Media Digest 12/10/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

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According to Reuters, the House will vote on the auto bailout as early as this week.

Reuters writes that Rio Tinto (RTP) will cut 14,000 jobs.

Reuters reports that AIG (AIG) owes other firms $10 billion for soured trades.

Reuters reports that a panel appointed by Congress will be critical on how the Paulson bailout money has been used.

Reuters reports the shares in Sony (SNE) dropped after its set its restructuring plan.

Reuters writes that newspaper chains McClatchy (MNI) and New York Times (NYT) said they have a rough years ahead.

Reuters reports that the Fed is considering issuing its own debt to raise money.

Reuters said that allies of GM (GM) CEO Wagoner are lobbying to keep him in place.

Reuters reports that Yahoo! (YHOO) workers will probably learn of layoffs today.

The Wall Street Journal reports that Nortel (NT) is consulting bankruptcy counsel.

The Wall Street Journal reports that EA (ERTS) warned of weak holiday sales.

The Wall Street Journal reports that Merck (MRK) will develop biotech generics.

The Wall Street Journal reports that Intel (INTC) will move ahead with its new tiny circuitry.

The Wall Street Journal reports that AOL (TWX) will launch its new social network product.

The Wall Street Journal reports that the NFL will cut jobs.

The Wall Street Journal reports that the Treasury sold four week notes with a coupon of zero.

The Wall Street Journal reports that Tribune’s Chapter 11 shows risks of ESOPs.

The Wall Street Journal reports that investors are buying shares in companies that they feel will survive.

The Wall Street Journal reports that Wyndham will cut 4,000 jobs.

The Wall Street Journal reports that M&A fees have fallen sharply.

The Wall Street Journal reports that China is urging airlines to cut plane orders.

The Wall Street Journal reports that airlines losses are expected to improve on lower oil prices.

The Wall Street Journal reports that New York Times (NYT) is working to improve liquidity.

The New York Times reports that the World Bank expects a global recession which will drop world trade for the first time since 1982.

The New York Times reports that the biotech industry is looking for tax breaks.

The New York Times reports "A former Fannie Mae executive testified that Fannie and Freddie Mac engaged in “an orgy of junk mortgage development” that turned the mortgage giants into vast repositories of risky loans."

The New York Times reports that Wal-Mart (WMT) will pay $54 million to settle a suit over wages.

The FT reports that the global demand for oil is expected to plummet.

The FT reports that a drop in US clothing sales has caused a huge slump for providers.

The FT reports that VW may seek aid for its financial arm.

The FT reports that pending home sales fell less than expected.

Bloomberg reports that "the biggest slump in U.S. consumer spending since 1942 will extend the recession and push the jobless rate to the highest level in a quarter century, according to economists surveyed by Bloomberg News."

Douglas A. McIntyre