Media Digest 6/17/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters: The US faces a long period of economic stagnation.

Reuters:   Obama will release plans for a financial market overhaul.

Reuters:   The White House will not help California fix its deficit.

Reuters:   Large US company bankruptcies are accelerating.

Retuers:   News Corp’s (NWS) MySpace fired 30% of its staff.

Reuters:   Developing world leaders showed their new power at their summit.

Reuters:   US housing starts rose and inflation is in check.

Reuters:   Carlyle and Blackstone (BX) will bid for First Republic.

Reuters:   Adobe’s (ADBE) profit margins narrowed.

Reuters:   Morgan Stanley (MS) may make changed in its prime brokerage unit.

Reuters:   Boeing (BA) will discuss 787 costs with suppliers.

Reuters:   Barclays (BCS) accepted BlackRock’s (BCK) offer for its money management unit.

Reuters:   Systematic banking risk may be within Congress’ purview.

Reuters:   The former CEO of AIG (AIG) denied that he had fiduciary responsibility for some of his actions.

WSJ:   The new financial regulation proposal will create a new consumer protection agency.

WSJ:   The US will provide four firms with $18.5 billion to help revive the US nuclear power industry. Unistar, NRG, Scana (SGC), and Southern (SO).

WSJ:   Morgan Stanley will offer new options to hedge fund clients.

WSJ:   Red tape makes it harder for people to modify mortgages, even when they are in trouble.

WSJ:   The hedge fund manager who predicted the “black swan” that hit the markets is betting on inflation.

WSJ:   The FDA warned about use of Matrixx (MTXX) Zicam.

WSJ:   Reynolds did not infringe on Star Scientific (STSI) patents.

WSJ:   The IRS was asked to drop a tax on cellphones (S)(T)(VZ)(VOD)(RIMM)(PALM)(AAPL)

WSJ:   A request for aid by auto suppliers was turned down.

WSJ:   Genzyme (GENZ) closed a contaminated plant.

WSJ:   Best Buy (BBY) offered a cautious outlook.

WSJ:   Morgan Stanly (MS) will repay TARP funds.

WSJ:   RIM (RIMM) launched the Blackberry Tour.

WSJ:   The pick to run the FCC favors broadband expansion.

‘WSJ:   Fedex (FDX) results may not say much about the future of the economy.

WSJ:   A leading hedge fund is betting the government stimulus in Asia will fail.

WSJ:   The former CFTC chairman joined NYSE (NYX).

WSJ:   Moody’s (MCO) downgraded Beazer (BZH).

WSJ:   The Fed’s buying boosted Treasuries.

WSJ:   A ruling may cost Expedia (EXPE) millions in fines.

WSJ:   Biogen (BIIB) has gained an edge in drug talks against Genentech.

WSJ:   DirecTV (DTV) will offer targeted ads.

WSJ:   Sinopec (SNP) plans it first deep water well.

WSJ:   Starbucks (SBUX) is working to make its coffee fresher.

NYT:   Overseas banks are buying cheap Wall St. assets.

NYT:   General Mills, Macy’s (M) and P&G (PG) are using ads that recall the ’60s.

NYT:   Boeing (BA) and Airbus are preparing for another fight over a military tanker.

FT:   A new “Buy China” program will set off charges of protectionism.

FT:   The US is urging Twitter to delay a service break due to it being a “vital tool” for citizens.

Bloomberg: Shell says Nigerian disruption problems will extend to next month.

Bloomberg:   Toyota (TM) may build the Prius in California

Douglas A. McIntre