In The Newz

WSJ: GMAC needs to make $1 billion in expense cuts.

WSJ: Tobacco firms lost a major court appeal.

NYT: Job losses are pushing defaults from sub-prime loans to prime loans.

NYT; Ad revenue on the web is weakening and start-ups are trying to get revenue from alternative sources.

NYT: Linux is becoming the key to Intel’s (INTC) move into software.

NYT: Warner Music is the strongest of the record labels and could get stronger by buying EMI.

NYT: The nuclear power business is trying to classify itself as renewable energy.

NYT: Chapter 11 is still an option for Opel.

FT: China is stuck in a “dollar trap” as it continues to buy the currency at record levels.

FT: Toyota (TM) is pushing so hard for lower parts prices that its relationship with suppliers is becoming strained.

Bloomberg: German business confidence rose for the second month in a row.

Bloomberg: PetroChina’s (PTR) stock is up enough to match Exxon Mobil (XOM) as the world most valuable company

AP: Investors are awaiting housing and consumer confidence data to determine if the market rally can continue.

AP: The recession is humbling the high tech sector.

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