Bloomberg:
- Ten Commandments displays designed for two Kentucky courthouses are unconstitutional, the US Supreme Court ruled in a high-profile church-state clash.
- The US Supreme Court bolstered the entertainment industry’s anti-piracy campaign, saying Grokster Ltd. and other Internet file-sharing networks may bear responsibility when users illegally download music and films.
- The euro rose the most in more than a week against the dollar and yen after European Central Bank officials damped speculation they are considering a reduction in interest rates.
- Crude oil touched a record for a third straight day on concern that Iran’s new president may limit foreign investment in the nation’s oil industry.
- President Bush said the US and its allies view Iran’s pursuit of nuclear weapons “unacceptable.”
Wall Street Journal:
- The US Housing and Urban is planning a review of closing costs for home mortgages in a bid to better define them and reduce their costs for homebuyers.
- US federal prosecutors have sent subpoenas to more than a dozen insurers and re-insurers that have entered into “finite-risk” and other non-traditional transactions with units of Warren Buffett’s Berkshire Hathaway.
NY Times:
- Viacom’s MTV Networks will promote Midway Games video games in advertising and programming in a partnership expected to be announced today.
- SBC Communications delayed plans to sell television programming over high-speed lines by six months because of problems with installation.
NY Daily News:
- NY’s murder rate may fall below 500 this year, which would be the lowest since 1991.
San Francisco Chronicle:
- Ethanol, a clean-burning fuel produced by corn and sugarcane, may require as much as six times as much energy to produce as it gives off, citing a study in the journal Critical Reviews in Plant Sciences.
Financial News:
- Blackstone Group LP may seek to raise an unprecedented $12.5 billion for its latest buyout fund, topping the record $8.5 billion raised by Goldman Sachs Group.
Washington Post:
- Employees of suppliers to Wal-Mart Stores are moving near the company’s northwest Arkansas headquarters, gentrifying the area and increasing the region’s average income.
Reuters:
- Cingular Wireless LLC, the biggest US cellular phone service, may sell a Motorola handset that can download and play songs from Apple Computer’s iTunes music service.
Financial Times:
- Wal-Mart Stores will start a new marketing push for George clothing, the brand the US-based discount-store chain acquired withy its 1999 purchase of Britain’s Asda sotres.
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