PRESS DIGEST – Wall Street Journal – May 3

May 3 (BestGrowthStock) – The following were the top stories in The
Wall Street Journal on Monday. Reuters has not verified these
stories and does not vouch for their accuracy.

* New York police investigating a failed Times Square
bombing are seeking a white man in his 40s captured on a
security video looking “in a furtive manner” over his shoulder
in the direction of an SUV rigged to explode that was left
abandoned in one of the America’s busiest neighborhoods.

* UAL Corp’s (UAUA.O: ) United Airlines is expected to
announce early Monday that it will merge with Continental
Airlines Inc (CAL.N: ) in a share swap valued at more than $3
billion, a deal that would create the world’s largest airline.

* Euro-zone countries and the International Monetary Fund,
seeking to halt a widening European debt crisis that has
threatened the stability of the euro, agreed to extend Greece
an unprecedented 110 billion euros ($147 billion) rescue in
return for Draconian budget cuts.

* Federal Deposit Insurance Corp Chairman Sheila Bair has
urged lawmakers to scrap a controversial Senate plan that would
force banks to spin off their derivatives businesses, saying it
could destabilize banks and drive risk into unregulated parts
of the financial sector.

* Documents in the Senate investigation probing Goldman
Sachs Group Inc’s (GS.N: ) actions in the mortgage market
disclose how Wall Street banks repackaged the same risky bonds
into securities that ultimately helped magnify the impact of
defaulting subprime mortgages on the financial system.

* At Berkshire Hathaway Inc.’s annual meeting here this
weekend, Warren Buffett, the legendary investor mounted a
vigorous defense of Goldman Sachs Group Inc (GS.N: ), sued for
civil fraud by regulators and under assault by Congress for its
business dealings. And he praised the business model of Moody’s
Corp, whose ratings agency has been lambasted as too cozy with
bankers.

* Norway’s Norsk Hydro ASA (NHY.OL: ) struck a $4.9 billion
deal Sunday to take over mining company Vale SA’s (VALE5.SA: )
aluminum operations in Brazil, a move the aluminum producer
said secures enough raw material to run its operations for
decades.

* Shopping-mall owner General Growth Properties Inc (GGP.N: )
on Sunday selected as its preferred option for exiting
bankruptcy a revised proposal led by Brookfield Asset
Management Inc (BAMa.TO: ) over a competing offer from rival mall
giant Simon Property Group Inc (SPG.N: ), a person familiar with
the matter said.

* Zale Corp (ZLC.N: ) said it has reached an agreement with
Citigroup Inc’s (C.N: ) Citibank to defer a $6 million payment to
May 31 as it negotiates with the bank on a new credit-card
arrangement.

* Jean-Louis Dumas, who transformed Hermes, his family’s
company, into one of France’s most exclusive luxury houses,
died Saturday in Paris, an event that could test the clan’s
devotion to the business.

* Consumer complaints about certain over-the-counter
children’s medications spurred an investigation that led to a
recall of more than 40 different products because of
manufacturing problems, according to officials at a unit of
Johnson & Johnson (JNJ.N: ).

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PRESS DIGEST – Wall Street Journal – May 3