PRESS DIGEST – Wall Street Journal – Oct 20

Oct 20 (BestGrowthStock) – 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.

* In tourist towns and fishing villages along the Gulf
Coast, there is rampant confusion and frustration about the
payment decisions and timing of BP Plc’s (BP.L: ) Gulf Coast
Claims Facility.

* A probe into five of the country’s largest mortgage
servicers called some ‘significantly worse than others’ in how
they handle home loans.

* Bank of America Corp (BAC.N: ) and some of its largest
mortgage investors clashed on Tuesday as the bank vowed to
fight government-backed demands that it repurchase loans that
allegedly didn’t meet underwriting guidelines and other
promises.

* China surprised investors by raising interest rates,
sparking a world-wide sell-off in stocks, commodities and
emerging-markets currencies as investors lowered their
expectations for Chinese growth, which has been seen as a key
driver of the global economy.

* China’s move to slow its economy collided with concerns
about the foreclosure crisis to roil financial markets on
Tuesday. The Dow Jones Industrial Average (.DJI: ) had its worst
day since mid-August, falling below 11000 and wiping out two
weeks of gains.

* Staffers of the New York Attorney General’s office and
representatives of former Obama administration official Steven
Rattner discussed a possible settlement over his role in the
wide-ranging pension pay-to-play scheme.

* Manufacturing companies have been among the best profit
generators this year, but the party crashers are beginning to
arrive in the industrial sector in the guise of rising costs
and slowing sales gains.

* Top technology executives found themselves in another
round of back-biting this week, after Apple Inc (Read more about Apple stock future.) (AAPL.O: ) Chief
Executive Steve Jobs went out of his way to publicly criticize
his competitors and their products. Jim Balsillie, co-chief
executive at BlackBerry maker Research In Motion Ltd (RIM.TO: ),
fired back, saying that he thinks “many customers are getting
tired of being told what to think by Apple.”

* After posting another quarter of sluggish revenue growth,
Yahoo Inc (YHOO.O: ) Chief Executive Carol Bartz defended her
strategy and sidestepped questions about private-equity firms
discussing a potential bid for the Internet media company.

* Saskatchewan’s government is expected to issue a report
critical of BHP Billiton’s (BLT.L: ) proposed $38.6 billion
takeover of Potash Corp of Saskatchewan (POT.TO: ).

* Massey Energy Co’s (MEE.N: ) huge Appalachian reserves of
steelmaking coal are expected to attract suitors ranging from
mining companies to steelmakers to private-equity firms if
Massey puts itself on the block.

* The U.S. Federal Reserve announced plans to amend several
credit-card regulations and block some practices that issuers
have used to circumvent new credit-card laws. The proposed
rules would restrict offers designed to get around regulations
governing interest-rate increases.

* Goldman Sachs Group Inc (GS.N: ) reported its second
consecutive quarterly profit decline as the securities firm
wrestles with recalibrating itself to fit the uncertain
regulatory and economic environment.

PRESS DIGEST – Wall Street Journal – Oct 20