Media Digest (12/7/2010) Reuters, WSJ, NYT, FT, Bloomberg

Reuters: Obama’s deal with Congress will extend Bush tax cuts for two years.

Reuters:  The US will sell its remaining shares in Citigroup (NYSE: C) and will make a $12 billion profit.

Reuters:  China may raise rates to cut off a growth in inflation.

Reuters:  The European Union does not plan to take any new plan of action to lessen market fear about the debt crisis.

Reuters:  Gold hit a record and silver was near a 30-year high.

Reuters:  A new study in the Journal of Epidemiology and Community Health linked child misbehavior to cellphones.

Reuters:  Google’s (NASDAQ: GOOG) e-book operation will compete with Amazon.com (NASDAQ: AMZN)

Reuters: China’s Bright Food Group is likely to buy GNC)

WSJ:   The new tax legislation would extend unemployment benefits programs for another 13 months.

WSJ:   The Borders (NYSE BGP) merger with Barnes & Noble (NYSE: BKS) might benefit both in an environment of increased competition in the sector.

WSJ:  The CEO of J Crew (NYSE: JCG) negotiated a buy-out for nearly two months before he informed his board.

WSJ:   Two banks may buy Chrysler Financial from Cerberus Group

WSJ:   Time Inc, a division of Time Warner (NYSE: TWX) will create new positions to over see ad sales and marketing.

WSJ:   Google (NASDAQ: GOOG) will release a new version of its Nexus phone.

WSJ:   Consumer Reports attacked the quality of the AT&T (NYSE: T) wireless network.

WSJ:  Manpower Inc says global hiring has picked up worldwide.

WSJ:   Germany is against a larger bailout fund for Europe.

WSJ:   Moody’s cut its rating of Hungary.

WSJ:   New taxes will affect many in Ireland.

WSJ:   A slow economy in Europe could damage the earnings of a number of multinationals.

WSJ:   Research has caused concerns about a drug made by Celgene.

WSJ:   Samsung cut the rate at which it produces LCDs.

WSJ:   Diesel fuel use is down–a sign of economic trouble.

WSJ:   The legal battle between Starbucks (NASDAQ: SBUX) and Kraft (NYSE: KFT) moved to court.

Bloomberg: BP plc (NYSE: BP) may sell its North Sea assets.

Douglas A. McIntyre