The media has been filled with reports about how poorly the advertising at The New York Times Company (NYSE: NYT) has been doing. The company has $400 million in debt due next year. It is trying to sell its part of the parent company of The Boston Red Sox. NYT is even attempting to mortgage its headquarters building.

Bringing in new money won't do much long-term if revenue keeps falling. Cutting costs would.

One of the sections of The New York Times that must be costly to run is its business section. Looking at all the bylines, the staff must be in the dozens. But, a great deal of what runs in the business pages is not unique. Most of its is covered by Reuters, Bloomberg, FT, or The Wall Street Journal.

As the cost of being in the news business stays high and revenue drops, networks are pooling reporting resources. Newspapers are sharing coverage of certain geographic areas. Websites such as Politico are offering newspapers coverage of Washington to save money on having bureaus following the federal government.

The New York Times might be better off if it cut a deal with Bloomberg or the FT to handle its business section. The paper would still be competitive with The Wall Street Journal, and the move might be the start of a system to save a lot more money by doing something similar with other parts of the Times.

Douglas A. McIntyre is an editor at 24/7 Wall St.

I am the Global Editor at MoneyShow.com and each week I interview an investing expert. This week, I spoke with Allan Nichols, editor of Morningstar InternationalInvestor, who identifies the pitfalls and opportunities in global market today.

Q. Allan, how can investors protect themselves should the financial crisis in the US result in prolonged bear markets around the world?

A. Studies have shown the majority of returns from the stock market have been concentrated over a relatively few days, so it is important to have some exposure. My experience, though, has shown bear markets last longer than you think. Asset allocation is particularly important and I would increase cash from my bond allocation rather than from my stocks. Now is the time to buy really high-quality stocks at attractive prices, those that have sustainable advantages, or what Morningstar calls "moats."

Morningstar borrowed the concept of a moat from Warren Buffett. Just as a moat around a castle protected the castle from invaders, a company's moat protects the firm from competition. Moats can be generated from being the low-cost producer; having intangible assets, such as patents or other unique intellectual property; and high switching costs that make it uneconomical to change to another product or service. All of these improve a firm's ability to compete as well as earn returns above its cost of capital.

While the euro has risen by as much as 40% against the dollar since 2002, emerging market currencies have only seen gains of 17%.

Should investors sniff an opportunity?

Well, yes and no.

An article out this morning by the Financial Times examines this disparity.

The FT says, "Fear is part of the answer. Investors haven't forgotten the emerging market currency devaluations of the 1990s and early 2000s. For them it's 'no thanks, too risky.'"

Investors already hold emerging market equities in their portfolios, and according to the FT, investors might feel that these equity positions suffice for currency exposure.

Today's Financial Times reports that mortgage lenders in England were warned by the UK's Financial Services Authority (FSA) on Tuesday to brace for "very difficult" market conditions next year as at least 1.4 million homeowners face a sharp jump in loan repayments.

The FT cites three reasons why concern is growing regarding the stability of some smaller UK mortgage lenders: the collapse of Northern Rock (LSE: NRK), the slowdown in the housing market and rising lending rates between banks.

The same article quotes the FSA as prognosticating that there is "a very real prospect that conditions will worsen further into next year, in terms of both liquidity and credit risks."

MAJOR PAPERS:

• Following Chrysler's lead to cut costs in relation to slowing sales, Ford Motor Company (NYSE: F) may cut its 2008 spending by 15%, according to the Wall Street Journal (subscription required).
• The Writers Guild of America, battling with Hollywood film and TV producers, is expected to call for a strike, reported the Wall Street Journal.
• Siemens AG (NYSE: SI) CEO Peter Loscher is getting ready to implement aggressive earnings targets for the company's senior managers, as well as thousands of job cuts, reported the Financial Times (subscription required).

OTHER PAPERS:

• According to two people familiar with the talks, the latest round of negotiations to buy Trump Entertainment Resorts (NASDAQ: TRMP) have fallen apart, reported the New Jersey Star-Ledger.
• From BusinessWeek's "Inside Wall Street" column:
  
• Investors may now be looking at AT&T (NYSE: T) as a "high-quality stock for the long haul," says Justin Hellman of Value Line.
• While many investors may be looking at Clinical Data's (NASDAQ: CLDA) possible blockbuster antidepressant drug and genetic test, they are banking on the company's Chairman Randal Kirk, who controls 40% of the stock.
• MoneyGram International (NYSE: MGI) may be looking for buyers, and John Bendall, CEO of Hermitage Capital, thinks it is worth $30 a share.
  

