Today's Headlines

Bloomberg:
- Ford Motor(F) CEO Alan Mulally said confidence in the automaker is rising after its unexpected $100 million first quarter profit. The stock is soaring 13.3% on the news.
- European Central Bank President Jean-Claude Trichet said he’s concerned the euro’s gains will hurt Europe’s economy and signaled interest rates are high enough to curb inflation.
- The euro dropped against the dollar and yen as an industry report showed German business confidence fell to the lowest in more than two years in April.
- Crude oil fell more than $2 a barrel after the US dollar rose the most against the euro since June 2004, reducing the appeal of commodities to investors.
- Wheat is falling again, extending its slide to the lowest price in six months, as rainfall in parts of the southern Great Plains helped improve prospect for the US crop.

Wall Street Journal:
- The SEC filed fraud charges against a former trader for spreading false rumors about Blackstone’s(BX) takeover bid for Alliance Data Systems(ADS). The case comes as investigators probe whether a combination of false rumors and short-selling last month drove Bear Stearns(BSC) to collapse. The SEC is also investigating short selling in Lehman Brothers stock(LEH). “The Commission will vigorously investigate and prosecute those who manipulate markets with this witch’s brew of damaging rumors and short sales,” said SEC Chairman Christopher Cox. Mr. Berliner, a proprietary trader for Schottenfeld Group, spread false rumors on November 29 that Blackstone was considering lowering its price for ADS. The rumors sent the stock down 17% by midday. The SEC alleges Mr. Berliner used instant messages to spread the rumor across Wall Street to friends and traders at hedge funds and other brokerage firms. At the same time Mr. Berliner spread the rumor, he also sold ADS stock short, a bet it would fall in price.
- Wendy’s International(WEN) made a deal with investor Nelson Peltz, a move that follows its rejection last week of two offers from his Trian Fund Management LP hedge fund.
- US investment banks, brokerages and futures exchanges plan to create a clearing-house for firms on both sides of credit-default swaps.

NY Times:
- Biofuels Aren’t to Blame for Food Prices.

Washington Post:
- Attacks on Green Zone Drop Sharply, US Says. Joint Offensive With Iraqis Is Credited With Curbing Militancy in Cleric’s Stronghold.

FINalternatives:
- Missouri’s attorney general has asked the US Commodity Futures Trading Commission to step in to protect farmers from hedge funds and other commodities speculators.

Financial Times:
- UBS plans to exploit burgeoning interest in shipping futures and add to its list of alternative asset indices with the launch of a tradable investment index built on dry-bulk forward freight agreements.

Le Figaro:
- BAE Systems Plc wants to make at least 14 acquisitions in the US in the years to come and may consider purchases in Europe as well, citing CEO Mike Turner.

Saigon Times Weekly:
- Vietnam’s economic growth rate may fall to as low as 5.1% this year, citing an official with the country’s central bank. Vietnam’s economy is facing problems including a rising trade deficit and a property market bubble, he said.