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Newspaper wrap-up 8-1-07: More bad news at Home Depot

MAJOR PAPERS:

Bear Stearns Companies Inc (NYSE: BSC), already forced to shut two hedge funds that bet heavily on the risky subprime-mortgage market, is now facing big losses in a third fund that has roughly $900 million in mortgage investments, according to people familiar with the matter, reported the Wall Street Journal (subscription required).
Three months after announcing that it may sell itself to Morgan Stanley (NYSE: MS), Crescent Real Estate Equities Company (NYSE: CEI) is expected to move ahead with the $2.9B sale for its exit from the public market, reported the Wall Street Journal.

OTHER PAPERS:

According to people familiar with the matter, Dow Chemical Company (NYSE: DOW), the largest chemicals group in the U.S., is considering making a counter-bid for ICI, which has a GBP7.8B bid from Akzo Nobel (NASDAQ: AKZOY), reported the Telegraph.
The Telegraph reported that British Airways (OTC: BAIRY) has agreed to pay a fine of GBP121.5M to the U.K.'s Office of Fair Trading and will also pay a fine to the U.S. Department of Justice because of its involvement in an alleged price-fixing scandal.

WEBSITES:

Home Depot Inc (NYSE: HD) has fired four purchasing managers for their involvement in a purchasing scandal involving millions of dollars in kickbacks regarding the display of flooring products, reported CBS News.