Bloomberg:
- General Reinsurance Australia Ltd., a unit of Warren Buffett’s Berkshire Hathaway, will be investigated by Australia’s insurance regulator over its reinsurance practices.
- Copper fell to an eight-week low in London on speculation that production from mines and smelters may catch up with demand in China.
- German Chancellor Gerhard Schroeder said he is determined to see the European Union’s 16-year-old arms embargo on China lifted, dismissing criticism from lawmakers in his own coalition and opposition parties.
- Southwest Airlines said first-quarter profit almost tripled as the airline added flights and carried more passengers.
- UnitedHealth Group said first-quarter profit rose 41% as the company added customers through acquisitions.
- Stephen Cutler, who spearheaded the SEC’s crackdown on the corporate fraud and trading scandals that rattled US investors following the collapse of Enron Corp., is resigning as the agency’s enforcement chief.
- US indictments in the UN/Iraq oil-for-food program charged three people and two companies with scheming to pay kickbacks to former Iraqi dictator Saddam Hussein.
The Wall Street Journal:
- Intel and Advanced Micro Devices, which will soon offer “dual-core” semiconductors need modifications in personal computer programs if the chips’ potential is to be fully exploited.
- Benchmark steel prices have dropped for six straight months in the US, as demand for steel is slowing because of the weakening US car industry and slowing economic growth in China.
- China said it has “never, and will never” recognize the boundary market drawn by Japan in an area of the East China Sea, which is claimed by both countries, a day after the Japanese government allowed oil and gas drilling.
- Callaway Golf, TaylorMade Golf and Nike Golf have been asked by the US Golf Assoc. to supply prototype balls that fly shorter distances than the current ones.
Financial Times:
- China’s leaders are preparing to end the yuan’s peg of 8.28 to the dollar.
NY Times:
- Neiman Marcus Group, Saks Inc. and other retailers may not have a better time to put themselves up for sale as interest rates rise and billions of dollars in investments wait spending.
Nihon Keizai:
- Sony Corp. seeks to sell more than 1 million liquid crystal display television sets in Europe this year, triple the number of last year.
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