Today's Headlines

Bloomberg:
- Crude oil is falling another $.70/bbl. after OPEC said it pumped the most oil in July since September 2004, excluding Angola’s entry in January.
- Colorado State University forecasters trimmed the number of major hurricanes they expect to form in the Atlantic Ocean this year to four from five forecast in May.
- Bear Stearns(BSC), the manager of two hedge funds that collapsed last month, had its credit-rating outlook cut to negative by S&P on concern declining prices for mortgage-backed securities will reduce earnings.
- President Bush signed legislation today that stiffens requirements for screening air and sea cargo and increases anti-terrorism grants to high-risk states and cities.

Wall Street Journal:
- US recalls of toys contaminated by lead paint may point to a Chinese health problem, because lead is still a typical addition to paint in the country.
- Hayman Capital Partners LP and Balestra Capital Partners are among US hedge funds that profited in July by betting on problems in the subprime mortgage market.
- Cardiologists at the Minneapolis Heart Institute have started airlifting heart-attack patients from as far as 210 miles away to provide them with faster treatment than they would get otherwise.
- Bulgari Spa, Cartier, LVMH Moet Hennessy Louis Vuitton SA and other European jewelry and luxury goods companies are boosting sales of diamond engagement rings as demand for them increases in Europe and China.

NY Times:
- Young working women in major US cities are earning more than their male counterpart, citing an analysis of census data.

Dow Jones:
- Kohlberg Kravis Roberts is looking to buy Beyonics Technology’s hard-disk drive business.