Thursday, December 13, 2007

Today's Headlines

- Red Kite Metals, the hedge fund that almost tripled investors’ money last year, lost about 22% in November as copper prices fell, according to two investors in the fund.
- Blackstone Group LP, manager of the world’s biggest buyout fund, raised $1.3 billion to invest in debt securities hurt by this year’s credit-market turmoil.
- The turmoil roiling credit markets is creating “great and unique” opportunities as banks are forced to sell debt, said Beat Wittmann, CEO of investment products at Julius Baer Holding AG.
- Gold is falling $16/oz. on US dollar strength and a decline in oil.
- Oil is falling $2/bbl. on worries over slowing global demand and a rising US dollar.
- The US House of Representatives approved legislation to bar CIA agents from using waterboarding during the questioning of suspected terrorists.
- Major League Baseball players and management ignored a flood of drug use in the sport, according to findings of a 20-month investigation that said All-Stars such as Roger Clemens and Andy Pettitte used steroids.

Wall Street Journal:
- Motorola Inc.(MOT) is living on the Razr’s edge these days, but slicing up the company may not be so easy.

- The US economy has long benefited from foreign investment since Dutch capital helped President George Washington and Scottish trusts financed the 19th century railway boom, Steve Forbes wrote.

NY Times:
- Deutsche Lufthansa AG, Europe’s second-largest airline, is in talks to buy just under 25% of Jetblue Airways(JBLU).
- Paramount Pictures said the “Jackass 2.5” movie will be the world’s first studio-backed film to have its premiere online.
- Democrats Blaming Each Other For Failures.

Silicon Alley Insider:
- Will Google(GOOG) Force Time Warner(TWX) to Take AOL Public?

Financial Times:
- The New York Times(NYT) may suffer if News Corp.(NWS/A) Chairman Rupert Murdoch aggressively challenges its flagship newspaper by cutting the Wall Street Journal’s cover price and boosting its national distribution.

- The Iraqi Foreign Minister announced that Iraq will reopen its oil pipeline connecting Baniyas to Kirkuk which was closed after the US-led liberation of Iraq four years ago. It is significant that the two sister countries are close to naming ambassadors and economic relations developed between the two countries in November 2006 after they were broken by the Saddam Hussein regime over Syrian support for Iran in its eight-year war with Iraq.

- Kazakhstan increased oil production 2.1% in the first 11 months of the year form the same period in 2006, citing government statistics. Production rose to 1.1 million barrels per day.

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