing market far exceeds Eastern Europe’s $2 billion stake, the latter region is steadily gaining clients, citing Robert Brown, an outsourcing analyst at Gartner Dataquest.

USA Today:
- More Americans are considering ways to conserve energy, such as traveling on public transportation and buying energy-efficient products. More than two-thirds of the people surveyed said they’d use only energy-efficient fluorescent light bulbs and 62% may buy a hybrid car, notwithstanding potentially greater cost.
- 78% of Americans polled in a survey said they believe illegal immigrants living in the US should be allowed to pursue citizenship.

AP:
- Leaders in the music industry met yesterday to discuss the use of sexiest and racist language in rap lyrics after the controversy surrounding radio host Don Imus, who was fired for inappropriate remarks.

NY Daily News:
- NY Mayor Michael Bloomberg will propose a tax on driving in parts of the city, citing John Liu, the chairman of the city council’s transportation committee.

Financial Times:
- The US dollar may be undervalued, or at least close to fair value, now that it’s reached low levels against European currencies.

Reuters:
- Angola may export a record 1.62 million barrels of crude oil a day in June, 50,000 barrels more than expected sales in May. The southern African country may increase production to an average of 2 million barrels a day next year.

El Moudjahid:
- India’s Oil & Natural Gas Corp. and Indian Oil Corp. will this week tell Algerian officials they want to drill for energy in the North African state.

Etemaad:
- Iran aims to expel 100,000 illegal Afghan immigrants form Tehran province by the end of March 2008, citing an immigration official.