Newspaper wrap-up: Pakistan declares emergency state, suspends constitution

MAJOR PAPERS:

In a setback for U.S. foreign policy, General Musharraf of Pakistan has imposed emergency rule amidst a political crisis, tightly controlling the courts, and media outlets, in addition to holding about 500 government opponents and changing several Supreme Court justices, according to the Wall Street Journal (subscription required).
For the first time in 20 years, the Writers Guild of America, whose members total 12,000, has failed to reach an agreement with the Alliance of Motion Pictures and Television Producers, and a strike is expected to take effect today, reported the Wall Street Journal.
Kraft Foods (NYSE: KFT) may sell its Post cereals to Ralcorp Holdings (NYSE: RAH) for about $2.8B, according to the Wall Street Journal.

OTHER PAPERS:

The U.K. Times reported that Vodafone Group (NYSE: VOD) is the frontrunner to acquire a 25% stake in Telekom International, a division of state-controlled Telekom Malaysia.
Shares of British supermarket chain J Sainsbury (OTC: JSAIY) plunged 18% in London today after Qatar Investment Authority abandoned its GBP10.6B bid for Sainsbury, reported the U.K. Times.
Google (NASDAQ: GOOG) is expected to hold a press conference today to unveil a suite of software for mobile phones that will be based on open-source technology and will be backed by some of the largest wireless industry companies in the world, reported CNet.com.