Bloomberg:
- Global emergency oil reserves total about 4 billion barrels and are sufficient to cover a major supply disruption in a producing country, said Claude Mandil, executive director of the IEA.
- MGM Mirage is looking for more projects in the southern Chinese city of
- Dutch voters will probably reject the European Union constitution in a referendum today, opinion polls show, as French President Chirac promised renewed efforts to reduce high unemployment following the defeat of the treaty in
- The European Central Bank cut its growth forecast for the 12 countries sharing the euro to 1.4% from 1.6%.
- Electronic Arts today will announce an agreement with Qualcomm aimed at grabbing a bigger slice of the $1.3 billion market for games played on mobile phones.
- SBC Communications, the largest provider of high-speed Internet access on digital subscriber lines, cut the price for its standard DSL service by 25% to add more customers.
- William Donaldson, chairman of the SEC, plans to resign as the top regulator for the world’s biggest financial market on June 30.
- UN Secretary-General Kofi Annan yesterday fired Joseph Stephanides, an official in the Iraq/UN oil-for-food program, for misconduct in the awarding of a contract to a company that inspected humanitarian goods imported by Saddam’ regime.
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- The euro fell to an eight-month low against the dollar after manufacturing in the region contracted and the European Central Bank and European Commission cut their economic growth forecasts.
- Crude oil is rising for a seventh straight session as refinery malfunctions raised concern that refiners won’t produce enough gasoline to meet peak demand this summer.
Wall Street Journal:
- General Motors is expected to announce steep discounts to the general public today similar to GM employee-offered incentives, in an effort to unload inventories.
- Procter & Gamble is focusing on finding out what products suit women most rather than the ones that are most technologically elaborate.
- Evercore Partners is considering conducting an IPO, to profit from several previous financial advisory firm offerings.
- A book based on disclosures by former FBI official W. Mark Felt that he was “Deep Throat,” the anonymous person who helped the Washington Post uncover the Watergate scandal, could get an advance of as much as $1 million.
- The growth of
- Wells Fargo is slicing online trading fees for clients who hold at least $25,000 in balances at the bank, following cuts by other brokerages in recent months.
- Bank of
- Shares of companies that own and operate crude-oil tankers have fallen this year and short-sellers are betting that they’ll fall further.
- Seven executives at Blockbuster sold 560,000 Class A shares of the company’s stock for $5.5 million.
- The Safe Blood for Africa Foundation is working to provide safe blood transfusions in
- Deere and Orvis are taking advantage of the
NY Times:
- Delta Air Lines’ Song low-fare unit plans to announce new non-stop service between
NY Post:
- Michael Dell, chairman and founder of Dell Inc., plans to put a “substantial” amount of money from his personal investments into a hedge fund venture.
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AP:
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AFP:
- OPEC will probably decide to keep pumping oil at its current level when it meets in