PRESS DIGEST - Wall Street Journal - Jan 21
Jan 21 (Reuters) - The following were the top stories in The Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.
* The inauguration of the first African-American to lead the U.S. drew over a million people to Washington. Obama called on Americans to return to the values of "hard work and honesty, courage and fair play, tolerance and curiosity." He promised "bold and swift" action on the economy and, in a criticism of Bush foreign policy, said, "We reject as false the choice between our safety and our ideals."
* IBM's (IBM.N: Cotización) profit rose 12 percent and the technology giant issued an upbeat profit forecast for 2009, bucking the trend.
* State Street Corp (STT.N: Cotización) shares fell 59 percent after it posted sharply lower earnings and warned that some off-balance-sheet assets could leave the bank at risk of heavy losses in the future.
* Warner Brothers is eliminating roughly 10 percent of its work force across all divisions and all levels, citing the global economic situation.
* Chrysler has found an international partner in Fiat FIA.MI, but the deal is contingent on Chrysler getting $3 billion in additional government loans.
* European Union finance ministers warned that they are running out of room to spend money to boost their economies, as Germany predicted its economy would shrink at least 2 percent this year and Hungary's currency fell to a record low despite recent efforts to prop it up.
* Canada's central bank cut its benchmark interest rate to its lowest level on record, and signaled it is prepared to cut the rate again to combat a recession that will cause the economy to contract this year for the first year since 1991.
* As a key lieutenant to money manager Bernard Madoff for more than 30 years, Frank DiPascali Jr. said he headed stock-options trading and was the point man for investment-advisory clients who were told he executed their trades. Continuación...