Today's Headlines

Bloomberg:
- Bill Gross, manager of the world’s largest bond fund, said on CNBC that this week’s slump in Treasuries may push mortgage rates higher and slow housing, prompting the Fed to lower interest rates.
- China, the world’s second-biggest energy consumer, approved a plan to develop renewable energy sources to reduce pollution and cut a reliance on oil and coal. China plans to spend $196 billion over the next 13 years to increase the use of renewable energy sources to account for 16% of total supply.
- Ethanol in Chicago fell to a four-month low amid concern that supply is outpacing demand.
- White sugar had its biggest weekly decline in six months in London as speculators sold contracts amid forecasts of a global surplus this year.
- Crude oil is falling more than $2/bbl. in NY on concern that rising global interest rates may lead to lower demand.
- Copper futures in NY tumbles the most in four months on expectations that rising borrowing costs in major economies will slow growth and limit demand for metals.
- Gold is falling over $13/oz. to a two-month low in NY on speculation that higher global interest rates will reduce demand for the precious metal.
- MasterCard Inc.(MA) said it won a court decision against rival Visa USA Inc. over a fee that prevented merchants from using its network to process debit transactions.
- Fidelity National Information Services(FIS) and Fiserv Inc.(FISV) each bid more than $1.5 billion for rival EFunds Corp.(EFD), which put itself up for sale last month.
- Shares of US Steel Corp.(X) soared the most since November after Interfax said ThyssenKrupp AG is in talks to buy the company.
- Shares of Limelight Networks(LLNW) jumped as much as 62% after its IPO, as investors bet demand will grow for its business delivering video for Web sites including ABC.com and Netflix.
- The US dollar surged to a more than two-month high versus the euro and rose against the yen as benchmark Treasury yields attracted international investors, boosting the currency’s appeal.
- Microsoft(MSFT) has won over 20-year-old gamers, who spend hours a day launching rockets and firing plasma guns on the company’s Xbox 360. Now it wants their moms.
- Hewlett-Packard(HPQ) plans to follow Dell Inc.(DELL) and Sony(SNE) by introducing a laptop that uses chips instead of a hard drive to store data.

Wall Street Journal:
- NYSE Euronext(NYX) the NYSE’s parent company, may remove the “NY” from its name if it enters into more global mergers, citing Deputy Chairman Marshall Carter.

NY Times:
- Senior Democrats in the US House of Representatives may subpoena the Justice Department over documents related to the domestic terrorism surveillance program run by the National Security Agency.
- All Democrats at a debate in New Hampshire earlier this week said they would support repealing the so-called don’t ask-don’t tell policy, regarding gays in the military, first implemented under former Democratic President Bill Clinton.
- Hedge funds are 87% correlated to unhedged emerging market equities, according to a recent analysis by Bridgewater Associates.

Washington Post:
- Samuel Berger, former President Bill Clinton’s national security adviser, was disbarred from the practice of law by the DC Court of Appeals. Berger yesterday agreed to relinquish his law license rather than submit to an investigation by the DC Bar into his removal of classified documents from the National Archives. Berger pleaded guilty in April 2005 to stealing classified material without authorization. The material was related to warnings received the by Clinton administration about possible terrorist activity.

Business Week:
- Apple’s(AAPL) iPhone may generate $10 billion in annual sales within a few years of its introduction.

Financial Times:
- Three quarters of US CFOs who responded to a study by Duke University and CFO magazine say Sarbanes-Oxley corporate-governance rules should be repealed or reformed, because the costs of implementing them have exceeded the benefits.
- The growth of biofuels over the next 10 years won’t threaten oil production by OPEC, citing IEA stats.

Market News International:
- China’s inflation rate rose 3.6%, a more than two-year high last month, citing people familiar with the data, which has yet to be released.