Media Digest 8/8/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, RBS (RBS) had $1.35 billion loss due to write-downs.

Reuters reports that Google (GOOG) says its investment in AOL may be impaired.

Reuters writes that Citigroup (C) and Merrill Lynch (MER) have settled claims over the auction-rate securities they sold.

Reuters reports that GM (GM) will spend $900 million to make adjustments to its capacity.

Reuters writes that the CEO of AIG (AIG) will start making cuts at the insurance company.

Reuters writes that banks have asked that the prohibitions on short sales of their stocks be expanded.

Reuters writes that a new study says a supply drop could bring $200 oil within five years.

The Wall Street Journal writes that new airplanes form Airbus and Boeing (BA) are being delayed because of lack of seat.

The Wall Street Journal reports that grain prices are forcing companies to raise food prices for customers.

The Wall Street Journal says Nokia (NOK) sees more growth in China.

The Wall Street Journal reports that Sprint (S) has canceled a $3 billion convertible-preferred-stock because it did not like the pricing of the deal.

The Wall Street Journal reports that Cablevision (CVC) will meet with large shareholders to improve relations.

The Wall Street Journal reports that GM (GM) will advance parts company Delphi more money.

The New York Times reports that retailers will have a tough back-to-school season.

The FT writes that Wal-Mart (WMT) sees its new MarketSide chain as a $10 billion business.

Bloomberg writs that UBS (UBS) may face higher costs for buying back its auction-rate securities that Merrill Lynch or Citigroup did.

Douglas A. McIntyre