December 14, 2007 / 6:50 AM / 11 years ago

PRESS DIGEST - Wall Street Journal - Dec 14

Dec 14 (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.

* Citigroup Inc (C.N) is bailing out seven affiliated structured investment vehicles (SIVs), bringing $49 billion in assets onto its balance sheet and further denting its capital base. The move likely signals the death knell of an industrywide effort to create a rescue fund for SIVs.

* Former Senator George Mitchell’s report is unlikely to affect baseball in the long term, experts say. The report alleged that nearly 80 players used performance-enhancing drugs and steroids in recent years, including Roger Clemens, Barry Bonds and Miguel Tejada.

* Goldman Sachs’ (GS.N) big bet that securities backed by subprime mortgages would fall in value generated nearly $4 billion of profits for the firm. Next week, Goldman is expected to report record net annual income of more than $11 billion.

* Federal Communications Commission Chairman Kevin Martin said he plans to move forward with a vote on relaxing media-ownership rules. Separately, the Senate dropped a $21 billion tax package from the energy bill, appearing to hand U.S. President George W. Bush a victory.

* Japanese companies have grown less optimistic about business conditions as credit-market problems cloud the global-economic outlook and rising raw-material prices chip away at corporate profits.

* Deutsche Lufthansa AG (LHAG.DE) plans to buy 19 percent of JetBlue Airways Corp (JBLU.O) for about $300 million, a deal that comes ahead of the U.S. and European Union’s “open skies” pact.

* Central banks are working to influence how financial-market participants manage liquidity risk, a Federal Reserve official said.

* Microsoft Corp (MSFT.O) was accused of abusing its dominant position in Internet browsers — the first major new antitrust complaint against the tech giant since it lost a landmark European Union case in September.

* A Food and Drug Administration advisory committee, for the third time, rejected Merck & Co’s (MRK.N) bid to sell the cholesterol drug Mevacor without a prescription, saying it wasn’t clear that consumers would use the medication correctly.

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