East Asia: President Bush re-affirms his intention to pressure China and Japan into fair policies re their exchange rates. [3]. China's trade surplus is shrinking as imports surge. [4] At the same time India is wrestling with the implications of the sustained appreciation of the rupee against the dollar. [5]
Genetically Modified Foods: In a surprise move, Monsanto announce their intention to quit the European cereal business. Citing lack of success, the company has decided to cut costs. [7]
Apple launches its iTunes Music Store, an online download music store, for the Microsoft Windows platform. The iTunes software can be downloaded from apple.com for free.