According to Reuters, Citigroup says UBS (UBS) may face another $18 billion in write-downs this year.

Reuters writes that Alan Greenspan says the US is on the edge of recession.

Reuters writes that the credit crunch looms large for small business.

Reuters reports that Microsoft (MSFT) has shaken up the team that runs its online business.

The Wall Street Journal write that Citigroup (C) has barred withdrawals from a hedge fund which made a big bet on corporate loans.

The Wall Street Journal writes that Baxter Internatioal (BAX) is focusing on a plant in China for problems with its drug Heparin.

The Wall Street Journal writes that demand for grain is producing a boom for the agricultural industry.

The Wall Street Journal writes that Gannett (GCI), Hearst, New York Times (NYT) and Tribune are creating an online ad-sales network that will include more than 120 papers

The Wall St Journal writes that Gov Spitzer gave bond insurers a few days to work out their problems.

The New York Times writes that muncipalities are feeling the credit crunch.

The New York Times writes that its flagship paper will lay-off 100 people.

The New York Times writes that the market for auction-rate securities is frozen.

The FT writes that big banks have been advised to walk away from big buy-outs even if they have to pay fees to do so.

Douglas A. McIntyre

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