December 31, 2009 / 6:02 AM / 9 years ago

PRESS DIGEST - Wall Street Journal - Dec 31

Dec 31 (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.

* The U.S. International Trade Commission sided with U.S. steelmakers in a case over Chinese steel, voting that U.S. industry has been damaged by imports of subsidized steel from China.

* Mortgage lenders and brokers will be required to give consumers better estimates of the barrage of costs they incur when taking out loans.

* Prosecutors filed court papers saying they intend to file a criminal information against former McKinsey & Co partner Anil Kumar in the Galleon insider-trading case if he waives indictment.

* The Treasury Department on Wednesday said it will provide GMAC Financial Services with an additional $3.8 billion in capital and assume a majority stake in the firm.

* American Tower Corp (AMT.N), which operates and develops wireless communications sites, is in talks to acquire a controlling stake in India’s Essar Telecom Infrastructure, a person involved in the process said Wednesday, helping to expand the U.S.-based company’s footprint in the fastest-growing telecommunications services market in the world.

* Time Warner Cable Inc TWC.N and News Corp (NWSA.O) traded barbs on Wednesday as they face a New Year’s deadline in their landmark fight over TV-programming fees. If the fight remains unresolved it will threaten millions of cable-TV subscribers with the loss of Fox broadcast programs, including big football games, in coming days.

* When Jeff Smisek takes over Friday as chairman and chief executive of Continental Airlines Inc (CAL.N), he will move only a few feet — at least initially.

* U.S. digital-marketing firm iCrossing has hired Bank of America (BAC.N) and is holding talks with potential suitors.

* U.S. health regulators rejected a promising antibiotic being developed by Johnson & Johnson (JNJ.N) and Swiss partner Basilea Pharmaceutica (BSLN.S) for complicated skin infections, telling the companies it had serious questions about the reliability of late-stage clinical trials J&J conducted to make the case for approving the drug.

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