Today's Headlines

Bloomberg:
- Fed Chairman Bernanke predicted American economic growth will pick up slightly next year and inflation will gradually recede.
- Emerging-market bonds fell after Bear Stearns(BSC) told investors in its failed hedge funds they will get little if any money back, reviving concern that losses on US subprime mortgage-backed securities may widen.
- Lehman Brothers(LEH) denied speculation that it may face greater potential losses from subprime mortgages than previously disclosed.
- Rio Tinto Group(RTP), the world’s third-largest mining company, said iron-ore production climbed to a record in the second quarter.
- Airports worldwide handled a record 4.4 billion passengers in 2006, up 4.8% from a year earlier, an industry group said.
- North Korea said it will disclose all of its nuclear programs and disable them within six months, South Korean nuclear negotiator Chun Yung Woo said, after he met his North Korean counterpart Kim Kye Gwan in Beijing.

Wall Street Journal:
- The US newspaper industry is facing a major decline in advertising revenue as classified, national and retail sales all recorded a drop during the first quarter, citing the Newspaper Association of America.
- American Airlines(AMR) will focus its marketing on environment concerns from August, citing an interview with David Cush, senior vp of global sales at the AMR Corp. unit.

NY Times:
- Google Inc.(GOOG) plans to announce today the expansion of a program allowing advertisers to purchase newspaper space through its online system.

Salon:
- Elizabeth Edwards said that her husband, Democratic presidential candidate John Edwards, would be a better advocate for women’s issues than rival Hillary Clinton.

Women’s Wear Daily:
- Kohlberg Kravis Roberts plans to offer $24 billion to acquire Macy’s Inc.(M), the second-largest US department-store chain.

Financial Times:
- Microsoft Corp.(MSFT) will have to introduce some truly innovative products to keep Google Inc.(GOOG) and Apple Inc.(AAPL) from gaining more ground on the Redmond, Washington-based software company.
- Coca-Cola(KO), General Mills(GIS) and nine other leading food makers will today announce new voluntary curbs on marketing to children as the industry seeks to head off US regulation or lawsuits over childhood obesity.

Apple Daily:
- Nvidia Corp.(NVDA) may acquire Via Technologies’ chipset division, citing market speculation.