Daily Wrap Up - July 9

By IBTimes Staff Reporter | July 09 2009 7:22 PM

Court ruling keeps GM sale on trackA decision by a Federal judge on Thursday kept General Motors on track for a sale of its best assets to a new GM. Judge Lewis Kaplan denied a request by a committee of asbestos personal injury claimants for a delay. He said issuing a stay would likely lead to the liquidation of GM, Reuters reported.

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Murdoch says media execs are bearish

News Corp. chief executive said media executives at a Sun Valley conference in Idaho were very bearish about their business. He said that mood was that it would take about five years at least before they saw any growth.

Chevron says profit gains offset by unfavorable currency exchange rates

Chevron Corp reported on Thursday that upstream earnings for the second quarter of 2009, compared with the first quarter, are expected to benefit from rising prices for crude oil, largely offset by unfavorable currency exchange rates. Upstream operations include the recovery and production of crude oil. The results represent a partial two month view of the company's results with another month still to be reported.