Bloomberg:- The world is winning the war on drugs, according to a United Nations report that said opium production might soon be eradicated in Asia’s notorious “Golden Triangle” and coca cultivation in the Andean region of South American has decreased 25% since 2000.
- Shares of Inco Ltd.(N) and Falconbridge Ltd. rose after reports that Phelps Dodge(PD) will acquire the Canadian nickel miners for $40 billion in cash and stock.
- The US Supreme Court agreed to consider a bid by environmentalists and 12 states to force the Environmental Protection Agency to regulate car and truck emissions that may contribute to possible global warming.
- Shares of Zimmer Holdings(ZMH) and Biomet(BMET) fell after the two markers of artificial joints disclosed the US Dept. of Justice is investigating the $7 billion-a-year orthopedics industry.
Wall Street Journal:- A report detailing the US Army’s recovery of at least 500 weapons of mass destruction in Iraq starting in 2003 should have been disclosed to the public earlier, Senator Rick Santorum and Representative Peter Hoekstra said. The National Group Intelligence Center agreed to declassify six “key points” of a report on the chemical weapons recovery in Iraq, information requested for nine weeks before getting a response.
- Germany’s DaimlerChrysler AG will introduce its small, two-door Smart car in the US next year, as it tries to make a profit on the brand.
- The SEC will this summer issue guidance on how to interpret a rule allowing investment managers to use client money to pay for brokerage and research services.
- A number of brokers at Piper Jaffray, which is selling its brokerage unit to concentrate on investment banking, have left for rival companies.
- Zale Corp.(ZLC), which started the mass-market jewelry business in the 1920s, has pulled back from a disastrous foray to attract upscale customers.
- US companies involved in veterinary care have done pretty well in good times and bad, since people are usually generous in looking after the health of their pets.
- Private equity firms Bain Capital is the lead contender to acquire Jones Apparel Group(JNY).
NY Post:- Hedge fund traders are betting that the Fed will put additional rate increases on hold after adding two more of a quarter of a percentage point each on Thursday and on Aug. 8.
Washington Post:- Iridium Satellite LLC, a provider of satellite telephone services, will provide emergency telecommunications equipment for hospital owner MedStar Health.
- Helio LLC, maker of a phone that can text message instantly to Korea, is targeting Korean-American customers.
NY Times:- State tax revenue in Louisiana, which was battered by hurricanes Katrina and Rita last fall, is on track to set a record of $9.2 billion before the fiscal year ends June 30.
Women’s Wear Daily:- Federated Dept. Stores(FD) is considering buyout offers for its bridal division, Saks Inc.(SKS) has received interest for its Parisian chain, and Foot Locker(FL) has been approached by private-equity firms.
Reuters:- Sirius Satellite Radio(SIRI) CEO Karmazin said he would be interested in buying rival XM Satellite Radio Holdings(XMSR) if the price were right.
Moscow Times:- The US and Russia will probably reach final agreement next month on Russia’s bid to join the World Trade Organization.
Panorama:- Petroleos de Venezuela SA, South America’s largest oil company, is in talks with its partners in four heavy oil joint ventures to double output.
