Media Digest 11/11/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

November 11, 2008 by Douglas A. McIntyre

NewspaperAccording to Reuters, a weakening economy in China and poor US earnings are causing concern that the recession will be deep and long.

Reuters writes that Vodafone (VOD) cuts its full-year revenue forecast.

Reuters writes that the Fed approved American Express’s (AXP) application to become a commercial bank.

Reuters reports that Goldman Sachs (GS) cut 10% of its bankers in Tokyo.

Reuters writes that US regulators are urging banks to do more lending.

Reuters reports that AIG (AIG) got a $150 billion bailout as it posted a huge loss.

Reuters reports that the profit and outlook at Starbucks (SBUX) disappointed.

The Wall Street Journal reports that the US financial bailout is under pressure to help companies beyond banks and other financial firms.

The Wall Street Journal reports that Citigroup (C) will look at $20 billion in mortgages to help homeowners who may fall behind on payments.

The Wall Street Journal reports that China hopes infrastructure spending will help its economy.

The Wall Street Journal writes that retailing is so bad that it will no longer be the employer of last resort.

The Wall Street Journal reports that GM (GM) fell on a prediction its stock will go to zero.

The Wall Street Journal reports that the price of oil was helped by the China stimulus package.

The Wall Street Journal reports that data show Europe is in recession.

The Wall Street Journal reports that shares of Goldman Sachs (GS) hit a five year low.

The Wall Street Journal reports that Cisco (CSCO) plans a major upgrade of its hardware.

The Wall Street Journal reports that Circuit City (CC) filed for bankruptcy.

The Wall Street Journal reports that home inventories remain huge.

The Wall Street Journal reports that Nortel (NT) posted a loss and cut jobs.

The Wall Street Journal writes that Sirius (SIRI) posted a large loss.

The Wall Street Journal writes that Dell (DELL) has fallen behind in offering new holiday products.

The Wall Street Journal reports that the silence out of the corporate bond market may be troubling.

The Wall Street Journal reports that GE (GE) is near 11-year lows on concerns about the ability of its financial unit to get funding.

The Wall Street Journal reports that DHL will get out of the domestic delivery business and fire almost 10,000 people.

The Wall Street Journal reports that Rio Tinto (RTP) cut its iron output to support prices.

The Wall Street Journal reports that Facebook is trying to get advertisers for its social network.

The New York Times reports that Obama asked Bush for help for US car companies.

The New York Times writes that Fannie Mae lost $29 billion on write-downs.

The New York Times reports that Time, Inc. asked for volunteers to take exit packages as it cut jobs.

The FT reports that Mexico is hedging against most of its oil prices.

The FT reports that Las Vegas Sands (LVS) has put expansion on hold.

The FT reports that KKR Financial has suspended its Q3 dividend despite making a profit.

Bloomberg reports that China’s export growth slowed.

Douglas A. McIntyre