PRESS DIGEST - Wall Street Journal - April 22
April 22 (Reuters) - The following were the top stories in The Wall Street Journal on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.
* Marcus Brauchli is expected to resign as managing editor of The Wall Street Journal after only 11 months in the job, but may remain with News Corp NWSa.N in some capacity. Journal publisher Robert Thomson may take over as interim managing editor.
* Until now, losses at many banks have come from multibillion-dollar write-downs on toxic debt. But analysts believe the costs of building bad-loan reserves could cause just as much pain -- and for a lot more banks.
* Bank of America Corp (BAC.N: Cotización), hammered by ballooning losses on home-equity loans and other credit exposure, reported a 77 percent plunge in first-quarter profit and delivered a glum forecast for the rest of this year.
* In a big shake-up at South Korea's largest conglomerate, Samsung Group Chairman Lee Kun-hee said he will step down in the wake of an indictment on tax violations.
* Linens 'n Things Inc has begun taking drastic steps to stock its retail stores, as the firm's chief executive said he has just weeks to save the company from a bankruptcy filing.
* Air France-KLM (AIRF.PA: Cotización) has definitively yanked its offer for Alitalia AZPIa.MI off the table, leaving the struggling Italian flagship carrier with few options and raising the stakes for Prime Minister-elect Silvio Berlusconi to come up with an emergency rescue plan.
* Texas Instruments Inc TXN.N reported a 28% rise in first-quarter profit, but its outlook for the second quarter fell short of Wall Street expectations.
* UBS AG UBSN.VX offered some details on the internal workings responsible for its $37 billion in write-downs, laying much of the blame on former investment banking head Huw Jenkins. Continuación...