Bloomberg:
- The cost of protecting corporate bonds from default declined as Bank of America Corp.'s(BAC) second- quarter profit fell less than analysts estimated. Credit-default swaps on Bank of America, Citigroup Inc. and Wachovia Corp. fell for a fourth straight day. Benchmark gauges of credit risk in the U.S. and Europe also fell, signaling improved investor confidence, as strategists at Morgan Stanley and Bank of America said credit investors have priced in too dire an outlook for investment-grade corporate debt. Credit-default swaps on the Markit CDX North America Investment Grade Index, a benchmark gauge of credit risk tied to the bonds of 125 companies in the U.S. and Canada, fell 3 basis points to 133.75 basis points as of 1:14 p.m. in New York, according to Deutsche Bank AG.
- Roche Holding AG, Switzerland's largest drugmaker, offered to buy the rest of Genentech Inc.(DNA) for $43.7 billion to gain the largest U.S. maker of cancer medicines.
- Bank of America Corp.(BAC), whose stock climbed 60 percent in less than a week, reported earnings that beat analysts' estimates and said the newly acquired Countrywide Financial Corp. will add to profit this year.
- Wheat fell to a six-week low on speculation rising world production will outpace demand for flour and animal feed, after farmers planted more grain in response to record prices.
- Crude oil rose from a six-week low as a tropical storm entered the Gulf of Mexico, and Iran, the world's fourth-biggest producer, resisted demands to suspend nuclear research.
- Bill Gross, who manages the world's biggest bond fund, said mortgage-backed bonds issued by government-sponsored entities Fannie Mae and Freddie Mac are ``an excellent buy.''
- Apple Inc.'s(AAPL) iPhone 3G is sold out at almost all the company's U.S. retail outlets, 10 days after Chief Executive Officer Steve Jobs put the faster, cheaper upgrade of the mobile handset on the shelves.
- Yahoo! Inc.(YHOO) gave three director seats to billionaire activist Carl Icahn, dividing the board as the Internet company struggles to increase sales growth after spurning takeover offers.
- The five-year rally in emerging- market currencies is coming to an end as central banks from South Korea to Turkey struggle to contain inflation, say DWS Investments and Morgan Stanley.
- BankAtlantic Bancorp Inc. said it sued Ladenburg Thalmann & Co. bank analyst Richard Bove over a report called ``Who is Next?'' BankAtlantic accused Bove and the firm of defamation and negligence, according to a statement the Fort Lauderdale, Florida-based bank issued today on Business Wire.
- LG Electronics Inc. reported record quarterly profit as mobile-phone sales surged, challenging Motorola Inc. as the world's third-largest handset maker.
Wall Street Journal:
- Goldman Sachs Group Inc.'s(GS) most senior financial-institutions banker, Ken Wilson, is temporarily leaving the firm to advise Treasury Secretary Henry Paulson on how to resolve the country's banking crisis, according to people familiar with the matter.
- Biogen Idec Inc.(BIIB) will mark two years this week the relaunch of Tysabri, a potent drug for multiple sclerosis and Crohn's disease that is shaping up to be a blockbuster drug.
- The US Olympic Committee is distributing high-tech masks to more than 600 athletes because of concerns about pollution at next month’s Beijing Games.
NY Times:
- France Telecom Test Electronic Newspaper With Ads.
EE Times:
- The semiconductor assembly and test services market is set for major growth.
Financial Times:
- France’s President Nicolas Sarkozy is drawing up a three-point plan aimed at increasing the European Central Bank’s political accountability.
- Ethanol produced from municipal waste will be available within three years, according to Ineos Group Holdings Plc.
Rzeczpospolita:
- The US dollar is close to stabilizing after falling against various currencies, Murilo
Emirates Business 24/7:
- As much as 40% of
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