Media Digest (1/21/2011) Reuters, WSJ, NYT, FT, Bloomberg

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Hewlett-Packard (NYSE: HPQ) substantially changed its board. Four directors left and several, including former Ebay (NASDAQ: EBAY) CEO Meg Whitman, were added (Reuters)

Paul Volcker will leave his post as an advisor to the president (Reuters)

Verizon (NASDAQ: VZ) challenged the government’s new internet rules (Reuters)

Jeff Immelt of GE (NYSE: GE) was named to run a new presidential economic panel (Reuters)

A senior Treasury official publicly attacked China’s yuan policy (Reuters)

Boeing (NYSE: BA) will cut 1,100 workers (Reuters)

ABI Research says Augmented Reality will become an important mobile application (Reuters)

Google (NASDAQ: GOOG) made founder Larry Page CEO (Reuters)

Apple (NASDAQ: AAPL) has changed the iPhone 4 to make it harder for people to take off the screen (Reuters)

Lenovo and NEC may combine their PC operations (Reuters)

HTC said its quarterly shipments more than doubled (Reuters)

Hughes Communications is for sales (Reuters)

Warner Music Group (NYSE: WMG) is for sale. (Reuters)

The price of gold has been hurt by the possibility that China will raise interest rates (WSJ)

A slowdown in the bank industry has led to more layoffs (WSJ)

AMD (NYSE: AMD) announced its revenue was flat (WSJ)

Existing home sales improved (WSJ)

Ireland is faced with a mass migration of its citizens (WSJ)

The ECB said a rise in food prices could fuel inflation (WSJ)

Trading in Treasuries shows a concern about stagflation (WSJ)

Policy makers are looking at ways that states might declare bankruptcy (NYT)

Banks want to take over parts of Fannie Mae and Freddie Mac but want government support to do so (NYT)

A proposal from the Republican conservative wing will try to force $100 billion in spending cuts. (NYT)

China took over several rate earth facilities (NYT)

Mortgage  bonds staged a strong rally (FT)

China’s president defended his nation’s currency policy saying his nation’s policies had helped create 14 million jobs worldwide and saved US consumers $600 billion. (FT)

Spain may find it difficult to find buyers for bonds in its savings banks (Bloomberg)

OPEC is under pressure to add production as crude moved above $100 in Asia and Africa (Bloomberg)

Douglas A. McIntyre