Media Digest 12/12/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

December 12, 2008 by Douglas A. McIntyre

Newspaper_2According to Reuters, the auto bill died in the Senate and there will be no more action this year.

Reuters reports that the Bank of America (BAC) will cut as many as 35,000 jobs,

Reuters writes that with higher jobless rates, fewer people are missing work, even if they are unhappy with their jobs.

Reuters reports that the Treasury sees the $700 billion bailout fund as capital for the financial sector and not for any other part of the economy.

Reuters reports that KB Toys filed for Chapter 11.

Reuters reports that the solvency report on BCE is a hot topic among M&A executives.

Reuters writes that the Lehman trustee will seek a probe of the firm’s collapse.

Reuters reports that private banks are moving offshore to take advantage of secrecy laws.

Reuters reports that US video game sales were up 10%.

Reuters reports that United Technologies (UTX) profits may be flat next year.

The Wall Street Journal reports that famous Wall St. broker Bernard L. Madoff was accused of fraud.

The Wall Street Journal reports that its survey of economists says the recession would be deeper than expected because of the consumer credit crisis.

The Wall Street Journal reports that Nortel (NT) may face a delisting from the NYSE.

The Wall Street Journal reports that P&G (PG) may lower its sales outlook.

The Wall Street Journal reports that the ex-CEO of Intel (INTC) says the company should make advanced batteries for cars.

The Wall Street Journal reports that Alcatel-Lucent (ALU) plans a change in strategic direction and more layoffs.

The Wall Street Journal reports that PC company Lenovo is looking for acquisition.

The Wall Street Journal writes that bank use of its credit facility has pushed assets at the Fed to over $2 trillion.

The Wall Street Journal reports that data from China is sparking a deflation concern.

The Wall Street Journal writes that retail data to be released by the Census Bureau may be extremely bad.

The Wall Street Journal reports that several large insurance firms which pay very low taxes want access to the bailout fund.

The Wall Street Journal reports that mortgage rates hit a four year low at 5.47%.

The Wall Street Journal reports that the price of oil rose 10% on concerns about OPEC cuts.

The Wall Street Journal writes that retailers are facing competition from liquidation sales of their rivals.

The Wall Street Journal reports that Boeing (BA) is shaking up management after another delay of its 787.

The Wall Street Journal reports that Costco (COST) warned about sales weakness.

The New York Times reports that auto suppliers are anxious about the collapse of GM (GM) and Chrysler.

The New York Times reports that "Companies whose pension funds suffered big losses this year will not have to replenish the money quickly under a relief measure that flew through the Senate."

The New York Times reports that many Japanese companies are still investing in themselves.

The New York Times reports that oil demand was off for the first time since 1983.

The New York Times reports that the US trade deficit grew in October on a drop in exports.

The FT reports that US bank shares plunged on remarks from JP Morgan’s (JPM) CEO that more trouble is still ahead.

The FT reports that California’s debt was downgraded.

The FT reports that the collapse of the BCE is fueling concerns about the future of private equity.

Bloomberg reports that write-downs at UK financial firm HBOS increased to $7.5 billion.

Douglas A. McIntyre