According to Reuters, BHP Billiton (BHP) will not sell its petroleum division, as had been rumored, to finance a bid for Rio Tinto (RTP).

Reuters writes that most of the Hershey (HSY) was pushed out by the trust that controls the company. The reason given was the company’s poor performance.

Reuters reports that Disney (DIS) will enter the crowded Japanese cell phone market with its own branded phone.

Reuters writes that NYMEX took a stake in Norway’s IMAREX.

The Wall Street Journal writes that HSBC (HBC) may have to increase its reserves for bad subprime mortages.

The Wall Street Journal writes that the cable industry will figh FCC efforts to cap its growth and help small channels get carriage on cable systems.

The Wall Street Journal reports that Citigroup (C), JP Morgan (JPM), and Bank of America (BAC) are closer to setting up a fund to bail out funds with asset that do not trade due to the credit crisis.

The Wall Street Journal writes that Intel (INTC) will introduce its next generation of chips which do not required traditional silicon architechture.

The Wall Street Journal writes that a filing by CountryWide (CFC) discloses that any cut in it credit rating could badly damage its ability to raise money.

The New York Times writes that doctors may have over-reacted to problems with stents from makers like Boston Scientific (BSX) and Johnson & Johnson (JNJ)

The New York Times writes that a fund put together by major banks to give short-term loans to structured investment vehicles will do nothing to help many of these funds.

The New York Times writes that Intel (INTC) will introduce a chip which will help video quality of content delivered over the internet.

The FT writes that the Citigroup (C) board is telling CEO candidates that they will have broad powers to sell off units or even break the bank up.

The FT writes that OPEC will ask large oil consuming countries to insure demand in the future instead of making huge investment in alternative energy.

Barron’s writes that there is a rumor that Google (GOOG) might by Sprint (S).

Bloomberg writes that BHP promised to buy-back $30 billion in shares if it buys Rio Tinto.

Douglas A. McIntyre

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