Media Digest 12/22/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, Japan’s recession deepened as its exports fell sharply.

Reuters reports that Ireland will spend $7.7 billion to bailout its largest banks.

Reuters reports that Toyota (TM) will report its first operating loss.

Reuters writes that gasoline prices hit their lowest level since February 2004.

Reuters reports that the Australian division of GM (GM) will start building a small car.

Reuters writes that Best Buy (BBY) is probably profiting as its rivals falter.

Reuters reports that Asian tech companies are cutting costs with forced leave for employees.

Reuters reports that the new Wynn (WYNN) casino faces a huge slump.

Reuters reports that the IMF fears a much greater 2009 slowdown.

The Wall Street Journal writes that US developers are seeking to be included in a new $200 billion loan program as commercial mortgages come due.

The Wall Street Journal reports that individual stockholders are losing faith in the markets and redeemed $72 billion for stock funds in October.

The Wall Street Journal reports a division of MassMutual lost $3.3 billion invested with Madoff.

The Wall Street Journal reports that GM is preparing for talks with the UAW.

The Wall Street Journal reports that AIG (AIG) sold one of its specialty units.

The Wall Street Journal writes that public companies are beginning work to help holders of "underwater" options.

The Wall Street Journal reports that Warner Music (WMG) pulled its music from Google (GOOG) YouTube.

The Wall Street Journal writes that retailers are trying to capture people who shop late at night.

The Wall Street Journal reports that General Growth made major concessions to its lenders including allowing them to approve major decisions.

The Wall Street Journal reports that hedge funds are dumping NYC real estate.

The Wall Street Journal writes that China is making a big push to upgrade its cellular systems to 3G.

The Wall Street Journal reports that mortgage applications are up on falling rates.

The Wall Street Journal writes that the fall in the Chinese economy is causing labor unrest.

The Wall Street Journal announced that Chrysler parent Cerberus may give up its equity to labor unions and creditors.

The FT reports that Obama is expanding the amount of money he will spend to salvage the economy.

The FT reports that a promise by OPEC to cut output has failed to stop a drop in oil which is down 27% after the cartel’s announcement.

Bloomberg reports that Russian oligarchs are seeking $78 billion in bailout money.

Douglas A. McIntyre