Bloomberg:
- Russia today rejected a call from the US to halt construction of a nuclear plant in Iran.
- Hedge funds around the world pulled in a net $24 billion during the first quarter as investors flocked to companies such as Convexity Capital Management LP, owned by former Harvard Univ. endowment manager Jack Meyer.
- The US will crack down on companies that hire undocumented immigrants, Homeland Security Secretary Chertoff pledged today, telling businesses to expect stepped-up raids and criminal sanctions against executives.
- Manufacturing in the Philadelphia area strengthened this month as companies geared up in response to rising domestic and overseas demand, a Fed survey showed.
Wall Street Journal:
- A Goldman Sachs Group(GS) hedge fund led by ex-academics using techniques developed at the Univ. of Chicago was a big contributor in a group of alternative investments increasing profit at the NYC-based brokerage.
- Scott McNealy, Sun Microsystems’(SUNW) chairman and CEO, hasn’t hitherto enjoyed the best of relationships with Wall Street, but that may be changing.
- Weyerhaeuser(WY), the world’s biggest lumber company, said it will realign its wood, paper and pulp units as part of a broader reorganization the company expects will allow the businesses to respond more quickly to market demand.
- The US Office of the Director of National Intelligence will make safeguarding individual privacy rights a top priority.
NY Times:
- Strong demand for super-sized tires used by earthmover machines has caused a shortage, and spurred companies such as France’s Michelin & Cie. to build new plants to keep up with up with customers’ orders.
USA Today:
- Construction of the US Embassy in Iraq is on schedule and within budget.
Peninsula:
- Qatar plans to raise oil production capacity at its Shaheen field by 54% to 525,000 barrels a day in 2009 to account for half the country’s total output.
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