Media Digest (9/30/2010) Reuters, WSJ, NYT, FT, Bloomberg

Reuters:   China said legislation aimed at a devaluation of the yuan violated WTO regulations.

Reuters:  IPOs do poorly in the People’s Republic now but can raise money from overseas investors.

Reuters:   The new consumer czar argued that banks might be involved in setting credit rules.

Reuters:   The head of Johnson & Johnson (NYSE: JNJ) must face Congress to discuss company recalls.

Reuters:   Ireland faces a huge cost to bailout banks and will reset its budget.

Reuters:   Oil gained the most in seven months on a weak dollar.

Reuters:   Congress backed lower loan limits on government backed mortgages to keep the cost to borrow low.

Reuters:   Facebook and Skype will explore an allegiance.

Reuters:   Nokia (NYSE: NOK) began to ship its new N8 flagship.

Reuters:   The delay of the Nintendo 3DS hurt company shares.

Reuters:   China is at work to match a BHP Billiton (NYSE: BHP) bid for Potash (NYSE: POT)

Reuters:   The chairman of American International Group (NYSE: AIG) said the US may profit from its bailout of the firm.

WSJ:   American financial regulators are at odds about how to set rules for US firms.

WSJ:   McDonald’s (NYSE: MCD) said it may drop its health plan for 30,000 workers if the US does offer a waiver for new rules about insurance.  Bloomberg later reported that this story was wrong.

WSJ:   Two senior Yahoo! (NASDAQ: YHOO) executives left the firm.

WSJ:   The Anglo Irish Bank needs 34 billion euros.

WSJ:   Some banks face trouble as they try to exit federal government support programs.

WSJ:   Moody’s cut Spain’s Aaa rating.

WSJ:   “Net neutrality” will not be set by Congress, but rather by the FCC.

WSJ:   JPMorgan Chase (NYSE: JPM) ended some foreclosures due to incorrect documents.

WSJ:   The wealthy are more likely to eat fast food.

WSJ:   Austerity measures in Europe have caused worker unrest.

WSJ:   The head of the World Bank pressed members on poverty.

WSJ:   Russia and China may set a long-term gas deal.

WSJ:   Cisco (NASDAQ: CSCO) will introduce home video conference products.

WSJ:   If the Fed eases, the dollar will be hurt.

NYT:   LG and Microsoft (NASDAQ: MSFT) will team for new cloud computer applications.

NYT:   Oil companies may begin to drill of the coast of Cuba.

NYT:   As Congress considers taxes for 2011, it has become difficult to define who is rich.

NYT:   Avis (NYSE: CAR) raised its bid for Dollar Thrifty (NYSE: DTR).

FT:   Sinochem has struggled to raise money for a Potash bid.

FT:   Goldman Sachs Group (NYSE: GS) warned that EU regulations could drive bankers out of the region.

FT:   The increased cost of funds for banks to match new EU regulations may cause banks to engage in risky behavior to raise capital.

FT:   The IMF said investors rely too much on sovereign ratings.

Bloomberg:   VW, with 200 models now competes with itself more than with GM or Ford (NYSE: F).

Bloomberg;   Research In Motion (NASDAQ: RIMM) may use its new tablet OS in versions of the BlackBerry.

Douglas A. McIntyre