Media Digest (7/29/2010) Reuters, WSJ, NYTime, FT, Bloomberg

Reuters:   BP plc’s (NYSE: BP) new CEO called the spill a “wake up call” for the oil industry.

Reuters:   The IMF backed down on its comments about the yuan’s value.

Reuters:   Google Inc. (NASDAQ: GOOG) is in talks to build a Facebook competitor.

Reuters:   Hackers received information about how to listen in on cellphone calls.

Reuters:   Apple Inc (NASDAQ:   AAPL) unveiled a new line of Mac desktops.

Reuters:   Walt Disney (NYSE: DIS) will buy social game company Playdom.

Reuters:   Goldman Sachs Group (NYSE: GS) and Credit Suisse (NYSE: CS) bought into a Moscow bank.

WSJ:   Businesses in Central and Eastern Europe are troubled by foreign currency debt.

WSJ:   Very few assets of the “old” GM have been sold.

WSJ:   BP talked about its plan to rebuild the company.

WSJ:   Telephonica has raised its offer for a stake in Brazil’s Vivo Participacoe

WSJ:   ArcelorMittal showed a profit.

WSJ:   Public employees get better benefits than private ones.

WSJ:   Improved earnings have not allayed consumer fears about the economy.

WSJ:   LG Electronics profits fell.

WSJ:   A telecom alliance will set up an applications business to compete with Apple’s (NASDAQ: AAPL).

WSJ:   Mobile TV has struggled.

WSJ:   Home prices moved up in May, but the improvement may be temporary.

WSJ:   Consumer confidence fell earlier this month.

WSJ:   BP plc may be able to shave $10 billion off its US tax budget

WSJ:   A new bill in Congress would increase caps on the liabilities for energy spills

WSJ:   PepsiCo (NYSE: PEP) is trying to increase demand for Quaker Oats.

WSJ:   GM will have an initial price of $41,000 for its new Volt electric car.

WSJ:   The Continental (NYSE: CAL)) merger with UAL (NYSE: UAUA) has moved closer to closing.

WSJ:   GameStop will buy online games distributor Kongregate.

WSJ:   DreamWorks Animation profits dropped.

WSJ:   Canon’s profits rose.

WSJ:   China’s sovereign wealth fund sold a stake in Morgan Stanley (NYSE: MS) probably to get its ownership under 10%.

WSJ:   China is worried about billions of dollars in local government loans

WSJ:   Moody’s upped its rating on E*Trade (NASDAQ: ETFC).

NYT:   Oil on the surface of the Gulf is dissipating faster than projected.

NYT:   Utilities have developed batteries to store off-again, on-again power from wind turbines.

Bloomberg;   Germany’s short work policy which cut employee hours helped soften the blow of unemployment.

Douglas A. McIntyre