Media Digest 10/20/2008

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According to Reuters, a number of retailers are cutting back holiday hiring as they anticipate lower sales.

Reuters reports that GM’s (GM) interest in Chrysler’s cash is helping move a merger forward.

Reuters reports that ING got money from the Dutch government and sold its Asia operations.

Reuters reports that China’s economy grew at 9% in the third quarter, below the forecast of 9.7%.

Reuters writes that Germany approved a package to bail out its banks.

Reuters reports that Yahoo! (YHOO) will outline cost-cutting moves.

The Wall Street Journal reports that GM (GM) cannot find the necessary funding to close a deal to buy Chrysler.

The Wall Street Journal reports that Circuit City (CC) may close a number of stores and lay off employees.

The Wall Street Journal writes that Exelon has offered to acquire all outstanding common stock in NRG Energy.

The Wall Street Journal reports that investment in films in Hollywood is pulling back.

The Wall Street Journal reports there have been no IPOs in the US fro 10 weeks.

The Wall Street Journal reports that delinquencies are up sharply at American Express (AXP).

The Wall Street Journal reports that a modification to accounting rules will allow banks to take money from Treasury without triggering charges.

The Wall Street Journal reports that Apple (AAPL) earnings will offer a look at consumer spending.

The Wall Street Journal reports that analysts’ estimate of future earnings are in trouble now that the economy has turned down sharply.

The Wall Street Journal reports that a new drug from Genzyme has hit trouble with FDA approval.

The Wall Street Journal reports that The Tribune will tap its credit line

The New York Times reports that the federal government is letting its deficit grow rather than raising taxes.

The New York Times writes that insider sales are rising on margin calls.

The New York Times reports that prosecutors are looking at whether traders manipulated the market for credit-default swaps to drive down the price of financial shares over the last year.

The New York Times writes that China’s economic growth was the highest in five years.

The New York Times reports that sales of  video games, cameras, music players and laptops are likely to fall.

The New York Times writes that newspapers are leaving the AP to cut costs.

The FT reports that the US faces its worst recession in 26 years.

The FT writes that Silicon Valley layoffs are beginning to look like the 2001 tech bust.

The FT reports that P&G (PG) may start bypassing retailers and selling directly to consumers.

Bloomberg reports the OPEC will cut oil production as some crude futures point toward $50 crude.

Douglas A. McIntyre