Media Digest (1/2/2012) Reuters, WSJ, NYT, FT, Bloomberg

F-16 and F-15 production lines are being extended by U.S. government sales to Iraq, Saudi Arabia and Oman by Lockheed Martin (NYSE: LMT) and Boeing (NYSE: BA), made through the State Department, should help U.S. employment. (Reuters)

Slow wage growth may keep U.S. consumer spending weak this year. (Reuters)

Hyundai and Kia expect slower growth in 2012. (Reuters)

Verizon Wireless kills a $2 transaction fee due to customer objections. (Reuters)

Eastman Kodak (NYSE: EK) loses a third board member in two weeks. (Reuters)

The UK sells mortgage company Northern Rock to Virgin. (Reuters)

China’s PMI rises to 50.3, a sign of slow growth. (WSJ)

An international arbitration panel gives Exxon Mobil (NYSE: XOM) only $908 million for Venezuela assets; the oil firm had asked for payment of $7 billion. (WSJ)

Sprint-Nextel (NYSE: S) offers superfast broadband firm LightSquared a 30-day extension to get its system approved by the U.S. government. (WSJ)

A tax credit for ethanol to expire after being in place for 30 years. (NYT)

Austerity programs will make GDP growth in many eurozone nations very difficult. (NYT)

Sarkozy and Merkel warn their nations that 2012 will be more difficult economically than 2011. (FT)

Major global markets lose $6.3 trillion in value in the past year. (FT)

Eurozone leaders try to gain extra time to rebuild the region through promises of aid and new austerity. (Bloomberg)

Manufacturing in India and China signal that they are being hurt by EU economic trouble. (Bloomberg)

Japan’s population drops the most since World War II. (Bloomberg)

Douglas A. McIntyre