September 17, 2008 / 5:48 AM / 10 years ago

PRESS DIGEST - Wall Street Journal - Sept 17

Sept 17 (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 U.S. government seized control of American International Group Inc (AIG.N), one of the world’s biggest insurers, in an $85 billion deal that signaled the intensity of its concerns about the danger a collapse could pose to the financial system.

* The U.S. Federal Reserve resisted Wall Street pressure to cut interest rates, even as deep fears continued to hang over financial markets. The decision to leave rates unchanged gives the Fed more time to gauge the impact of Wall Street turmoil on the overall economy.

* Senator John McCain and Senator Barack Obama differ on their plans and regulatory philosophies, but both are talking about shaking up Wall Street.

* Student loan provider Sallie Mae SLM.N and the U.S. Education Department are embroiled in a contract dispute that could delay efforts to shore up the student-loan market.

* Evaporating access to credit and fears of an economic washout are taking a toll on oil prices, forcing speculators using borrowed money out of the market.

* Wall Street firm Morgan Stanley (MS.N) reported a smaller-than-expected 7.7 percent profit decline that might help shake off some of the gloom swirling over the future of the investment firm, at least for now.

* Convinced just hours before that they’d lose their jobs and salaries, employees of Lehman Brothers LEH.N, got a surprise reprieve on Tuesday, after Barclays PLC (BARC.L) agreed to acquire the bulk of the Wall Street firm for $1.75 billion.

* In the face of slumping stock markets, continued weakness in U.S. auto sales and concern over the viability of Detroit’s Big Three car makers, Toyota Motor Corp (7203.T) expects to make money in its North America business this fiscal year.

* As the credit crisis continues to wallop the economy, one piece of good news stands out: Inflation is subsiding in the U.S. and parts of Europe and Asia.

* U.S. flash memory maker SanDisk Corp SNDK.O rejected Samsung Electronics Co Ltd’s (005930.KS) $5.8 billion offer, saying it constitutes an attempt to take advantage of the company’s depressed stock price.

* Dell Inc DELL.O said it is seeing “further softening” in global demand, raising questions about the health of the technology industry and fresh concerns about the computer maker’s turnaround efforts.

* The U.S. Food and Drug Administration banned imports of more than 30 generic drugs made by India’s Ranbaxy Laboratories Ltd RANB.BO, citing concerns about the safety of the company’s production practices.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below