Bloomberg:
- The yen dropped to a two-year low against the dollar and fell versus the euro after Japanese Chief Cabinet Secretary Hosoda said the government is unlikely to try to stem the decline.
- Johnson & Johnson is considering alternatives in its planned $25.4 billion purchase of Guidant Corp., CFO Darretta said.
- Crude oil and gasoline are falling as forecasts showed that Hurricane Wilma will move toward Florida, missing production platforms that are concentrated along the Louisiana and Texas coasts.
- President Bush’s tax advisory panel said it would recommend simplifying the current income tax by replacing popular deductions with credits and sharply reducing levies on dividends and capital gains.
- Japanese Prime Minister Junichiro Koizumi’s visit yesterday to a shrine honoring war dead will have “very serious political consequences,” for relations between China and Japan, China’s Foreign Ministry said.
Wall Street Journal:
- The US Food and Drug Administration has advised physicians not to install Boston Scientific’s Enteryx device for treating acid reflux.
- US sales of hybrid vehicles, that combine electric motors with traditional gasoline engines, are expected to more than triple by 2012 with an increase in model choices, citing analysts.
- The scandal surrounding Refco, the biggest US futures broker, which broke a week ago and led to an insolvency filing today, hasn’t yet caused significant disruption in financial markets.
- Fannie Mae, the largest US mortgage finance company, used its regional partnership offices mostly to lobby members of US Congress instead of promoting affordable homes, as the units were intended, a Dept. of Housing and Urban Development study said.
LA Times:
- The median price paid for a Southern California home rose 16% last month to $475,000, while sales volume increased 6% from the year-earlier period.
NY Times:
- Construction in China will hit a record 4.7 billion square feet or more this year, up from 2 billion in 1998.
- Nintendo of America plans to offer free wireless Internet at McDonald’s restaurants for people using its DS portable game system.
- Google has begun operating Internet sites in eight European countries, including France, Germany and Italy, using the local language to help users search for books online.
Denver Post:
- Xcel Energy and the US government plan to cooperate on a $1.75 million project to create hydrogen using the power of wind.
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