Bloomberg:
- Medtronic agreed to pay $1.35 billion to end a lawsuit by a surgeon over the use of his inventions.
- China welcomed comments made in Jakarta today by Japan’s Prime Minister Koizumi on the pain his country inflicted on neighboring nations before and during WW II.
- Crude oil is rising, heading for the biggest weekly rally in four months, on concern US gas demand will outpace domestic production and imports during the next five months, when consumption peaks.
- US 10-yr T-notes are rising as benchmark stock indices failed to extend their biggest one-day gain in more than a year, raising the attractiveness of fixed-income investments.
Wall Street Journal:
- Merck plans to use $675 million in funds to fight accusations the company’s Vioxx painkiller led to cardiac arrests.
- GM is marketing the H3 scaled-down version of the Hummer to women in a bid to reverse a 17% decline in sales of the gas-guzzling model.
- The NYSE’s purchase of Archipelago Holdings and its decision to transform itself into a publicly traded company, will put the Nasdaq Stock Market under pressure.
- A group of companies led by Nasdaq Stock Market is likely to announce today that it will buy Instinet Group, an electronic trader and brokerage firm valued at about $1.8 billion.
- The Fed’s Open Market Committee’s actions during the past year have affected the supply of money and countered the threat of inflation, former Fed board member Wayne Angell wrote.
NY Daily News:
- Spending on construction of housing, offices and public works in NYC may reach a record $19.9 billion this year.
Tradewinds:
- Transpacific container line operators got lower rate increases than planned from the biggest cargo owners such as Wal-Mart in this year’s rate negotiations.
NY Post:
- New York City will become the first city to make the so-called morning after pill available to women on prescription.
USA Today:
- Smuggling of the drug Ecstasy has declined in the wake of tighter airport security and better scrutiny of passengers after the Sept. 11, 2001, terrorist attacks.
AP:
- Americans are driving less, rearranging vacations and cutting other expenses as the price of gas advances, citing a poll by Ipsos-Public Affairs.
Sueddeutsche Zeitung:
- German Chancellor Gerhard Schroeder’s government will cut its 2005 growth forecast for Europe’s largest economy to between 1% and 1.2%.
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