Today's Headlines

Bloomberg:
- The Commodity Futures Trading Commission is asking a US court to hold the Chicago-based hedge fund, Lake Shore Asset Management Ltd., in contempt of court for not providing documents.
- The European Union can make enough ethanol to meet its consumption targets by 2020 without relying on imports or damaging food production, a producer group said.
- More financial advisers are predicting a so-called correction in the US stock market than at any other time in almost a decade, according to Investors Intelligence.
- China’s stocks fell the most in a month on concern $20 billion of planned share sales will overwhelm demand for equities as regulators seek to damp speculation in Asia’s best-performing stock market. The Shanghai Composite is approaching bear market territory, falling 17% from its all-time high.
- Samsonite Corp.(SAMC) agreed to be bought by CVC Capital Partners Ltd. for about $1.1 billion, giving the 97-year-old luggage maker its fifth owner in 21 years.
- Tropical Storm Risk slightly reduced its forecast of a more intense hurricane season.
- Treasuries declined the most in three weeks after private reports showed the US added more jobs last month than economists forecast and services industries unexpectedly accelerated.
- Jones Apparel Group(JNY) received an unsolicited $900 million offer for its Barneys NY chain from Japan-based Fast Retailing, topping an earlier bid from a Dubai investment firm by 9.1%.
- Bruce Wasserstein, the chairman of Lazard Ltd., agreed to sell American Lawyer magazine and the rest of his legal and real estate publishing business to Incisive Media of the UK for $630 million.
- Boeing Co.(BA) said it delivered 18% more airliners in the second quarter than a year earlier as the company boosted production of 737s.

Wall Street Journal:
- Beijing plans to ban a million cars for a two-week test of smog-control measures as part of a pollution cleanup before the city hosts the Olympic Games in 2008.
- Apple’s(AAPL) new iPhone offers some useful accessories, Walter Mossberg said.

NY Times:
- US citizenship applications were 75% higher in May than in December, the government having said in January that it plans to raise processing fees.

USA Today:
- The US National Guard’s ranks reached 351,400 through May, the highest since November 2001 and more than its recruiting goal, citing data from the National Guard Burea.

AP:
- Malaysia will order the blending of biofuels with standard petroleum products within 12 months, citing the Minister for Plantation Industries and Commodities.

Beijing News:
- China still hasn’t brought its overheating economy under control and the country may be losing the advantage of having a low per capita emission level, citing the director of the top planning agency.