October 23, 2007 / 3:44 AM / in 11 years

PRESS DIGEST - Wall Street Journal - Oct 18

Oct 18 (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.

* Investigators are scrutinizing the role of an indicted Houston businessman in a probe of possible fraud involving contracts for supplying food to troops in Iraq.

* Sony Corp (6758.T) is set to sell its advanced computer chip line to Toshiba Corp (6502.T) for an estimated $858 million. The sale is expected to include the manufacturing business for the chip used in the PlayStation 3.

* The U.S. Securities and Exchange Commission opened an informal probe into stock sales by Countrywide Financial Corp’s CFC.N Chief Executive Angelo Mozilo, deepening problems at the nation’s largest mortgage lender.

* China CITIC Bank Corp Ltd (601998.SS) (0998.HK) said it has not spoken to Bear Stearns Co Inc BSC.N about a stake, suggesting recent talk of a tie-up referred to past plans.

* Chrysler executives signaled several models may be dropped and the number of dealers may be cut in the next year under a new strategy.

* Apple Inc’s (AAPL.O) decision to open the iPhone to independent software developers could help it compete with rivals seeking to define cellphone technology standards.

* The Federal Communications Commission’s chairman wants to wrap up by year end debate on how many media properties a company should be allowed to own in a market.

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