Thursday October 22, 06:26 AM
PRESS DIGEST - Wall Street Journal - Oct 22
Oct 22 (Reuters) - The following were the top stories in The Wall Street Journal on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.
* Embattled hedge-fund giant Galleon Group will close, collapsing amid an insider-trading case that investigators say had its roots in a 2005 job search by a California hedge-fund manager facing a financial squeeze.
* A Saudi family feud, which is rippling through the world banking industry, offers a look inside the region's private business clans, where empires are built on bloodlines and trust.
* The U.S. pay czar will slash in half the average compensation for 175 employees at Wall Street firms receiving large sums of federal aid.
* Some of the biggest Wall Street firms are back in the political-spending game after hunkering down while they were getting government bailout funds.
* Ebay Inc (NASDAQ: EBAY - news) 's third-quarter results showed improvements in the company's struggling online marketplace, but its cautious guidance took some of the fervor out of Wall Street's recent optimism.
* U.S. consumer spending was weak in most parts of the U.S. during late summer and early fall, leaving unexciting prospects for economic growth into the rest of 2009. The U.S. Federal Reserve said its 12 districts indicated either stabilization or modest improvements from depressed levels in many sectors of the economy.
* The Obama administration's cutbacks in big weapons programs and new Pentagon priorities are making this year look like the end of a winning streak for defense contractors. Boeing Co (NYSE: BA - news) and Northrop Grumman Corp (NYSE: NOC - news) posted sound quarterly operating results for their defense businesses, but continue to face uncertainty over long-term growth in defense spending.
* Morgan Stanley (NYSE: MS - news) found its trading touch in the third quarter, turning its first quarterly profit since the global financial crisis in late 2008 threatened the Wall Street firm's survival.
* The euro briefly topped the $1.50 level against the dollar on Wednesday, for the first time in 14 months, as a broad selloff of the greenback gained pace.
* China's economy grew 8.9 percent in the third quarter as its recovery becomes broader and potentially more sustainable, a shift that may provide support for the still-fragile global economy.
* China is ratcheting up its cyberspying operations against the U.S., a congressional advisory panel found, citing a carefully orchestrated campaign against one U.S. company.
* State-run Korea National Oil Corp, or KNOC, will buy Canada's Harvest Energy Trust for $1.8 billion plus the assumption of debt, the largest acquisition of a foreign oil firm by a South Korean company. Keywords: PRESS DIGEST/WSJ
(Compiled by Tenzin Pema; Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780)
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