December 5, 2007 / 6:22 AM / 11 years ago

PRESS DIGEST - Wall Street Journal - Dec 5

Dec 5 (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 Federal Reserve next week is likely to deliver its third “insurance” interest-rate cut this year, but the size of the cut may again be a difficult decision. Central bankers are concerned that lenders will tighten the terms of loans to smaller businesses and consumers.

* House Democrats are poised to pass an energy bill with oil-tax and renewable-fuel provisions. The Senate may resist, likely prolonging debate.

* BlackRock Inc’s (BLK.N) plan for rescuing Florida’s troubled investment fund calls for isolating distressed securities and charging a fee for large withdrawals.

* Rifts surfaced between the U.S. and world powers over Iran. China indicated it would oppose new economic sanctions in light of a U.S. report that Tehran halted its nuclear-weapons program in 2003. President George W. Bush said hard-line policy on Iran wouldn’t change.

* New York state prosecutors subpoenaed several Wall Street firms seeking information on the packaging and selling of debt tied to high-risk mortgages.

* Nielsen plans to offer a service for companies aimed at preventing piracy of copyrighted video distributed on the Web.

* New York Senator Hillary Clinton sparred with former North Carolina Senator John Edwards over her Iran stance in a radio debate in Iowa. The candidates criticized Bush’s remarks in the wake of the Iran report.

* Fannie Mae FNM.N plans to raise $7 billion through the sale of preferred stock, seeking to bolster its capital. Fannie’s dividend will be cut by 15 cents.

* The Supreme Court will hear arguments about the White House’s practice of indefinite detention. The outcome will shape President George W. Bush’s legacy.

* Singapore’s Temasek Holdings [TEM.UL] is providing half of the funding for a new $2 billion, private-equity fund set up by Goldman’s China partner.

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