GLOBAL MARKET HIGHLIGHTS
The politics of anti-politics 05-02-03 (BBC) Most people know what the wide range of groups which come together on May Day are against - capitalism or globalisation - but do they have any alternative plan? One of the most memorable banners from the May Day protests is the one urging activists to "overthrow capitalism and replace it with something nicer". 
Firms escape May Day wrath 05-02-03 (BBC) Fears multinational companies would be the target of violence during May Day demonstrations in central London have proved groundless. Some businesses told staff to stay at home, while others stepped up security ahead of the march. Oil and arms companies, firms with connections to Iraq and government buildings were thought to be possible targets for anti-capitalist protesters. In past years marches have become violent with the more extreme demonstrators smashing windows and forcing their way into buildings. 
Jobs scarce for new college grads 05-02-03 (sfgate.com) The landscape remains bleak for this year's crop of college graduates. The economy is still weak. Many employers are hesitant to hire. And the competition is fierce for the few jobs available. Grad school is looking better and better. "They can expect it will be bleak," said Camille Luckenbaugh, employment information manager at the National Association of Colleges and Employers. "It's pretty much a continuation of what the new grads saw last year." A recent association survey found that more than 42 percent of employers expect to cut college hiring this year, while around 36 percent said they planned to hire more new graduates and 21 percent said they will hire the same number. 
Cuts wont end deficit 05-02-03 (madison.com) The layoff notices are being prepared. Programs are being shut down. State government is getting a little leaner and a whole lot meaner. And Gov. Jim Doyle and members of the state Legislature are preparing to implement a new state budget plan that promises more of the same. Doyle and the leaders of the state Assembly and Senate may argue about specifics. But they are agreed on the principle that the only way they are prepared to eliminate the state's deep budget deficit is with deep cuts in state services. 
Economy Bleeds Jobs as Industry Assailed 05-02-03 (Yahoo) Even productivity, the much-applauded paradigm of the new economy, proved weaker than expected in the first quarter, suggesting employers are finding it harder to squeeze more output from their workers. This might actually be a good thing if companies reacted by taking on more people, but all the signs are the economy is still bleeding jobs. "The economy is running at recessionary levels again," said Christopher Low, chief economist at FTN Financial. "There's across-the-board weakness. It does not bode well for tomorrow's jobs report." 
Productivity Growth Weaker Than Expected 05-02-03 (Yahoo) The gain was smaller than expectations. Economists in a Reuters poll forecast, on average, that productivity would rise by 2.1 percent. Even so, economists were not surprised by the latest data because the government reported last week the economy grew by a weak 1.6 percent annual rate in the first quarter. 
US boosts productivity, but grim news ahead for jobless 05-02-03 (Yahoo) Meanwhile, the number of people making new applications for jobless benefits remained well above 400,000, easing just 13,000 to 448,000 people last week, the government said. A four-week average of new jobless claims edged up 1,250 to 442,000, the highest level in a year. "The jobless claims figures are looking really horrible," Guatieri said, forecasting grim April unemployment rate numbers, which are due to be released Friday. 

 LATIN AMERICA
Sour Lake suit finally gets trial -- in Ecuador 05-02-03 (sfgate.com) (When Texaco quit drilling in Ecuador in 1992 after nearly 30 years, it left behind what critics describe as an enormous toxic dump of 1.8 million gallons of spilled crude oil -- almost twice the size of the Exxon Valdez spill. But next Tuesday, 30,000 jungle residents of Ecuador and Peru whose natural surroundings were forever spoiled will finally get their day in court. 
Five dead, thousands evacuated in Argentina floods 05-01-03 (Yahoo) Argentina (AFP) - Five people are dead and 60,000 forced from their homes in central Argentina, officials said, amid widespread flooding that President Eduardo Duhalde has dubbed a "national catastrophe
Argentina declares flood disaster 05-01-03 (BBC) The authorities in Santa Fe, northern Argentina, have evacuated at least 50,000 people amid the most severe flooding in the province's history. Local officials say that seven people are known to have died in Santa Fe province, with another man dead in neighbouring Entre Rios. 

 ASIA
DOH: SARS watch in Baguio 05-01-03 (philstar.com) BAGUIO CITY — Worries about a possible outbreak of Severe Acute Respiratory Syndrome in this city have intensified after health officials officially listed a female Indian missionary as a suspected SARS case. Officials said they have also isolated four persons, including two foreigners, who have had contact with the 21-year-old Indian. 

 OIL PRICES
Exxon Mobil profit surges to 7.04 billion dollars 05-02-03 (Yahoo) Net earnings included a 550 million dollar gain boost from a required accounting change and a one-time gain of 1.7 billion dollars from the transfer of shares in Ruhrgas AG to E.ON AG in March of this year. Excluding the accounting change gains, a special item, merger effects and discontinued operations, earnings increased to 4.79 billion dollars, or 71 cents per share. The figure beat First Call/Thomson Financial consensus by one cent. 
Exxon Mobil profit surges to $7.04 billion 05-02-03 (Yahoo) Net earnings included a 550 million dollar gain boost from a required accounting change and a one-time gain of 1.7 billion dollars from the transfer of shares in Ruhrgas AG to E.ON AG in March of this year. Excluding the accounting change gains, a special item, merger effects and discontinued operations, earnings increased to 4.79 billion dollars, or 71 cents per share. The figure beat First Call/Thomson Financial consensus by one cent. 
Nigeria sends warships to free oil rig hostages 05-02-03 (guardian.co.uk) Nigerian navy ships were steaming towards four offshore oil rigs last night to confront striking workers who have held dozens of British and US colleagues hostage in a two-week stand-off. A navy spokesman said the warships would use force if necessary to take control of the rigs and rescue the expatriates, prompting concern that the strikers would destroy the installations. Talks between the strikers' union and the American drilling company which operates the rigs were deadlocked in Port Harcourt last night. Relatives of the hostages feared the navy's deployment would scupper chances of a peaceful outcome. 
At Iraqi Oil Plant, Bitterness and Idleness 05-02-03 (Washington Post) The oil workers stood listlessly in front of the plant, hair blown brittle by a dusty wind, as they shared cigarettes and bitterness for lack of anything else to do. They complained about the looting that has left them without a chair to sit on, let alone a tool to wield. They worried about whether the state oil company can continue to pay them. They wondered when crude might again flow thick through their oil-gas separation plant, bound for the refinery up the road in Basra. 
Iraq success boosts US market 05-01-03 (abc.net.au) The success of US-led forces in Iraq has sparked a big lift in consumer confidence in the United States. Together with some encouraging profit reports, that has raised hopes of improved economic prospects. The impact on Wall Street has been positive overall, although there has been a reasonable amount of see-sawing in share prices. The rise in US consumer confidence has been the biggest in 12 years. The private-sector Conference Board's April measure has surged 19.6 points to 81, with American households reassured by the quick outcome in Iraq.