January 16, 2009 / 5:17 AM / 10 years ago

PRESS DIGEST - Wall Street Journal - Jan 16

Jan 16 (Reuters) - The following were the top stories in The Wall Street Journal on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

* US Airways pilots executed a dramatic emergency landing Thursday on the Hudson River near midtown Manhattan, saving the lives of all 150 passengers and five crew members aboard Flight 1549.

* Now that Yahoo Inc YHOO.O has named a new chief executive, Microsoft Corp’s (MSFT.O) Chief Executive Steve Ballmer may finally be in a position to gain ground on Internet juggernaut Google Inc (GOOG.O) — and to reverse one of his biggest mistakes.

* The Senate cleared the way for President-elect Barack Obama to access the second half of the $700 billion financial rescue fund, alleviating some concern on Wall Street by setting the stage for another infusion into the weakening financial sector.

* Bank of America Corp (BAC.N) is expected to receive an emergency $20 billion from the U.S. after it took on billions of previously undisclosed losses from the Merrill takeover.

* House Democrats rolled out the details of an $825 billion economic stimulus package to combat what they called “a crisis not seen since the Great Depression,” but its immediate economic impact is unclear and the plan faces hurdles before becoming law.

* General Motors Corp’s (GM.N) bondholders formed a committee to negotiate a debt-for-equity swap that is key to obtaining new bailout monies.

* The Minneapolis Star Tribune filed for Chapter 11 bankruptcy on Thursday night. The filing comes less than two years after Avista Capital Partners, a private equity group, purchased the paper for $530 million.

* Samsung Electronics Co (005930.KS) said it would restructure itself into two operating divisions, one focused on consumer products like television sets and cellphones and the other on components such as memory chips and displays.

* Warner Brothers and Twentieth Century Fox have reached a settlement in their battle over the rights to ‘Watchmen,” an upcoming superhero movie. The terms of the settlement are confidential, said the studios.

* JPMorgan Chase & Co (JPM.N), the biggest U.S. bank in stock-market value and widely considered one of the healthiest, reported a 76 percent drop in fourth-quarter net income, which fell to $702 million, or seven cents a share.

* Yahoo Inc YHOO.O is paying its new chief executive, Carol Bartz, an annual salary of $1 million and linking her overall pay package tightly to her ability to revive the struggling Internet company’s share price, Yahoo disclosed.

* Pakistan said it has arrested all the Pakistan-based leaders of Lashkar-e-Taiba since November’s terrorist attacks on Mumbai, which the U.S. and India charge were planned and carried out by the militant group.

* Madoff investor J. Ezra Merkin was subpoenaed by New York’s attorney general, over whether his funds defrauded nonprofit groups.

* A Luxembourg court ordered the local branch of Swiss bank UBS AG UBSN.VX to pay French financial firm Oddo & Cie 30 million euros ($39.5 million), money that had been invested on behalf of clients with disgraced financier Bernard Madoff.

* Intel Corp’s (INTC.O) fourth-quarter profit plunged 90 percent and the semiconductor giant predicted even weaker conditions ahead, the latest evidence that the recession is rocking all segments of the high-tech industry.

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