Media Digest 12/26/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

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According to Reuters, as investors moved to cash, oil has come down, but that is not likely to last.

Reuters writes that data from MasterCard (MA) shows holiday spending may have dropped as much as 4%.

Reuters reports that Japan’s industrial output took a record fall.

Reuters writes that Toyota (TM) recalled 120,000 cars in China.

The Wall Street Journal reports that natural gas prices remain cheap.

The Wall Street Journal reports that banks are confused by regulators some who ask them to spend more and others who want them to build capital.

The Wall Street Journal reports that Mattel plans to build at edgier Barbie.

The Wall Street Journal reports that a large refinery opening in India will put pressure on global refining margins.

The Wall Street Journal reports that many pension funds are sticking with hedge funds.

The Wall Street Journal reports that the slump is hurting large numbers of small businesses.

The Wall Street Journal reports that GMAC’s new status as a bank could draw the government into a situation where it might need to invest billion of dollars.

The Wall Street Journal reports that weakness in economies overseas could help investment in the US.

The Wall Street Journal reports that AIG (AIG) has bought $16 billion in collateralized debt obligations insured through credit-default swap contracts.

The Wall Street Journal reports that China data on its economy may not be reliable.

The Wall Street Journal reports that the FDA want more information on AstraZeneco drug Seroquel

The New York Times reports that Royal Philips Electronics is moving away from home electronics and toward the next generation of light bulbs and hospital scanning and monitoring equipment.

The New York Times reports that growth in Vietnam is slowing.

The FT reports that Google (GOOG) employee got bonuses in smartphones and not cash.

Bloomberg reports that the ruble fell to a record low against the euro.

Bloomberg reports that California bond yields hit a four-year high because of problems with the state budget.

Douglas A. McIntyre