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According to Reuters, Time Warner said that it would not sell its British publishing arm IPC and ruled out bidding for European TV assets like ITV.

Reuters writes that Fed chief Bernanke said that most of the risk for inflation was "to the upside" making drops in rates unlikely near-term.

Reuters writes that GM is throwing more support behind it Buick brand which makes smaller and more profitable cars.

Reuters also writes that Pfizer will cut 20% of its sales costs as generics step up competition with its patented drugs.Reuters also reports that 3Com to buy Huawei stake in China JV for $882 mln.

The Wall Street Journal writes that Nestle may buy food brand Gerber as part of a deal to purchase Novartis’s medical-food brands. The deal would be worth $5 billion.

The Wall Street Journal also writes that Bank of American overtook Citigroup as the largest bank in the world based on market cap at nearly $244 billion.

The Wall Street Journal writes that Nokia plans to diversify beyond cell phones to keep up its growth. It may start its own music download service as part of a move to market internet-based services.

The New York Times writes that a second buy-out group may make a bid for casino company Harrah’s.

The New York Times also writes that US Air will make a buy-out offer to Delta this week.

Douglas A. McInyre

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