Media Digest (10/29/2012) Reuters, WSJ, NYT, FT, Bloomberg

Some experts believe that the fiscal cliff may cause a drop in gross domestic product much greater than the Congressional Budget Office estimates. (Reuters)

General Motors Co. (NYSE: GM) will test magnesium car parts to lower the weight of vehicles. (Reuters)

Wall St. exchanges will close Monday and perhaps Tuesday. (Reuters)

SAP A.G. (NYSE: SAP) management says it can sustain sales of software “for a long period of time.” (Reuters)

News Corp. (NASDAQ: NWSA) may make an offer for book publisher Penguin. (WSJ)

Las Vegas Sands Corp. (NYSE: LVS) may settle money laundering charges brought by the U.S. government. (WSJ)

UBS A.G. (NYSE: UBS) will cut as many as 10,000 jobs over the next three to five years. (WSJ)

Ratings of Viacom’s (NASDAQ: VIAB) MTV and Comedy Central drop sharply. (WSJ)

Honda Motor Co. Ltd. (NYSE: HMC) sharply cuts sales forecasts, due in part to Japan’s dispute with China. (WSJ)

The portion of the workforce not looking for jobs rises because of students, people who live at home and home makers. (WSJ)

The coalition that runs Italy may be threatened by the pull-out of the party headed by former prime minister Silvio Berlusconi. (WSJ)

Johnson & Johnson (NYSE: JNJ) recalls 157,000 surgical stapler devices. (WSJ)

The popularity of junk bonds rises sharply. (NYT)

U.S. money market funds begin to invest in Europe’s banks again. (FT)

Nomura makes a profit due to its trading operations. (Bloomberg)

Douglas A. McIntyre