January 16, 2008 / 6:14 AM / 11 years ago

PRESS DIGEST - Wall Street Journal - Jan 16

Jan 16 (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.

* Native son Mitt Romney won Michigan’s Republican presidential primary, keeping his candidacy alive but leaving his party’s nomination race more chaotic. The party still has no apparent front-runner in the presidential race and no clear path to the nomination for any contender.

* Citigroup (C.N) and Merrill Lynch & Co MER.N are turning to investors from Japan, Korea, Singapore, Saudi Arabia and Kuwait as they post big losses linked to the subprime mortgage crisis.

* A top House Democrat said Congress and the White House can come to an agreement on an economic-stimulus package — provided Republicans don’t insist the plan includes making U.S. President George W. Bush’s signature tax cuts permanent.

* IndyMac Bancorp Inc IMB.N plans to eliminate 2,403 jobs, or 24 percent of its work force, and said further reductions are likely, in the latest sign of fallout from the mortgage-default crisis.

* Boeing Co (BA.N) is close to announcing further delays in its 787 Dreamliner program that might hurt its ability to deliver as many jets as promised next year.

* Intel Corp (INTC.O) posted a 51 percent surge in fourth-quarter profit but sounded a cautious note about business conditions in the first quarter and the rest of the year.

* Booz Allen Hamilton is in discussions to sell its government-consulting business to private-equity firm Carlyle Group [CYL.UL], according to people familiar with the situation.

* Democracy advocates in Egypt say they have lost faith in U.S. President George W. Bush’s willingness to push for change in this staunch U.S. ally.

* Bank of America Corp (BAC.N) and Citigroup (C.N), battered by dismal market results, are scaling back their investment-banking operations. BofA outlined a streamlined corporate- and investment-banking unit.

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