Thursday, June 29, 2006

Today's Headlines

Bloomberg:
- Intel Corp.(INTC) CEO Paul Otellini, pressured by investors to fix the chipmaker’s flagging fortunes, is scrapping his old boss’s biggest projects.
- Venture Capital firms are betting big on solar and biofuel companies in a green energy frenzy.
- UK house prices rose for a fourth consecutive month in June, suggesting a revival in the $6 trillion property market may continue into the second half.
- Iran’s top nuclear negotiator Ali Larijani dismissed US and European calls to accelerate its decision over whether to accept trade and technology incentives in return for suspending its uranium enrichment program.
- US senators, hearing testimony yesterday that fraud is widespread in the $1.2 trillion hedge-fund industry, said the private investment partnerships may need more scrutiny form federal regulators and law enforcement.
- The US Supreme Court ruled that President Bush lacks authority to try Guantanamo Bay inmates before military tribunals, a blow to the administration’s anti-terrorism strategy that scales back presidential wartime powers.

Wall Street Journal:
- Symantec(SYMC) is in a $1 billion legal dispute with the IRS involving dealings with two related companies.
- Google(GOOG) will start operating in Cairo with a view to that city becoming the company’s hub for the Arabic-speaking Middle East.
- European politicians who criticize the US for allegedly violating the rights of “jihadist terrorists” at Guantanamo Bay in Cuba are more concerned with attacking America than in helping to fight terrorism, said Denis MacShane, British Labour Party Member of the Parliament.
- Pfizer Inc.(PFE) plans to produce a discounted generic version of Zoloft after the antidepressant loses its domestic patent protection tomorrow.

AP:
- Japan wants all its cars to run on ethanol-blended gasoline by 2030 to mitigate crude oil costs.

NY Times:
- RSA Security(RSAS) is close to an agreement to be bought by either data storage company EMC Corp.(EMC) or at least one other company in a transaction that may top $1.8 billion.

LA Times:
- Officials for the ports of LA and Long Beach have introduced an air pollution control plan that could reduce diesel pollution from cargo ships, trains, and trucks by more than half.

Financial Times:
- Many hedge funds have seen gains made earlier this year wiped out in June’s global market declines, citing performance figures obtained from funds and investors.

La Tribune:
- Dell Inc.(DELL) will grow faster than its industry in the long term and profitability will remain higher than that of competitors, CEO Rollins said.

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