Media Digest 10/27/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

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According to Reuters, the Korean central bank made record rate cuts.

Reuters reports that the G7 said the rising yen may be a threat to financial markets.

Reuters writes that Hungary and the IMF agreed to an assistance plan.

Reuters reports that Japan will take crisis actions as shares in its banks suffered sharp drops.

Reuters reports that the prime minister of the UK hinted a further coordinated rate cuts.

The Wall Street Journal reports that job losses early in this recession appear to be as bad as they were late in the last two major downturns, worrying economists.

The Wall Street Journal reports that retailers expect bad holiday sales.

The Wall Street Journal writes that investors are concerned that if GM (GM) and Chrysler cannot strike a merger deal each might go bankrupt late next year.

The Wall Street Journal reports the refiners are cut output due to falling demand.

The Wall Street Journal reports that defaults are hitting the world of lending to companies who are buying tech products.

The Wall Street Journal reports that McDonald’s (MCD) efforts to offer premium coffee is being hurt by the recession.

The Wall Street Journal writes that mutual fund companies are being badly hurt by poor returns and redemption’s.

The Wall Street Journal reports that newspaper circulation is falling.

The Wall Street Journal reports that the credit crisis is hitting major countries in the Middle East.

The Wall Street Journal reports that the Federal Reserve will begin today to offer loans to non-financial corporations..

The Wall Street Journal reports that housing cannot find a bottom while new home sales keep dropping even while existing home sales appear to be more stable.

The Wall Street Journal reports that Goldman Sachs (GS) had approached Citigroup (C) about a merger.

The Wall Street Journal reports that Asia may be closer to a slowdown than many people expect.

The Wall Street Journal reports that Porsche will take 75% ownership in VW.

The Wall Street Journal reports that more firms are adopting poison pills as their shares drop.

The New York Times reports that as spending stalls US companies are cutting more jobs.

The New York Times reports that every year the F.D.A. lets onto the market thousands of devices after only cursory review.

The FT reports that US public pension funds face large losses.

The FT reports that the IMF has unveiled a rescue package for the Ukraine.

The FT reports that earnings forecasts are expected to 40% by the end of 2009.

The FT reports that netbooks are leading the growth in computer sales.

Bloomberg reports that Bernanke may push interest rates toward zero.

Douglas A. McIntyre