Media Digest (7/5/2011) Reuters, WSJ, NYT, FT, Bloomberg

Congress and the Administration are closer to a conclusion of negotiations on the debt cap (Reuters)

The finance minister of Greece said its viability is essential to the euro zone (Reuters)

Canon may build a mirrorless camera (Reuters)

Alibaba plans to release a mobile OS next quarter (Reuters)

Hackers hit Apple (NASDAQ: AAPL) databases (Reuters)

Corporate profits probably rose last quarter even as the economy stayed troubled (WSJ)

Cisco (NASDAQ: CSCO) will help build a vast surveillance system in China (WSJ)

Moody’s warns on China’s regional debt (WSJ)

Large banks have moved into the business of commodity storage (WSJ)

Microsoft (NASDAQ: MSFT) and Cisco (NYSE: CSCO) now trade below the S&P 500 P/E ratio (WSJ)

Large rare earth deposits were found below the Pacific Ocean (WSJ)

Pfizer (NYSE: PFE) anti-smoking drug Chantix has been tied to heart problems (WSJ)

Many economists believe that Greece cannot avoid default (WSJ)

The weak U.S. recovery is very like the one in the 1980s (WSJ)

Greek opposition leader Antonis Samaras thinks taxes should be cut to stimulate the economy (WSJ)

Nestle may buy Chinese candy maker Hsu Fu Chi (WSJ)

Investors have put more bets on trouble in China’s property markets (WSJ)

A huge shale oil field may bring large revenue to Argentina’s government (NYT)

M&A activity in the second quarter slowed because of economic concerns (NYT)

Microsoft (NASDAQ: MSFT) will work with China search operation Baidu (NASDAQ: BIDU) to create English search results in the People’s Republic. The deal is a challenge to Google (NASDAQ: GOOG) (NYT)

John Paulson made as much as $500 million on the increased value in Lehman Bros. bonds (FT)

The ECB will continue to buy Greek debt (FT)

Walmart (NYSE: WMT) is buying land in China instead of leasing it (Bloomberg)

Douglas A. McIntyre