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Wednesday, July 12, 2006

WSJ Europe Update

By Yaser Anwar, CSC of Equity Investment Ideas
Explosions Hit Rush-Hour Trains in Mumbai
A series of bombs ripped through crowded rush-hour trains in Mumbai, killing at least 190 people and injuring scores more in India's financial capital. No group claimed responsibility, but suspicion fell on Kashmiri militants.

Old Navy Head to Step Down
Gap said Jenny Ming, who helped launch Old Navy and has been the apparel retailer's president since 1998, is resigning.


White House Cuts Budget-Deficit Forecast
The White House said it expects the fiscal 2006 budget deficit to shrink by about 7% to $296 billion but predicted the gap will again expand in 2007.


GM Is Receptive to Renault, Nissan Deal
GM is "completely open" to considering a Tracinda-backed proposal for an alliance with Renault and Nissan, CEO Wagoner said.



SEC Weighs Tough Rules on 'Naked Shorting'
The SEC is expected to propose changes to a current rule that would reduce the number of open short positions in stocks.


Divisions Persist on Detainee Policy
The White House and key Republican lawmakers are at odds over how to prosecute suspected terrorists swept up in military operations.


EU Wants Stock-Settlement Code
An EU commissioner urged uniform clearing and settlement rules for share trades.


Xstrata Raises Falconbridge Bid
Xstrata lifted its bid for the 80% of Canadian miner Falconbridge it doesn't own to about $16 billion, heating up a takeover battle.


Monster May Restate Earnings
Monster Worldwide said it may need to restate financial results because of problems with its past options-granting practices.


Popular Mortgage Web Site Under Scrutiny
A lawsuit against Bankrate.com, which alleges that the Web site has become a haven for "bait-and-switch" loan pitches, underlines the difficulty consumers can have in locating reliable financial information online.


KLA-Tencor, Pepsi Bottling Lead Rebound
U.S. investors pulled off an afternoon rally by beating back disappointments from Alcoa and Lucent Technologies and latching onto positive news, most notably from KLA-Tencor, and upbeat earnings from Pepsi Bottling.

Source: WSJ Europe Update

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