Media Digest 5/21/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   Magna and Fiat improved bids for Opel as competition for the firm rose.

Reuters:   The air cargo market, a key global indicator, has probably bottomed.

Reuters:   Banks are coming up with novel ways to pay executives to get around TARP restrictions.

Reuters:   G8 energy leaders urged stable oil prices.

Reuters:   The Fed’s Kohn said rates will stay low for a long time.

WSJ:   PetroChina (PTR) has proposed a $1 billion investment in Singapore Petroleum.

WSJ:   GMAC needs to make $1 billion in expense cuts.

WSJ:   Tobacco firms lost a major court appeal.

NYT:   Job losses are pushing defaults from subprime loans to prime loans.

NYT;   Ad revenue on the web is weakening and start-ups are trying to get revenue from alternative sources.

NYT:   Linux is becoming the key to Intel’s (INTC) move into software.

NYT:   Warner Music is the strongest of the record labels and could get stronger by buying EMI.

NYT:   The nuclear power business is trying to classify itself as renewable energy.

NYT:   Chapter 11 is still an option for Opel.

FT:   China is stuck in a “dollar trap” as it continues to buy the currency at record levels.

FT:   Toyota (TM) is pushing so hard for lower parts prices that its relationship with suppliers is becoming strained.

Bloomberg:   German business confidence rose for the second month in a row.

Bloomberg:   PetroChina’s (PTR) stock is up enough to match Exxon Mobil (XOM) as the world most valuable company

AP:   Investors are awaiting housing and consumer confidence data to determine if the market rally can continue.

AP:   The recession is humbling the high tech sector.

AP:   Casinos are offering bargains to get customers back.

AP:   PetroChina may buy all of Singapore Petroleum.

Douglas A. McIntyre