Media Digest 12/23/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

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According to Reuters, a survey of 22 countries show three-quarters of households cutting spending and a sharp drop of confidence in emerging economies.

Reuters writes that the US sold record debt and there was disappointment with the size of the Chinese rate cut.

Reuters reports that Chrysler is still at risk of folding even with bailout money coming in.

Reuters reports that the number of corporate and M&A deals killed in 2008 badly hurt banks.

Reuters writes that Toyota (TM) will change presidents in April.

Reuters reports that a judge has approved a settlement for Barclays (BCS) to buy some of Lehman’s assets.

Reuters writes that Tata may have to put $1 billion into Jaguar.

Reuters reports that Cemex has agreed with banks to refinance it debt.

The Wall Street Journal reports that private equity firm TPG is allowing investors to cut pledges by 10%.

The Wall Street Journal reports that Toyota (TM) will report its first loss in seventy years.

The Wall Street Journal reports that "Accounting watchdogs are fast-tracking an effort to provide a small dose of "mark-to-market" relief for financial firms."

The Wall Street Journal writes that Manpower is seeing a drop in demand.

The Wall Street Journal reports that Glaxo (GSK) will end political donations.

The Wall Street Journal reports that Ebay (EBAY) is having a rough season.

The Wall Street Journal reports that Textron will cut jobs.

The Wall Street Journal reports that CIT (CIT) will become a bank holding company.

The Wall Street Journal reports that Walgreen will cut store expansion.

The Wall Street Journal reports that Unisys will cut 1,300 jobs.

The Wall Street Journal writes that Palm (PALM) got an infusion of $100 million.

The Wall Street Journal writes that CDOs have spread the risk of lending to US companies around the globe.

The Wall Street Journal reports that aid to mortgages in home in foreclosure does very little help.

The Wall Street Journal reports that falling exports hurt Japan.

The Wall Street Journal reports that November home sales are expected to drop sharply.

The Wall Street Journal reports that S&P lowered Starwood to junk.

The Wall Street Journal reports that Wal-Mart (WMT) is still expanding into international markets working on a deal in Chile.

The Wall Street Journal reports that UnitedHealth (UNH) settled an options case with the SEC.

The New York Times writes that "Two months before IndyMac Bancorp collapsed, a federal banking regulator allowed it to backdate a capital infusion."

The New York Times reports that Caterpillar (CAT) will cut managers’ pay.

The FT reports that a record number of M&A deals were canceled in 2008.

The FT reports that low mortgage rates are causing a surge of activity at many banks.

Bloomberg reports that GM (GM) bond investors are betting that the company will not stay afloat.

Douglas A. McIntyre