Today's Headlines

Bloomberg:
- Crude oil is falling almost $3/bbl. after Saudi Arabia’s oil minister said OPEC is ready to increases production and on worries over global demand.
- Hedge-fund inflows declined by 33% in the fourth quarter as subprime-mortgage losses caused some investors to delay new deposits, according to data compiled by Hedge Fund Research Inc.
- Apple Inc.(AAPL) introduced a slim portable computer, an online movie-rental service and a revamped TV device as the maker of the iPod and iPhone seeks to extend a sales surge driven by new products.
- New Jersey’s pension fund will put $700 million into Citigroup Inc.(C) and Merrill Lynch(MER), the only US state retirement system to join investors in the Middle East and Asia in providing $21 billion to two to the biggest financial firms burned by mortgage-related losses.
- Soros Fund Management, the hedge-fund firm founded by billionaire George Soros, named BlackRock Inc. co-founder Keith Anderson as CIO, a post vacant since Soros’s son Robert stepped aside in July.
- A slump in the Baltic Dry Index, a measure of how much it costs to ship commodities, may herald a rally in the US dollar, according to Charles Diebel, head of European rates strategy at Nomura Intl. Plc in London.
- Saudi Oil Minister Ali al-Naimi said OPEC will raise supply if justified by increased demand when making its next output decision on Feb. 1.

Wall Street Journal:
- The US government should make strengthening the US dollar a priority, to boost liquidity, cut oil prices and fuel economic growth, said David Malpass, Bear Stearns Cos.’ chief economist. Leaving dollar policy to the marketplace is unwise because currency values often go to extremes and aren’t based on economic fundamentals, he said. The US president, the chairman of the Federal Reserve or the Treasury Secretary could do much to make a strong dollar happen by saying that the government wants one, Malpass said.

NY Times:
- Zynga Game Network Builds Online Games With MySpace.

AP:
- President Bush urged OPEC nations Tuesday to put more oil on world markets and warned that soaring prices could cause an economic slowdown in the US to intensify.

Reuters:
- Hedge fund manager John Paulson, who earned billions of dollars last year by betting against the housing market, said on Tuesday that former Federal Reserve board chairman Alan Greenspan will advise him.

Reforma:
- Mexico’s mining production will jump 20% to $11 billion in 2008 on record metal prices.

Iran Daily:
- Iran’s Darkhovin oilfield’s output has doubled, reaching 100,000 barrels a day.