Media Digest 12/29/2008 Reuters, WSJ, FT, Bloomberg

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According to Reuters, Kuwait canceled a $17 billion joint venture with Dow Chemical (DOW).

Reuters reports that Credit Suisse (CS) clients may have lost $926 million on the Madoff scam.

Reuters reports that GMAC will release the results of its debt swap.

Reuters reports that insurers in Japan as seeking mergers as the financial crisis deepens.

Reuters writes that JC Flowers is close to buying some IndyMac assets.

Reuters reports that credit card companies face more troubles.

Reuters writes that oil jumped 5% on violence in the Middle East.

The Wall Street Journal reports that the culture of Wall St. changed radically with the closure of Lehman.

The Wall Street Journal reports that the holiday season is likely to be one of the worst ever for online sales.

The Wall Street Journal reports that strong weekend sales boosted Hollywood.

The Wall Street Journal reports that defensive stocks including Pepsi (PEP), Pfizer (PFE), and Johnson & Johnson (JNJ) have lost their stature after posting losses.

The Wall Street Journal reports that the chaos of the Lehman bankruptcy may have increased losses by $75 billion.

The Wall Street Journal reports that hope has faded for a comeback of video games for Sony (SNE) due to disappointing sales of the PS3.

The Wall Street Journal reports that Treasury sales may be hurt by cautious investors.

The Wall Street Journal reports that dividend cuts could hurt closed end funds.

The New York Times reports that Hewlett-Packard (HPQ) is pushing into the data warehousing business.

The New York Times reports that labor unions are looking for better times under Obama.

The New York Times reports that Cisco (CSCO) is moving into home electronics with a digital stereo.

The New York Times reports that the credit crisis is hurting American relationships with China.

The FT reports that Obama is working on government spending and tax cuts worth $850 billion.

The FT reports that the music industry is looking to the Internet for a revival.

The FT reports that emerging economies may face trouble raising money as established economies vie for a smaller pie.

The FT reports that China IPOs in 2008 only raised $22 billion, falling behind the US.

Bloomberg reports that Russia devalued the ruble sending it to a record low against the euro.

Douglas A. McIntyre