Bloomberg:
- French joblessness rose in March, pushing the unemployment rate to 10.2%, the highest in more than five years.
- Clear Channel Communications said it will spin off its live-entertainment unit and sell shares in its billboards business after a slump in radio advertising led the company to cut prices.
- Amylin Pharmaceuticals and Eli Lilly said US regulators approved their diabetes treatment derived from the saliva of a poisonous lizard.
- Crude oil is falling again, heading for the biggest weekly decline this year, on speculation that rising OPEC output will ensure that refiners have adequate inventories to meet gasoline demand during the summer months.
- Northrop Grumman and General Dynamics, the top two shipbuilders for the US Navy, stand to benefit from next fiscal year’s $2.6 trillion federal budget, which would change the way ship programs are funded.
Wall Street Journal:
- Devon Energy, a US oil and gas producer, is drilling under Fort Worth, Texas, to tap 27 trillion cubic feet of natural gas reserves.
- The crisis at Morgan Stanley is costing the firm business.
- Belk Inc., a closely held US department-store company, is close to an agreement to buy Saks’ Proffitt’s and McRae’s retail chains for between $600 million and $650 million.
Chicago Sun-Times:
- Sears Roebuck employees will have their pay tied to the retailer’s profitability, and other employee benefits will be cut.
TheDeal.com:
- Oracle, which already purchased PeopleSoft and Retek this year, is in discussions to buy Siebel Systems.
Beijing Antaike Information Development Co.:
- Chinese copper smelters raised processing fees by 10% this month because of rising supply of the raw material.
Die Welt:
- The German government has lowered its forecast for growth this year in Europe’s largest economy to 1%, from a 1.6% estimate last year.
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