Media Digest (8/2/2011) Reuters, WSJ, NYT, FT, Bloomberg

The House approved a debt-ceiling compromise (Reuters)

Fake Ikea stores have been set up in China (Reuters)

Central Falls, RI declared Chapter 9 (Reuters)

Canalys says Google’s (NASDAQ: GOOG) Android has 50% of the global smartphone market because of share in Asia (Reuters)

Google bought DealMap to compete with Groupon and LivingSocial (Reuters)

Two large investors have taken positions in McGraw-Hill (NYSE: MHP) (WSJ)

An increase in gas drilling has created new jobs (WSJ)

Toyota (NYSE: TM) raised its outlook for the year after it posted poor profits (WSJ)

Talbots (NYSE: TLB) may have become a takeover target (WSJ)

Barclay’s (NYSE: BCS) profits fell sharply (WSJ)

Eastman Kodak (NYSE: EK) may sell one of its largest plants (WSJ)

Nursing home stocks are down 30% after Medicare said it could cut rates (WSJ)

The debt deal will probably be a drag on the economy (WSJ)

Federal health laws will make it easier to get birth control (WSJ)

EU unemployment rate for people 15 to 34 is over 20% (WSJ)

EADS will buy satellite company Vizada (WSJ)

Fewer companies offer earnings forecasts because of a weak economy (WSJ)

Junk funds now look for companies that may be upped to investment grade (WSJ)

With the debt ceiling issue settled in Congress, the Federal Reserve may need to act to help the economy (NYT)

S&P must now decide on the U.S. debt rating (FT)

A new investment values Twitter at $8 billion (FT)

Global output has begun a sharp downturn (FT)

BMW profits surged (Bloomberg)

Douglas A. McIntyre