Media Digest 6/30/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, Rhapsody, a music service owned by Real Networks (RNWK) and Viacom (VIA) will make a push against Apple (AAPL) iTunes by embracing the iPod as its player.

Reuters writes that the presidential election could delay any Fed action until December.

Reuters reports that China will up jet fuel 15% for its local carriers.

The Wall Street Journal reports that large tech companies like Verizon (VZ) and Google (GOOG) are buying patents in their industries to prevent them from being owned by companies which could ask for license fees.

The Wall Street Journal reports that drug companies say that the FDA’s long approval process is hurting their businesses.

The Wall Street Journal writes that flooding in the Midwest could push some insurance companies to losses in Q2.

The Wall Street Journal writes that US airline may have to take foreign investments.

The Wall Street Journal writes that China’s export strength could be hurt by inflation in the country.

The New York Times writes that food hoarding by some countries is pushing food prices higher.

The New York Times reports that Qualcomm (QCOM) is launching a new chip which will compete with Intel (INTC)

The FT writes that Citigroup (C) will change its bonus structure to one which encourages executives to improve earnings for the whole company and not just their divisions.

The FT writes that a new study show that when companies bought auction rate securities they believed that the banks who marketed them would support their value if the market turned down.

Douglas A. McIntyre