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PRESS DIGEST - Wall Street Journal - May 11
May 11, 2012 / 6:33 AM / 6 years ago

PRESS DIGEST - Wall Street Journal - May 11

May 11 (Reuters) - 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.

* JPMorgan has taken $2 billion in trading losses in the past six weeks and could face an additional $1 billion in second-quarter losses due to market volatility.

* Morgan Stanley asked the hedge fund firm being closed down by the securities firm’s former co-president, Zoe Cruz, for its money back.

* Warren Buffett’s Berkshire Hathaway emerged as a major backer of Coty’s bid for struggling beauty company Avon, but Berkshire’s support had the unexpected effect of signaling the deal might never come together.

* China has told the Big Four auditors to hand over control of Chinese operations to local partners, amid tensions over auditing problems.

* Procter & Gamble is moving its global beauty, skin, cosmetics and personal-care unit to Singapore from Cincinnati.

* Prime Minister Mario Monti is jockeying to position Italy as a mediator between Germany and weaker euro-zone economies, an effort ultimately aimed at broadening Europe’s decision-making beyond the traditional Franco-German axis that has so far called the shots in fighting the crisis.

* T-Mobile USA said it lost more than a half million of the most lucrative customers in the first quarter, casting doubt on whether the company can regain momentum after regulators blocked its sale to AT&T Inc.

* Google is gearing up for a possible FTC fight, funding analysis by third-party lawyers and economists to make the case that its activities don’t violate antitrust law.

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