Media Digest (8/2/2012) Reuters, WSJ, NY Times, FT

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San Bernadino, Calif., will file for Chapter 11 over $1 billion in debt. (Reuters)

The Federal Reserve says it may need to help the economy later this year. (Reuters)

Toyota Motor Corp. (NYSE: TM) recalls 760,000 RAV4 models in the United States. (Reuters)

A U.S. court revives InterDigital Inc.’s (NASDAQ: IDCC) lawsuit against Nokia Corp. (NYSE: NOK). (Reuters)

Amazon.com Inc. (NASDAQ: AMZN) launches an instant video app for the Apple Inc. (NASDAQ: AAPL) iPad. (Reuters)

American International Group Inc. (NYSE: AIG) presses plans to become independent from the U.S. government. (WSJ)

Fidelity Investments sold its Facebook Inc. (NASDAQ: FB) shares early on in the social network’s period as a public company. (WSJ)

Sharp Corp. says its losses grew and it will fire 5,000 people. (WSJ)

A judge rules in favor of Hewlett-Packard Co. (NYSE: HPQ) in an IP case against Oracle Corp. (NASDAQ: ORCL) and may seek $4 billion in damages. (WSJ)

Sony Corp.’s (NYSE: SNE) loss widens again. (WSJ)

Ford Motor Co. (NYSE: F) and General Motors Co. (NYSE: GM) post poor sales in July. (WSJ)

Avon Product Inc.’s (NYSE: AVP) new CEO wants to settle a bribery probe brought by the government. (WSJ)

Michigan will destroy thousands of abandoned homes in Detroit. (WSJ)

Bundesbank President Jens Weidmann voices objections to the European Central Bank buying sovereign debt. (WSJ)

Greek leaders agree to a new austerity plan to get bailout dollars. (WSJ)

The head of the International Monetary Fund says the world has entered a period of declining confidence. (WSJ)

The cost to split Kraft Foods Inc. (NASDAQ: KFT) into two pieces will total more than $1.5 billion. (WSJ)

The drought hurts the cattle market. (WSJ)

Moore Global Investment will give back $2 billion to investors as its results turn poor. (NYT)

As an ECB meeting approaches, the market expects the bank to boost Europe’s finances. (FT)

Many educated Greeks move to Germany. (FT)

S&P confirms its view of Germany’s AAA rating as stable. (FT)

Douglas A. McIntyre