PRESS DIGEST – Wall Street Journal – May 21

May 21 (BestGrowthStock) – 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.

* The Senate on Thursday approved the most extensive
overhaul of financial-sector regulation since the 1930s, hoping
to avoid a repeat of the financial crisis that hit the U.S.
economy starting in 2007.

* Facebook, MySpace and several other social-networking
sites have been sending data to advertising companies that
could be used to find consumers’ names and other personal
details, despite promises they don’t share such information
without consent.

* France joined Germany in calling for tougher rules to
prevent big government deficits and said they would work
together on measures to stabilize the euro zone, as the
currency bloc struggles to restore markets’ shaken confidence
about its future.

* Officials in the U.S. and Europe concerned about the
euro’s decline are cautiously talking about a policy tool they
haven’t used in a decade: intervening in currency markets.

* The FDIC said the U.S. banking industry (Read more about the banking industry recovery.) continued to face
challenges in the first three months of 2010, with more
borrowers falling behind on loans, lending continuing to
decline and more banks expected to fail.

* Google Inc (Read more about Google Stock Analysis) (GOOG.O: ) detailed its long-awaited plans for
entering the living room, based on software that melds
conventional TV programming with content delivered from the
Internet.

* A senior Chinese finance official called on major
reserve-currency nations to keep their exchange rates stable
amid the euro-zone debt crisis, suggesting that China will wait
for more clarity in Europe before allowing its own currency to
fluctuate in value.

* The dramatic unwinding of a highly leveraged trading
strategy embraced by hedge funds contributed to the global
market selloff on Thursday.

* New claims for jobless benefits soared last week, a
worrisome sign for the slowly recovering labor market.

* Thousands of demonstrators took to the streets of Athens
on Thursday as part of a 24-hour nationwide general strike to
protest the Greek government’s austerity measures and pension
reforms.

* The U.K.’s Court of Appeal on Thursday overturned an
injunction that prevented a strike by cabin crew at British
Airways Plc (BAY.L: ), clearing the way for industrial action.

* Dubai World [DBWLD.UL], the government-owned conglomerate
whose debt woes roiled markets late last year, has reached a
broad agreement to pay off its creditors and reduce its $23.5
billion of debt, lifting a cloud of uncertainty that hung over
the emirate’s economy.

stock market

PRESS DIGEST – Wall Street Journal – May 21