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Murray wants to invest surplus

Senate President Therese Murray wants to divert a portion of the state's surplus each year to pay for life science research, new technology projects, and housing in an effort to help create and keep jobs in Massachusetts.

In the Senate budget plan, to be unveiled Wednesday, Murray will propose changing a state law that sends all excess cash to reserves so that it reroutes up to $75 million each year to four state funds that invest in technology and housing.

"We've heard over and over again that the obstacle to job growth in Massachusetts is the lack of affordable housing, and we've also heard about the need for investment in our biotech industry," Murray told the Globe. "We're second in the nation with our state fund balance. Let's take a portion and invest it in the economy rather than have it sit there earning a small amount of interest."

The first batch of money could be distributed as early as November if the state ends this fiscal year, June 30, with a large enough surplus, Senate staff members said.

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Wall St Week Ahead: Investors look for stocks pullback

NEW YORK (Reuters) - Investors will likely look for evidence the U.S. housing slump may be over and for signs of moderating inflation next week before deciding whether the rally in U.S. stocks since mid-March is over.

The steepest one-day drop in U.S. stocks in two months on Thursday this week gave investors pause, but signs of slowing retail sales and slowing inflation on Friday encouraged a return of confidence.

"On a short-term basis, the market is very vulnerable to a normal 3 percent, 5 percent correction," said Al Goldman, chief market strategist at A.G. Edwards in St. Louis. "I would think we would probably have a normal pause to refresh coming up."

But when or what might spark a pullback is impossible to predict, he added.

The Dow Jones industrial average (.DJI: Quote, Profile, Research and the Standard & Poor's 500 Index (.SPX: Quote, Profile, Research both rose for a sixth straight week, with the Dow setting new all-time closing and intraday highs.

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Hub International Obtains Interim Order in Connection With ...

CHICAGO -- Hub International Limited (NYSE:HBG) (TSX:HBG) announced today that it has obtained an Interim Order from the Ontario Superior Court of Justice approving the mailing of materials and the holding of a special meeting in connection with Hubs proposed acquisition by funds advised by Apax Partners together with Morgan Stanley Principal Investments.

The special meeting of Hub shareholders to approve the acquisition will be held at 10:00 a.m. (Chicago time) on Tuesday, June 5, 2007 at the CNA Conference Center located at 333 S. Wabash Street, 2nd Floor, Chicago, Illinois 60604. Hub intends to mail the meeting materials on May 7, 2007, including the notice of the meeting and proxy statement and proxy card, to shareholders of record as of the close of business on May 4, 2006.

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Economic Summits, China Trade War, and the Gold Bull Run

Numerous international events took place within the last month. The Economic Summit was held in Davos Switzerland. It convened a large collection of world renown economists, corporate chieftains, and some financial market kingpins. The G8 Meeting of finance ministers was held in Germany. Back home, USFed Chairman Bernanke issued a grave warning to the US Congress on the shattered US financial balance sheets. My commentary on money supply explosion comes next.

Lastly, the Chinese trade disputes have taken a big step toward outright trade war and protectionism. Few see how the trade war will affect gold yet. They will soon enough. Restricted trade flow always results in higher prices. It is always accompanied by a scramble for resources in today's context. This trade war will include a massive bidding war and staggering battles to build stockpiles of all critical commodities.

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New ETF Tracks Natural Gas

One year after the release of its ground-breaking exchange-traded security for following the crude oil market, Victoria Bay Asset Management has launched a vehicle for tracking the natural gas market.

The United States Natural Gas Fund (UNG - Cramer's Take - Stockpickr), an exchange-traded security based on natural gas, launched on the American Stock Exchange Wednesday at $50 a share.

In a written statement, the California-based asset manager said the fund isn't operated to have its net asset value perfectly track changes in the dollar price of spot natural gas or any particular futures contract. Rather, the fund expects its price to reflect the daily percentage change in the price of natural gas delivered at Henry Hub, La.

The fund has an expense ratio of 0.6%. Brokerage costs for the trading of futures contracts isn't included in the expense ratio.

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Couple charged with DJ insider trades

NEW YORK (Reuters) - U.S. regulators accused on Tuesday a husband and wife in Hong Kong of insider trading stemming from their purchases of Dow Jones & Co. Inc. shares prior to News Corp.'s $5 billion takeover bid.

The U.S. Securities and Exchange Commission said Kan King Wong and Charlotte Ka On Wong Leung "engaged in widespread and unlawful trading activity" that put them in a position to make an estimated $8.1 million profit on Dow Jones shares.

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Shoreham Grants Stock Options

TORONTO, ONTARIO -- (MARKET WIRE) -- May 10, 2007 -- Mr. David A. Bending M.Sc., P. Geo., President & CEO of Shoreham Resources Ltd. (TSX VENTURE: SMH) announces that the board of director's of Shoreham granted 1,600,000 stock options on May 9, 2007. The exercise price of $0.45 per share is based upon the closing price of the stock on May 9, 2007. Pursuant to the Shoreham Stock Option Plan, the options will vest over a fifteen-month period, and will expire in three years.

The grants included 925,000 options to the five directors, including 675,000 options granted to three of the directors who are also senior officers. The remaining 675,000 stock options were granted to eleven consultants.

The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release.