Bloomberg:
- Iraq’s southern marshlands, which ousted dictator Saddam Hussein almost destroyed to punish Shiites for an uprising have recovered almost 37% of their former condition.
- Electronic Data Systems said it will get another $1.4 billion in revenue after the UK’s pension agency extended its contracts by two years.
- Crude oil is rising and natural gas reached $10 for the first time in 30 months and the third time ever on concern that a storm heading for Florida may threaten production platforms in the Gulf.
Wall Street Journal:
- United Auto Workers expects 2006 to be a bleak year for General Motors and the union is considering helping the carmaker cut costs, a senior official told a meeting of organized labor leaders.
- International demand for US mortgage-based securities has enabled US lenders to boost lending and sustain housing prices.
- Some US retailers are offering “employee discounts” to customers, hoping to copy the success of GM, DaimlerChrysler AG and Ford with the promotion.
- Lenovo Group of China took over IBM’s unprofitable pc business in May and posted a $33 million operating profit for May and June together.
- Starwood Hotels plans to spend $1.7 billion to put the first of its W brand hotels in Las Vegas.
NY Post:
- The SEC, the NASD and the NYSE have been auditing brokerages to eliminate “naked short selling.”
Detroit News:
- Ford Motor plans to announce its second major restructuring in four years within the next several months.
Austin American-Statesman:
- Texas state and local governments plan to offer Samsung Electronics as much as $225 million of incentives to build a chip plan in Austin.
Gulf News:
- At least 10,000 students from Saudi Arabia are applying to study at US universities this year as the government seeks to encourage the nation’s young people to shun Muslim extremism.
Finanz & Wirtschaft:
- Allergan, the maker of Botox, is looking to buy companies to help it triple in size over the next 10 years, CEO David Pyott said.
Xinhua News:
- China should adopt “forceful” measures to slow growth of industries that have over-expanded.
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