Media Digest (4/23/2012) Reuters, WSJ, NYT, FT, Bloomberg

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Nestle to buy Pfizer’s (NYSE: PFE) baby food operation for $11.9 billion. (Reuters)

China’s factory output rises slightly in March, but still not at levels of expansion. (Reuters)

Vodafone (NASDAQ: VOD) buys Cable & Wireless for $1.68 billion. (Reuters)

A bribery probe of Walmart’s (NYSE: WMT) Mexico operations could cause some top management departures. (Reuters)

Christine LaGarde will need to give emerging markets more say in IMF policy. (Reuters)

The CEO of Motorola (NYSE: MMI) made $47 million last year. (Reuters)

According to Strategy Analytics, apps used on smartphones now carry ads, which could be critical to bringing marketing dollars to smartphones. (Reuters)

Avon (NYSE: AVP) falls well behind competitors in online sales. (WSJ)

New funds raised for EU bailouts have restrictions on how they may be used, which could fuel market skepticism about their effectiveness. (WSJ)

Spain wants other nations to join sanctions against Argentina for the takeover of YPF (NYSE: YPF). (WSJ)

Results at Chevron (NYSE: CVX) and ConocoPhillips (NYSE: COP) are expected to be helped by high oil prices. (WSJ)

Audi expects a surge in sales in both China and the U.S. (WSJ)

Japan auto sales should rise rapidly now that the effects of the earthquake have nearly disappeared. (WSJ)

U.S. TV networks continue to lose viewers. (NYT)

China hopes to increase its direct investments in Germany. (NYT)

A Nature Climate Change report says climate change will affect corn prices over the next three decades, which will cause alterations in the businesses involved with oil distilled from the grain. (NYT)

U.S. regulators may ease swap rules. (FT)

A smartphone powered by Intel (NASDAQ: INTC) to go on sale soon. (FT)

ECB President Mario Draghi says he will not go along with a call from the U.S. and IMF to do more to help resolve the EU debt crisis. (Bloomberg)

Netflix (NASDAQ: NFLX) earnings will remain under pressure as it tries to expand in both the U.S. and abroad. (Bloomberg)

Douglas A. McIntyre