Media Digest (8/30/2011) Reuters, WSJ, NYTimes, FT, Bloomberg

Foreign oil companies may have to give up natural gas rights in Iraq. (Reuters)

Several large pharma firms are in the early stages of an attempt to find new and more effective cholesterol drugs. (Reuters)

The Swiss franc begins to fall. (Reuters)

Amazon (NASDAQ: AMZN) may ship 3.5 million Kindles in the fourth quarter, says industry research firm. (Reuters)

Hewlett-Packard (NYSE: HPQ) to spin off its PC unit. (Reuters)

Zynga’s IPO is delayed. (Reuters)

Alan Krueger, new head of the White House Council of Economic Advisers, to press for more efforts to help create jobs. (Reuters)

General Motors (NYSE: GM) to launch a new Chevy Malibu, an attempt at a higher-mileage car. (WSJ)

Larry Page, Google’s (NASDAQ: GOOG) new CEO, has trouble as he looks for new direction for the company. (WSJ)

Bank of America (NYSE: BAC) sells half of its stake in China Construction Bank  for $8 billion. (WSJ)

Consumer spending rises more than expected in July. (WSJ)

A consumer group wants the FDA to press generic firms to disclose more dangers about drugs. (WSJ)

LG Display (NYSE: LPL) to cut its capex investment. (WSJ)

The European Central Bank may reconsider its stand on inflation and keep rates low. (WSJ)

The price of damages from Irene may hit $12 billion. (WSJ)

China once again tightens rules on bank loans. (WSJ)

Italy may expand the cuts in its austerity package. (WSJ)

The government in Brazil to lower spending and press for lower bank interest rates to bring down inflation. (WSJ)

UAW members press their president to get them a better deal with the Big Three. (WSJ)

Macarthur Coal  probably will accept a higher $5.12 buyout offer from Peabody Energy (NYSE: BTU) and ArcelorMittal. (WSJ)

Truck makers Volvo and Scania to prepare aggressively for another economic slowdown. (WSJ)

The largest car company in China, SAIC Motor, shows a sharp rise in profits. (WSJ)

CME Group (NASDAQ: CME) to postpone the trading of yuan futures. (WSJ)

Alpha Bank and Eurobank, two large Greek banks, to merge. (NYT)

The UAW wants Detroit to raise entry level pay. (NYT)

The IASB takes a dim view of how banks handled accounting for renegotiated Greek debt. (FT)

The confidence index of UK companies drops sharply. (Bloomberg)

India’s economy grows more than expected. (Bloomberg)

Douglas A. McIntyre

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