August 28, 2008 / 4:56 AM / 10 years ago

PRESS DIGEST - Wall Street Journal - Aug 28

Aug 28 (Reuters) - The following were the top stories in The Wall Street Journal on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.

* Senator Barack Obama formally won the Democratic nomination, making him the first African-American presidential nominee, as veteran Senator Joe Biden, his running mate, emphasized his working-class roots and foreign-policy experience in a bid to draw supporters.

* MVM Inc, one of the biggest security contractors used by U.S. intelligence agencies, has lost the bulk of a Central Intelligence Agency contract in Iraq after failing to provide enough armed guards, according to company emails and contractors familiar with the decision.

* Fannie Mae FNM.N shook up its top management, naming a new chief financial officer and chief risk officer, as the mortgage giant seeks to restore investor confidence in its capital plans.

* The economic slowdown is still hurting the global handset market as consumers delay purchases, research firm Gartner Inc said in its quarterly report on the industry.

* American workers’ confidence in the job market is as low as it was during the 2001 recession, according to a new survey. When asked whether this is a bad time to find a quality job, 65 percent said it was, matching the level of the 2001 recession, according to the survey by Rutgers University’s John Heldrich Center for Workforce Development.

* A growing number of record companies are trying to steer clear of Apple Inc’s (AAPL.O) iTunes, because they say selling single songs is crimping overall music sales.

* Xcel Energy Inc XEL.N agreed to expand its disclosures about the possible impact of climate-change and greenhouse-gas laws on its business under a settlement with New York state.

* Lehman Brothers Holdings Inc LEH.N apologized for issuing a report on the semiconductor industry that in places “closely resembled” two 2007 reports authored by a Sanford C. Bernstein analyst.

* The credit crunch squeezing Detroit’s Big Three auto makers is now spreading to some of their dealers, adding financial pressure to a group already strained by this year’s big drop in auto sales.

* The U.S. Securities and Exchange Commission kicked off a process that could ultimately require all American companies to follow international accounting standards. The agency’s proposals could eventually cut costs for companies and smooth cross-border investing. But investors worry it will create confusion, especially during the transition.

* World-wide spending on servers, the powerful machines businesses rely on as part of their computer networks, is showing signs of slowing down as manufacturers resort to price cuts, according to market-research provider IDC.

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