Today's Headlines

Bloomberg:
- The cost of protecting against a default by Lehman Brothers(LEH), Citigroup(C), UBS AG(UBS) and other banks and securities firms dropped to the lowest in five weeks on diminished concern that the market will see a repeat of the crisis that toppled Bear Stearns(BSC). Credit default swaps tied to Lehman narrowed 15 basis points to 220 basis points and have declined 85 basis points since it raised $4 billion from a sale of convertible preferred shares to bolster capital. Bank and broker credit-default swaps have been cut by almost half since the Fed backed an emergency sale of Bear Stearns.
- AT&T(T), the biggest US wireless carrier, is now “very interested” in using mobile-phone software developed by Google Inc.(GOOG) and its partners, overcoming its initial skepticism about the project.
- Crude oil rose more than $3 barrel in NY on investment fund speculation, despite a 7,317,000 barrel build in supplies this week which was more than three times estimates.
- Obama Says He Would Give Gore Key Role Shaping Climate Policy. Democratic presidential candidate Barack Obama said that if elected he would consider asking former Vice President Al Gore to take a cabinet-level position focused on tackling global warming.
- Best Buy(BBY), the largest US electronics retailer, said fourth-quarter profit fell less than analysts estimated on higher sales of more-expensive laptops and video-game consoles.

Wall Street Journal:
- Amid resurgent money-market strains, the European Central Bank pumped an extra $55.3 billion into the European banking system as part of its regular market operations.
- National City(NCC) is considering a plan to sell itself to hometown rival KeyCorp.(KEY).
- Man Behind Burger King Turnaround.

Forbes:
- Iceland threatens ‘bear trap’ intervention against hedge funds. Iceland is prepared to order direct intervention in the currency and stock markets in an attempt to punish international hedge funds that it claims are attacking its financial system, said Prime Minister Geir Haarde.

Washington Post:
- Senator John McCain told a radio talk show host that he is “getting together a list” of names to be his vice presidential running mate.

NY Post:
- NY led all other states and Washington, DC, in public school spending for the second straight year, according to the latest Census Bureau numbers. “The academic results that we’ve received in return don’t match the level of spending we have,” said Jason Brooks, research director at the Foundation for Education Reform and Accountability in Albany.

Kauppalehti:
- Nokia Oyj(NOK) is still losing market share in the US, researcher Strategy Analytics said. The world’s largest mobile-phone maker needs to work more closely with US operators on customized units rather than trying to sell standardized global handsets, analyst Bonny Joy said. Research In Motion(RIMM) and Apple(AAPL) are ahead of Nokia with specialized products for fast US networks, she said. Nokia has less than 10% of the US market, down from about 33% in 2001.

Caribbean Net News:
- Cubans crowded shops on Tuesday to buy DVD players and electric bikes that went on sale for the first time as new President Raul Castro moved to lift many restrictions in the one-party socialist state. Stores were authorized to sell dozens of electric goods that were previously banned, including microwave ovens, flat-screen televisions and even computers.

Der Spiegel:
- Hedge Funds See Opportunities in Ashes of Subprime Crisis.