May 22, 2008 / 5:44 AM / 11 years ago

PRESS DIGEST - Wall Street Journal - May 22

May 22 (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.

* Energy watchdog International Energy Agency is preparing a sharp downward revision of its global oil-supply forecast, a development that could further rattle the oil market.

* Power generator Calpine Corp CPN.N received an unsolicited merger offer from NRG Energy Inc (NRG.N), which proposed an all-stock transaction valuing the combined company at $22 billion.

* The U.S. Federal Reserve’s reduced expectations for the economy reflect continuing problems in the housing and credit markets, as well as rising food and energy prices. April minutes show the central bank is likely to hold rates steady through much of this year.

* American Airlines, a unit of AMR Corp AMR.N, will cut capacity by up to 12 percent in the fourth quarter and will begin charging some domestic passengers $15 to check a bag to cope with surging fuel costs. The moves could lead to job losses in the thousands.

* At Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N), Merrill Lynch & Co MER.N and Morgan Stanley (MS.N), proposals to give investors a direct say on executive pay got an average of 37 percent of shareholder votes.

* A Quebec appeals court rejected the buyout of Canadian telecommunications giant BCE (BCE.TO), casting a dark cloud over the troubled deal’s outcome.

* Time Warner Cable Inc TWC.N soon will be free of lumbering parent Time Warner Inc TWX.N — but at a heavy cost. The company will have to borrow $10.9 billion to fund a special one-time dividend of $10.27 a share.

* A drug-watchdog group raised concerns about serious side effects newly linked to Pfizer Inc’s (PFE.N) popular anti-smoking drug, Chantix, casting a pall over a drug already dogged by psychiatric issues.

* Florida will test Senator Barrack Obama’s ability to put together a field organization of his own. While the Democratic frontrunner is even with Senator John McCain in Florida polls, the Arizona senator stands to benefit from the political machine of the state’s Republican governor.

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