Investing
Media Digest 7/2/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
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Reuters: California declared a financial emergency.
Reuters: An SEC attorney raised concern about a Madoff report in 2004.
Reuters: Auto parts supplier Lear filed for bankruptcy.
Reuters: NYC apartment sales are down more than 50%.
Reuters: Beijing Automotive will bid for Opel.
Reuters: GM told a judge asset sales was its only option.
Reuters: The Treasury will name 9 managers for its toxic asset plan.
Reuters: Investors are turning to stock picking after the big rally.
Reuters: Domestic cars sales were down again and Ford (F) picked up share.
Reuters: The rights offering for Rio Tinto (RTP) had a strong demand and Chinalco kept its percentage steady.
Reuters: Madoff customers have gotten $231 million so far.
WSJ: The appointment of the president of the NY Fed shows how little power regional directors have.
WSJ: Big pay packages are back on Wall St. and Goldman Sachs (GS) workers may get an average of $700k this year.
WSJ: Boeing (BA) is tightening its grip on 787 production.
WSJ: Housing and ISM data lifted stocks.
WSJ: Beazer (BZH) will pay up to $53 million in fines to settle mortgage fraud charges.
WSJ: GM will aim at an IPO next year.
WSJ: GM sales show the importance of China.
WSJ: A law cutting mobile phone fees in the EU took effect.
WSJ: Sirius (SIRI) raised the compensation of CEO Mel Karmazin.
WSJ: Inflation is unlikely because unemployment is so high.
WSJ: BP (BP) bid to build oil field in Iraq faces challenges.
WSJ: The price of the AIG (AIG) investment unit appears to be falling.
WSJ: NYSE (NYX) has cut trading times to five milliseconds.
WSJ: S&P’s (MHP) bond rating chief left.
WSJ: China’s massive loan expansion may become a problem.
WSJ: Roche cut the Tamiflu price for developing countries.
WSJ: Dow Chemical (DOW) will cut three plants.
WSJ: Overstock (OSTK) dropped affiliates in four states to protest taxes.
WSJ: The new president of News Corp (NWS) could earn $43 million in his first year.
NY Times: GM must complete the sales of its assets by July 10 or it could lose government financing.
NY Times: A cut in risk at Morgan Stanley (MS) may lead to a loss.
NY Times: Banks are increasing fees to offset losses.
NY Times: Anti-smoking drugs Chantix, made by Pfizer (PFE), and Zyban, made by GlaxoSmithKline (GSK), can could lead to suicide and mental illness in some cases.
NY Times: Facebook will offer new features to help users maintain privacy.
FT: Data are showing signs of a global recovery.
FT: SEC is urging rewarding whistle blowers.
FT: K-Mart (SHLD) will offer discounts to the unemployed.
FT: WPP’s CEO sees no signs of an economic recovery.
Bloomberg: The stimulus package is probably not improving hiring.
Douglas A. McIntyre
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