Media Digest 8/10/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   Economists have cut forecasts and look to the Federal Reserve to take action.

Reuters:   BP Plc (NYSE: BP) will try the final stage of killing its leaking well and has begun to fund its $20 billion escrow.

Reuters:   Verizon Communications (NYSE: VZ) and Google Inc. (NASDAQ: GOOG) have proposed controversial web traffic rules.

Reuters:   Oil fell below $81 on lower China imports.

Reuters:   Skype filed for an IPO of $100 million.

WSJ:   BP may use future profits from Gulf operations to guarantee its escrow fund.

WSJ:   At least 36 of 100 money market funds  received more than $12 billion in aid between August 2007 and December 2009 to pull through the financial crisis according to Moody’s (NYSE: MDO).

WSJ:   Customers of Hewlett-Packard (NYSE: HPQ) said they would stick with the tech giant.

WSJ:   The Commerce Department says income in most cities fell, except those with a high concentration of government employees.

WSJ:   The Bank of Japan left interest rates unchanged.

WSJ:   KKR dropped plans for an IPO.

WSJ:   Wal-Mart (NYSE: WMT) will use Wi-Fi to help sell TVs.

WSJ:   The Saudis are waiting for Research In Motion (NASDAQ) to make changes to BlackBerry security settings.

WSJ:   Sluggish productivity is hurting the economy.

WSJ:   More investors are moving out of the dollar.

WSJ:   Saudi Arabia will not ban the BlackBerry.

WSJ;   Freddie Mac has sought more government aid.

WSJ:   Siemens (NYSE : SI) is seeking to grow in the US.

WSJ:   Investors chasing yield are putting more money into Aaa firms like IBM (NYSE: IBM).

NYT:   The Fed is concerned that deflation is a problem.

NYT:  Merrill Lynch covered up risks of mortgage securities.

NYT:   China’s trade surplus rose to $28.7 billion.

NYT:   China shut 2000 factories to increase energy efficiency.

NYT:   Chrysler loss narrowed on higher sales and lower costs.

FT:   Problems on Wall St. have hurt big banks’ earnings, especially Goldman Sachs Group (NYSE: GS)

Bloomberg:   China’s trade surplus rose as imports fell.

Bloomberg:   Warren Buffett shortened the duration of bonds held by his Berkshire Hathaway Inc. after warning that deficit spending could force inflation higher.

Douglas A. McIntyre