PRESS DIGEST – Wall Street Journal – Oct 22

Oct 22 (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.

* Finance ministers from the Group of 20 nations are under
pressure to reach a truce in what’s being called a global
“currency war,” but they will struggle to produce anything
substantive.

* Caterpillar Inc (CAT.N: ) became the latest U.S. company to
report a lift from Latin America – underscoring the region’s
rise as an engine propelling earnings when growth in much of
the developed world is distressingly slow.

* Nokia’s (NOK1V.HE: ) new chief executive unveiled plans to
cut 1,800 jobs and speed delivery of new products, part of his
strategy to turn around the company’s struggling smartphone
business.

* After billions of dollars spent on construction and a
one-year delay caused by a storm, Golden Pass LNG received a
long-awaited first shipment of super-chilled natural gas
Thursday at its terminal near the Texas-Louisiana border.

* One of the nation’s largest hedge funds is emerging as a
big winner of 2010, earning its managers and clients billions
in profits through a series of bearish bets on the U.S.
economy. Bridgewater Associates Inc has scored a return of
about 38 percent at its flagship fund, driven in part by a
multifaceted wager that the U.S. economy would be in worse
shape than many expected and the Federal Reserve would keep
interest rates low, say people familiar with the matter.

* Amazon.com Inc (AMZN.O: ) posted a 16 percent profit
increase as sales continued at breakneck pace, but the Internet
retailing giant also showed that it is spending heavily to
expand its business.

* GlaxoSmithKline Plc (GSK.L: ) said net profit fell 3.5
percent in the third quarter due to frugal government
health-care spending and other factors, and disclosed that it
has been subpoenaed by U.S. authorities examining its diabetes
drug Avandia.

* The U.S. Department of Agriculture’s failure to
accurately predict the size of the current corn-crop harvest
has undermined confidence of some investors in the agency’s
forecasting, which has for years been held as gospel.

* Credit Suisse Group (CSGN.VX: ) said Thursday its
third-quarter profit (Read more your timing to make a profit.) shrank 74 percent as earnings at its
securities unit were hit hard by a lull in activity and as
wealthy private clients held back from investments.

* A day after Chancellor of the Exchequer George Osborne
said he will extract as much tax as can be sustained from the
U.K.’s financial sector, the government announced details of a
new bank levy on the U.K.’s largest banks that will raise about
2.5 billion pounds (nearly $4 billion) in annual tax revenue
from 2012.

PRESS DIGEST – Wall Street Journal – Oct 22