PRESS DIGEST - Wall Street Journal - June 20
June 20 |
June 20 (Reuters) - The following were the top stories in the Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.
* G20 leaders papered over their differences after clashing over euro-zone turmoil, deferring decisions to other meetings despite warnings of another global crisis.
* Microsoft's first-ever homegrown computer has created confusing new battle lines in the tech sector, turning longtime allies into rivals and underscoring a philosophical split over the purpose and future of tablet-style devices.
* Walgreen agreed to buy a minority stake in pharmacy giant Alliance Boots in a $6.7 billion cash-and-stock deal.
* Brady Dougan, long lauded for safely steering Credit Suisse Group through the financial crisis, finds himself under mounting pressure over the bank's recent performance.
* A CFTC subcommittee is expected to propose a roughly 60-word definition of high-frequency trading that would define it broadly, a bad sign for traders who had hoped for narrower language.
* News Corp has offered $2 billion to buy Consolidated Media Holdings in a move that if successful will strengthen the company's interest in Australia's largest pay TV network.
* Facebook Inc is getting support from two big-name advertisers after tough questions over the effectiveness of its ads.
On Tuesday, Ford Motor Co and Coca-Cola Co separately said they found value in Facebook advertising and Ford plans to expand its use of the social network in advertising.
* After a real-estate development drought that stretches back to 2008, a handful of high-risk real-estate projects are moving forward in major U.S. cities.
But instead of relying on debt markets as they did during the boom, developers are financing these projects with equity, mostly from outside investors.
* James Dimon's second visit to Capitol Hill in a week to discuss multibillion-dollar trading losses quickly morphed into a discussion of sworn oaths, gambling and making millions on Wall Street.
* Some pension funds and other big investors are rushing to cut their exposure to aging private-equity investments known as "zombie" funds-using various methods that demonstrate the complexity of the problem.
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