Media Digest 1/7/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, Alcoa (AA) will fire more than 13,000 people.

Reuters reports that Apple (AAPL) disappointed with no Jobs or big announcements at Macworld.

Reuters reports that GM (GM) says government loans cover its worst case scenario.

Reuters reports that Bank of America (BAC) will sell its $2.8 billion stake in a bank in China.

Reuters reports that bank analyst Whitney thinks major financials may have to raise new money this year.

Reuters reports that the US budget deficit will top $1 trillion this year.

Reuters reports that the Fed and other agencies will start a fraud task force.

The Wall Street Journal reports that Madoff tried to keep his firm from crashing by bringing in $250 million at the end.

The Wall Street Journal reports that Obama plans to offer states $7 billion to get them to extend unemployment benefits.

The Wall Street Journal reports that the DJIA is up about 20% from its lows.

The Wall Street Journal reports that Apple’s iTunes changed its pricing.

The Wall Street Journal reports that retailers are pressing landlords on rent.

The Wall Street Journal writes that the Fed’s outlook on the economy darkened.

The Wall Street Journal reports that GE (GE) will make a bond offering without a government guarantee.

The Wall Street Journal reports that Lyondell Chemical will put its US unit into Chapter 11.

The Wall Street Journal reports that discounts did not halt slides in retail sales.

The Wall Street Journal reports that Bank of America executives will not take bonuses.

The Wall Street Journal reports that the costs to run the TARP are moving up.

The Wall Street Journal reports that Paulson will report on his ideas for Fannie Mae (FNM) and Freddie Mac (FRE).

The Wall Street Journal reports that a new study shows bankruptcy can help firms with good core businesses.

The Wall Street Journal reports that shares in major energy companies may lose their appeal.

The Wall Street Journal reports that Dow (DOW) will pursue legal and other remedies after a deal with Kuwait failed.

The Wall Street Journal reports that GM (GM) sales in China fell sharply last year.

The Wall Street Journal reports that investments in clean energy suffered sharp declines.

The New York Times reports that environmentalists are pushing to slow oil sand developments.

The New York Times reports that data show retail sales stabilized in December.

The New York Times reports that Ukraine is concerned about gas imports from Russia.

Douglas A McIntyre