Today's Headlines

Bloomberg:
- The Federal Reserve added $24 billion in temporary funds to the banking system, the most since April, amid an increase in demand for cash from banks roiled by US subprime loan losses.
- President Bush said his administration opposes efforts in Congress to raised taxes on hedge funds and private-equity firms, saying the move could stifle economic growth.
- TJ Marta, a fixed-income strategist at RBC Capital Markets, said global markets are at the “peak of the hysteria” in the credit markets.

Wall Street Journal:
- Gannett Co.(GCI), the largest US newspaper publisher, amended several of its compensation plans to reflect a potential management buyout of the company.
- Goldman Sachs’ North American Equity Opportunities Fund, which relies on computer models to pick stocks, is down 15% this year. The fund had $463.5 million in assets under management and has sold down positions in response.

Forbes:
- A consortium of the nation’s leading investment banks have quietly created an index that is not only protecting them against the recent market meltdown but also promising to make them bundles of money in the process.

Mysteel.com:
- China’s steel-product exports soared 66% to 5.94 million metric tons in July from a year earlier, citing preliminary figures from the customs. China has exported 39.7 million tons in the first seven months, up 92% from a year earlier. Steel-product imports fell 9.2% to 1.39 million tons in July from a year earlier.

Forbes:
- Bear Stearns(BSC) is in talks to sell a minority stake to China’s Citic Group, citing a person close to the Beijing-based company.

AFP:
- China is unlikely to sell US dollar assets as long as there is no major disagreements with the US, citing a government economist.