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According to Reuters, GM will try to further cut its workforce and close plants in 2007 in an attempt to drop its cost base further in North America.

Reuters says that a large surge in cell phone sales over the holiday season lead to steep price discounts that will hurt the earnings of Motorola and Nokia.

Reuters writes that Motorola cut expectations for its Q4 based on a shortfall at its mobile device operations.

Reuters writes that The New York Times sold its broadcast group for $575 million.

Reuters also writes that Big Oil is bracing for energy reform from the new Democrat controlled Congress.

The Wall Street Journal writes that retailers reported at 3.1% increase in same-store sales in December, below the figure for 2005.

The WSJ also writes that GM sold more cars overseas than in the US last year.

The WSJ also writes that Seagate is introducing a line of consumer friendly storage devices in a bid to improve its retail sales.

The WSJ also reports that Google will tie-up with Chinese video download firm Xunlei Network Technology Co in a bid to put pressure on China search leader Baidu.

The New York Times writes that Eli Lilly agreed to pay up to $500 million to people who claimed they had developed diabetes or other diseases after taking Zyprexa.

The NYT also reports that Gap directors are participating in a broad review of the company’s strategy as its struggles to gain sales.

The NYT reports that GM management wants to keep its position as the No. 1 car maker in the world, but offers little evidence as to how it will accomplish the goal.

The NYT also reports that sales of aircraft at Boeing set a record in 2006.

The FT reports that LG of Korea is introducing a new device that will play both of the new high definition DVD formats.

The FT also reports that Ford says it may sell its Jaquar unit.

Barron’s writes that Credit Suisse upped its rating on Wachovia due to valuation and dividend improvements.

Barron;s also writes that Bear Stearns upped its rating on Merck due to strenth in the company’s future pipeline for products.

Barron’s also writes that Openwave missed its earnings in the current quarter and offered a downbeat forecast for the next.

Douglas A. McIntyre

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