PRESS DIGEST - New York Times business - Nov 29
Nov 29 (Reuters) - The New York Times reported the following stories on its business pages on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.
* Credit flowing to American companies is drying up at a pace not seen in decades, threatening the creation of jobs and the expansion of businesses, while intensifying worries that the economy may be headed for recession.
* Coming off a setback at the hands of the cable television industry, the head of the Federal Communications Commission moved to reassert himself on Wednesday by proposing that the commission quickly adopt a rule that would prevent Comcast Corp (CMCSA.O: Cotización), the nation's biggest cable company, from becoming larger, commission officials said.
* Capping a series of wild swings, the Dow Jones industrial average .DJI soared to its biggest one-day percentage gain in more than four years on Wednesday after a top Federal Reserve official hinted at another interest rate cut and oil fell below $91 a barrel.
* As governments in the Middle East take big stakes in American companies, China's state-run investment fund has quietly shifted its focus from overseas deals to bolstering the country's troubled banking system.
* Southwest Airlines Co (LUV.N: Cotización), in danger for much of this year of losing its quirky dominance in the domestic airline industry, could soon be standing, once again, head and shoulders above the competition.
* The Bear Stearns Cos BSC.N, the investment bank, said yesterday that it would cut 4 percent of its staff in further fallout from mortgage-related turmoil.
* The latest battleground in the federalism wars at the Supreme Court is an unlikely one: the state of Maine, which is trying to prevent under-age consumers from buying cigarettes over the Internet.
* The R. J. Reynolds Tobacco Co, a unit of Reynolds American Inc (RAI.N: Cotización), disclosed this week that it would run no ads in 2008 in consumer magazines and newspapers for cigarette brands like Camel, Winston, Pall Mall and American Spirit. Continuación...