PRESS DIGEST - Wall Street Journal - May 9
May 9 (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.
* Ian Bruce Eichner is on the verge of losing control of his partially completed Cosmopolitan Resort Casino project in Las Vegas. The developer's talks with Deutsche Bank (DBKGn.DE) come 16 years after a similar loss in Times Square.
* Venezuela's President Hugo Chavez has broad ties to the Revolutionary Armed Forces of Colombia, or FARC rebels, a review of computer files suggests, likely boosting pressure for the U.S. to impose sanctions on one of its most important oil suppliers.
* Surging U.S. exports on a range of goods are hitting a bottleneck at the nation's overloaded ports. A dearth of shipping containers threatens to crimp profits for farmers and agricultural processors and could further boost food prices.
* In a sign that crisis continues to reverberate through the financial sector, American International Group Inc (AIG.N) reported multibillion-dollar losses. The giant insurer also announced that it would raise $12.5 billion in capital to replenish its balance sheet.
* The global surge in food and energy prices is being driven primarily by fundamental market conditions, rather than an investment bubble, say the majority of economists in the latest Wall Street Journal forecasting survey.
* In the latest sign that Hollywood studios are gun shy about the art-house movie market they once coveted, Warner Brothers said it is shutting down its two specialty film labels as part of a broader effort to streamline costs.
* Operating profit at Tribune Co's publishing division dived 74 percent in the first quarter, the newly private company said, even as its broadcasting operations posted improved results.
* U.S. retailers rang up higher sales in April than a year earlier, posting their biggest increase in months. While the news prompted some to boost their earnings forecasts, it doesn't mean good times are returning for consumers.
* In a widely expected succession plan, Alcoa Inc (AA.N) named its president and chief operating officer, Klaus Kleinfeld, as chief executive to succeed Alain Belda, who will remain as chairman.
* United Airlines parent UAL Corp (UAUA.O), battered by surging costs for fuel and other items, reorganized its top management and won a yearlong waiver on the debt covenants of a $1.5 billion credit facility.
