Media Digest (5/11/2011) Reuters, WSJ, NYT, FT, Bloomberg

China eased restrictions on US companies to give them access to supply the People’s Republic services and to sell mutual funds. (Reuters)

Toyota’s (NYSE: TM) operating profit dropped 52% in the last quarter. (Reuters)

China may cut interest rates as its economy slows. (Reuters)

Brent crude moved above $118 on demand from China. (Reuters)

Symantec says Facebook may have leaked personal information of members (Reuters)

The CEOs of AT&T (NYSE: T) and T-Mobile defended that transaction to combine the firms. (Reuters)

Google (NASDAQ: GOOG) has set aside $500 million for a probe of its ad practices. (Reuters)

AIG (NYSE: AIG) and the Treasury has cut the size of a planned share sale. (Reuters)

The CEO of Nasdaq (NASDAQ: NDAQ) said he would make a hostile bid for NYSE (NYSE: NYX) if necessary. (Reuters)

The fate of the Trans Alaska Pipeline is uncertain as oil production from the north falls. (WSJ)

Goldman Sachs (NYSE: GS) said it faces a CFTC investigation which could involve civil fraud. (WSJ)

Google and Apple (NASDAQ: AAPL) defended their privacy policies to Washington. (WSJ)

Walt Disney (NYSE: DIS) net income was hurt by a drop in profits at its studio operations. (WSJ)

The re-opening of the Sony (NYSE: SNE) PlayStation network is still unclear. (WSJ)

Tax increases may be necessary to improve the Japanese government’s ability to recover from the earthquake. (WSJ)

GM (NYSE: GM) will increase its presence in rural Chinese markets. (WSJ)

GM will spend $2 billion on new US plants. (WSJ)

The smartphone industry is under pressure from federal authorities to more carefully review apps. (WSJ)

Spain may use a bad bank structure for some of its large savings institutions. (WSJ)

Sugar futures rose on concerns about heavy rain. (WSJ)

Federal plans to back only small mortgages may hurt high-end home sales in places like New York and California. (WSJ)

China inflation was well above expectations for April. (NYT)

Japan killed plans to open more nuclear power plants. (NYT)

The US will not approve a Delta (NYSE: DAL) link up with Virgin Blue. (FT)

US floods will probably raise the price of gas. (FT)

CKx, which owns brand rights to Elvis, was bought by Apollo for $509 million. (FT)

EU officials said Greece must show it is adhering to austerity plans before it receives more aid. (Bloomberg)

Ireland may begin to tax pensions. (Bloomberg)

Inflation rose more than expected in Germany. (Bloomberg)

Finland says investors must share the cost of a funding of new Portuguese debt. (Bloomberg)

Douglas A. McIntyre