Bloomberg:- Cisco Systems said it has seen a surge in demand for its fastest routers, a sign telephone carriers are stepping up spending on networks.
- LG.Philips LCD, the world’s largest maker of liquid crystal displays in monitors and televisions, said it won a contract to supply $5 billion worth of panels to Hewlett-Packard over the next three years.
- Frontline Ltd. and Teekay Shipping Corp., whose top executives gather today in Norway for four days of shipping conferences, may seek takeovers as a slump in freight rates threatens to erode earnings.
- Royal Dutch/Shell Group, E.ON AG and partners sought government permission to build the world’s largest wind park, a $2.75 billion offshore project big enough to serve one-fourth of London.
- GM CEO Wagoner said the automaker will cut at least 25,000 US manufacturing jobs in the next three years and close additional assembly and parts plants to cut costs.
- US 10-year Treasuries rose the most in five days after Fed Chairman Greenspan suggested yields may not rise soon following an “unusual” slide to a 14-month low.
- Crude oil is falling for a second day on speculation higher refinery output is boosting fuel supplies, undermining the justification for a two-week rally in prices.
Wall Street Journal:- Italian, Spanish and Portuguese shoemakers will demand that the European Union curb leather-shoe imports from China, citing Leonardo Soana, director general of Italy’s National Footwear Assoc.
- GM is introducing new models, including replacements for the Chevrolet Tahoe, GMC Yukon and Cadillac Escalade, in an effort to turn around a $1.3 billion first-quarter loss in North America.
- UAL’s United Airlines is giving up its costly and problem-ridden baggage system at the Denver Intl. Airport which may save the company considerable costs.
NY Times:- Some legal US residents in both Mexico and the US rent their social security numbers to illegal immigrants looking for work.
- Mass graves in northern Iraq may prove that Saddam Hussein’s government killed as many as 100,000 Kurds in the late 1980s.
- The Bush administration today is publishing requests for proposals for $50 million in federal contracts to help build a computer health-care records system.
- NY City Schools Chancellor Joel Klein is scheduled to unveil plans today for a system of analyzing standardized-test scores that aims to identify which schools are helping students and which ones are behind.
Boston Globe:- A proposed increase in the minimum wage in Massachusetts might lead to the loss of as many as 27,000 jobs.
Las Vegas Review-Journal:- Nevada’s Legislature reached an agreement late Monday on a $300 million rebate to the state’s taxpayers.
NY Post:- Apria Healthcare Group, the biggest US provider of home-health services, is trying to find buyers for the company almost a year after it put a possible sale on hold.
Star-Ledger:- New Jersey public schools will stop selling sodas, candy and junk food to students by Sept. 1, 2007.
Reuters:- European Central Bank President Jean-Claude Trichet said the ECB has no plans to cut interest rates in the dozen-nation euro region, citing Trichet.
Financial Times:- World hedge-fund performance was little changed in May, as the effect of downgrades of Ford and GM debt didn’t materialize, citing Merrill Lynch’s global hedge fund monitor.
Valor Economico:- Staples and Office Depot are considering the acquisition of two Brazilian office-supply companies.
AFP:- OPEC’s president, Sheikh Ahmad Fahd al-Sabah, said he will seek a 500,000 barrel-a-day increase in the organization’s output quotas at a meeting next week if prices remain high.
