PRESS DIGEST - Wall Street Journal - Dec 3
Dec 3 (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.
* Detroit's Big Three auto makers presented turnaround plans to Congress on Tuesday that indicate both General Motors Corp GM.N and Chrysler LLC could collapse by the end of the month unless they get billions of dollars in emergency government loans.
* In the latest evidence of how Wall Street is seeking to broaden its sources of funds, Goldman Sachs Group Inc (GS.N) is weighing whether to launch an Internet banking operation, according to people familiar with the situation.
* A bump in sales on Black Friday, the traditional kickoff to the holiday shopping season, wasn't enough to prevent November sales of apparel, luxury goods and electronics from plunging below year-ago levels, according to new data from MasterCard SpendingPulse.
* Google Inc (GOOG.O) is ratcheting back spending and cutting new projects and employee perks as revenue growth has slowed over the past year.
* U.S. Treasury Secretary Henry Paulson is debating whether to ask Congress for the second installment of the $700 billion bailout package, concerned about competing demands for the funds and a potentially hostile reaction from lawmakers.
* This week, Ramius Capital Group is telling investors that the firm will close four funds with a combined $550 million in assets concentrated in convertible bonds, distressed credit and securities of merging companies. Meanwhile, Ramius's biggest fund, the $2.1 billion multistrategy Ramius Fund, could shrink by about $500 million or more if investors stick with plans to pull money, according to people familiar with the fund.
* U.K. banks grappling with frozen credit markets and mortgage defaults are facing a new threat to their bottom lines: consumers unable to pay off credit-card bills and personal loans.
* MySpace plans to announce Wednesday that users who access the site via certain mobile devices now will be able to watch video there, too. The move makes MySpace the first social network to enable mobile video streaming.
* General Electric Co (GE.N) encouraged investors with its latest plan to fund its financial-services unit while shrinking the operation. GE shares rose 14 percent even though the conglomerate lowered its financial forecast for the third time this year.
* If American International Group Inc (AIG.N) can sell off assets to repay a massive government loan, then the company will again seek to renegotiate the terms of its rescue package, the giant insurer's chief executive, Edward Liddy, said in an interview.
* Private security firm Blackwater Worldwide began holding meetings in London on Tuesday with potential clients for a new business venture -- protection from pirates.
