Tuesday, December 20, 2005

Today's Headlines

- Japan’s stock market will be among the world’s “worst performers” in the next three months as a strengthening yen lowers the value of exporters’ overseas sales, according to Goldman Sachs’ Kenneth Courtis.
- New Yorkers woke up to a transit strike and set out to travel to work without public transportation for the first time in a quarter of a century.
- A Pennsylvania school district cannot require the teaching of intelligent design in high school biology classes, a federal judge ruled in a case that may influence other challenges to the theory of evolution.
- Chevron said it discovered oil in the deepest well ever drilled in the Gulf of Mexico in a joint effort with three other companies including Canada’s Nexen, the field operator.
- Shares of GM fell as much as 6.8% to a 23-year low.
- The US dollar climbed the most in six months against the euro and advanced versus the yen as a report showing gains in US housing spurred optimism for US assets.
- Exxon Mobil and BP Plc were sued by a local development agency in Alaska that alleged the companies withheld natural gas from US markets.
- Morgan Stanley increased bets in commodity markets by 53% in the fiscal fourth quarter, faster than in any other market.
- Gold is falling below $500/oz. for the first time since Nov. 30.

Wall Street Journal:
- Ford Motor plans to support efforts by environmental groups to stabilize global carbon dioxide emissions, becoming the first automaker to back such programs.
- Apollo Advisers, a private equity firm, is close to agreeing to buy the plastics and adhesives unit of Tyco International for about $1 billion.
- News Corp.’s Fox Film Entertainment said yesterday it will start a unit making films and other entertainment distributed via the Internet and cell phones for teenagers and young adults.

NY Times:
- Google will experiment with advertisements using logos and graphics on its Web site, a change of policy prompted by talks with Time Warner’s AOL unit.

- US Defense Secretary Donald Rumsfeld ordered a cut in the number of American troops in Afghanistan to about 16,000 from the current 19,000 by next spring.

- Steve Forbes, CEO of Forbes Inc., said the US economy will enter a recession by 2008 if Congress doesn’t extend tax cuts on dividends and capital gains.
- Sprint Nextel agreed to buy Nextel Partners for about $28.50 a share.

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