Newspaper wrap-up: Disney to spend $1.1B to improve theme park

MAJOR PAPERS:

GMAC's Residential Capital, which is owned in part by General Motors Corporation (NYSE: GM), is today expected to announce the cutting of 25% of its 12,000 employees, reported the Wall Street Journal (subscription required).
Walt Disney's (NYSE: DIS) struggling California Adventure theme park is about to get a $1.1B makeover over five years, reported the Wall Street Journal.

OTHER PAPERS:

General Motors said today that it will lay off 767 workers at its HamTramck assembly plant and cut one of the two shifts, reported the Detroit News.
Chrysler may eliminate as many as five vehicle models this month, according to the Detroit Free Press, citing a source.
Brazilian authorities raided Cisco Systems' (NASDAQ: CSCO) vehicles and seized merchandise, following a two-year investigation into alleged tax avoidance on products shipped from offshore havens, reported the U.K. Times.

WEBSITES:

According to a totally unsubstantiated rumor, News Corporation's (NYSE: NWS) MySpace is going to acquire RockYou, a top Facebook application developer, for $800M, reported ValleyWag.com.

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