Media Digest 7/15/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   BP plc (NYSE: BP) has begun to run an important test on its well cap.

Reuters:   China’s economy expanded at 11.1% in 1H but closed in Q2.

Reuters:   GlaxoSmithKline (NYSE: GSK) expects $2.4 billion in legal charges in Q2.

Reuters:   Apple Inc. (NASDAQ: AAPL) will hold an iPhone press conference on Friday.

Reuters:   There are concerns that Google Inc.’s (NASDAQ:GOOG) cost per click will be down.

Reuters:   China is pressuring Twitter-like sites.Reuters:   The AgBank IPO was relatively weak raising concerns about the attractiveness of Chinese companies.

Reuters:   Oaktree Capital won the bidding for $1.7 billion in FDIC assets from Am Trust.

WSJ:   China is concerned about higher worker wages and a shortage of labor.

WSJ:   Harvey Golub quit as the American International. Group (NYSE: AXP) chairman.

WSJ:   An FDA panel voted to keep the GSK drug Avandia on the market.

WSJ:   The financial services bill gives the government more power to create fees for banks.

WSJ:   Google got Omnicom as a partner in the sale of display ads.

WSJ:   Worldwide PC sales were up 22.4% in the second quarter with Dell Inc. (NASDAQ: DELL) doing well.

WSJ:   Banks are gaining in the global debate about regulating risk.

WSJ:   The Fed may assess the need for more stimulus if the economy slows further.

WSJ:   Manufacturers in Asia are having trouble keeping up with the demand for consumer electronics.

NYT:   A leak hurt the efforts of BP to cap its broken well.

NYT:   Verizon Wireless is gaining on AT&T (NYSE: T) even though it does not have the Apple iPhone.

NYT:   Toyota Motor (NYSE: TM) said design flaws caused some loss of control in its cars.

NYT:   GM will offer an 8-year warranty for car batteries.

FT:   Some members of Congress want to block more BP oil leases.

FT:   Bank mortgage securities employment is booming.

Bloomberg:   KKR raised $800 million for a China fund.

Bloomberg:   Productivity in the US probably fell for the first time in a year.

Douglas A. McIntyre