Monday, June 25, 2007

Today's Headlines

- Venezuelan President Hugo Chavez said that he will discuss the purchase of eight Russian submarines when he meets President Vladimir Putin this week.
- The US natural gas market lacks sufficient oversight and Congress needs to close a federal loophole that allowed Amaranth Advisors LLC to evade regulators in the biggest-ever hedge fund collapse, Senator Carl Levin said.
- Coffee fell 3.7%, the most since October, in NY as mild temperatures and dry weather ease concern that crops may be damaged in Brazil, the world’s largest producer.
- Corn is falling another 2.7% and is breaking below its 200-day moving average for the first time since 1Q 2006.
- General Motors(GM) shares rose as much as 3.9% after Goldman Sachs(GS) rated the stock a “buy,” saying the United Auto Workers union may offer larger concessions than expected to the biggest US automaker.
- Robert Zoellick, a former US trade representative, was approved as president of the World Bank to replace Paul Wolfowitz, who resigned last month.
- Bear Stearns(BSC) may have to salvage the second of its two teetering hedge funds after offering $3.2 billion last week to bail out the first one, Merrill Lynch said.
- Berkshire Hathaway(BRK/A) Chairman Warren Buffett, the billionaire investor who pledged most of his fortune to charity last year, predicted the world will become increasingly philanthropic as the wealthy donate more of their assets.
- The 10-year yield is falling another 6 basis points as investors buy US treasuries on lingering worries over the subprime mortgage market and falling commodity prices.
- Emerging-market stocks aren’t worth the risk as the shares become expensive and the returns associated with owning the more volatile assets fade, according to Lehman Brothers(LEH).

Wall Street Journal:
- The European Union may offer China designation as a “market economy” to gain concessions it believes are needed to balance their trading relationship. The status would be a declaration that the country has limited state aid and banned monopolies.
- Dobson Communications(DCEL), an Oklahoma City-based mobile-phone company, is considering options including a sale.
- Tyson Foods(TSN) and Syntroleum Corp.(SYNM) may say today that they’ll build a $150 million plant to take fat from Tyson’s agricultural processing activities and turn it into liquid fuel.
- US hospitals want to hire managers with factory experience, to raise efficiency as they grow bigger and harder to run.

- Europe’s 50 biggest hedge funds manage more than $300 billion, an increase of more than 50% on September 2005, according to a ranking of the region’s top hedge fund managers.

NY Times:
- Hollywood movie studios are looking for ways to take advantage of Apple Inc.’s(AAPL) introduction of the iPhone, as it could create a larger market for videos playable on mobile devices.
- National Lampoon Inc. will release its first film in 18 years as the company tries to revitalize frat-boy humor through its college cable television network.

Philadelphia Inquirer:
- Donald Trump, chairman and president of Trump Entertainment Resorts(TRMP), may announce this week he is selling the casino company.

USA Today:
- The number of US Roman Catholics increased to 64.6 million last year from 63.9 million in 2005, citing the newest Official Catholic Directory.

Broadcasting & Cable:
- US television networks completed negotiations for the September season with advertising sales of about $9.1 billion, an increase of about 1% from last year.

Financial Times:
- Reforms to corporate governance that increase shareholder rights threaten to destroy value for bond investors, citing a report by Moody’s(MCO) Investors Service.

- Michel Gaudin, who overseas security and the police in Paris, told a town council meeting today that the capital city is on the “front line” for terrorism risks and is “vastly under-equipped.”

- Sony Corp.’s(SNE) Sony Pictures will consider buying an Internet company if a “good opportunity” arises, citing Sony Pictures CEO Lynton.

El Universal:
- Mexico’s government fired all of its 34 federal police state chiefs to fight corruption.

The Standard:
- The China Banking Regulatory Commission will ease restrictions on investing overseas.

No comments: