Media Digest 3/4/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

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According to Reuters February car sales dropped sharply especially for US made vehicles.

Reuters writes that BHP Billiton (BHP) is working on raising $55 billion for its potential takeover of Rio Tinto (RTP).

The head of Dubai International Capital said more money would be required to rescue Citigroup (C).

The Wall Street Journal writes that Fannie Mae (FNM) and Freddie Mac (FRE) agreed to a code of conduct with New York’s attorney general that would bar inflated appraisals

The Wall Street Journal writes that gold and platinum hit record highs.

The Wall Street Journal reports that Citigroup (C) and Wachovia (WB) face lawsuits from a hedge fund in a dispute over insurance derivatives contracts.

The Wall Street Journal reports that Merck (MRK) has made further steps in settling Vioxx suits.

The Wall Street Journal writes that Deibold (DBD) rejected a buy-out bid from United Technologies (UTX).

The Wall Street Journal writes that Intel (INTC) cut estimates for its gross margins.

The Wall Street Journal reports that more big banks may have to cut dividends.

The Wall Street Journal writes that GM’s (GM) eight brands often compete against themselves, hurting the company’s turnaround effort.

The New York Times writes that the total cash held by companies in S.&P.’s industrial index exceeded $600 billion in February, up from about $203 billion in 1998.

The New York Times reports that Porsche is closer to a takeover of VW.

The FT writes that Ambac (ABK) has decided not to split itself into two companies.

The FT writes that GE (GE) will gain large orders for its jet engine business due to EADS getting a new military contract for building tankers.

Douglas A. McIntyre