MAJOR PAPERS:

• Next year the sale of prescription drugs in the U.S is expected to be the slowest in years, resulting from tough regulation and cost-controls, according to IMS Health Inc., a health-care information and consulting firm, and reported by the Wall Street Journal.
• NYSE Euronext (NYSE: NYX) has paid $90M for a 1% stake in Bovespa, the owner of Brazil's largest exchange. The move is seen as an attempt by NYSE Euronext to increase its presence in Brazil, reported the Financial Times.

OTHER PAPERS:

• The U.K. Times reported that British telecom company BT Group (NYSE: BT) is expected to announce that it will cut thousands of jobs when it reports its Q2 results next week.
• Merrill Lynch (NYSE: MER) has notified pension boards that it is being investigated by the Securities and Exchange Commission, which believes the company may have violated federal regulations, reported the South Florida Sun-Sentinel.
• The Detroit News reported that Ford Motor Company (NYSE: F) and the UAW talks adjourned at 1am and will continue later this morning. Sources say that progress was made in the talks although no agreement was reached.

MAJOR PAPERS:

• In a potential breakthrough for Google (NASDAQ: GOOG) , Verizon Communications (NYSE: VZ) and Vodaphone Group's (NYSE: VOD) Verizon Wireless, and Sprint Nextel Corporation (NYSE: S) are both in talks about Google's new mobile phone operating system, reported the Wall Street Journal (subscription required).
• Congress approved a seven year extension of ban on Internet tax, voting 402-0, and President Bush is expected to sign the bill, according to the Wall Street Journal.
• Stan O'Neal may be gone, but the SEC's enforcement staff is now looking at how Merrill Lynch (NYSE: MER) informed investors about its $8.4B write-down that forced O'Neal out, reported the Wall Street Journal.
• CLP Holdings (OTC: CLPHY), Hong Kong's largest power company, is planning to bid for electricity assets in Australia, India, Singapore and other countries in Southeast Asia, reported the Financial Times (subscription required).

OTHER PAPERS:

• The Star reported that life insurance company Manulife Financial Corporation (NYSE: MFC) is open to making acquisitions in Malaysia if suitable opportunities in the country arise, according to Manulife's senior executive vice-president and general manager for Asia, Robert A. Cook.
• The U.K. Times reported that British Airways' (OTC: BAIRY) plans to create a new airline offering flights between Europe and New York have been thrown into disarray after the Federal Aviation Administration threatened to block any increase of air traffic into New York's chronically congested JFK Airport.

MAJOR PAPERS:

• According to the Wall Street Journal's "Heard on the Street," Frederick Cannon of Keefe, Bruyette & Woods says that Countrywide Financial Corporation (NYSE: CFC) stock will "underperform" the market, and that they haven't indicated that they can "earn above its cost of capital" especially when future mortgage losses are unclear.
• Last month Bear Stearns (NYSE: BSC) reported a 61% fall in third quarter earnings and chairman and CEO James Cayne has announced that 300 staffers are being laid off, according to the Wall Street Journal.
• As a result of banking reforms in Japan, JP Morgan Chase (NYSE: JPM) CEO Jamie Dimon says the bank is ready to make a significant acquisitions there, according to the Financial Times.

OTHER PAPERS:

• Ford Motor Company (NYSE: F) intends to close six unnamed plants that the UAW wants to remain open, and the company is willing to compromise if the UAW agrees to certain concessions, reported the Associated Press.
• On the heels of a strong third quarter, mall developer Simon Property Group (NYSE: SPG) is in a buying mode, looking for troubled companies, reported the Indianapolis Star.

MAJOR PAPERS:

• Walter S. Mossberg, who writes the Wall Street Journal's "Personal Technology" column, reviewed Apple's (NASDAQ: AAPL) new Leopard operating system, and said it was "better and faster than [Windows] Vista".
• Eli Lilly (NYSE: LLY) is halting two small studies of the most promising drug in its pipeline, prasugrel, which it hopes will bring over $1B a year in sales for the drug maker, reported the Wall Street Journal (subscription required).
• The Wall Street Journal reported that Microsoft Corporation (NASDAQ: MSFT) has beaten Google (NASDAQ: GOOG) in a closely watched contest, winning a minority stake in Facebook for $240M, and the right to sell advertising on the
  Facebook site outside the U.S..
• JPMorgan Chase (NYSE: JPM) is considering acquiring a stake in a Chinese brokerage as part of its expansion strategy in the country, said Gaby Abdelnour, chairman and CEO of JPMorgan Asia Pacific, reported the Financial Times (subscription required).
• The Financial Times reported that Nintendo (OTC: NTDOY) raised its earnings outlook and announced that its 1H07 profits had tripled, thanks to the success of its Wii video game console and the DS, its handheld games player.

MAJOR PAPERS:

• CtW Investment Group sent a letter to Countrywide Financial Corporation's (NYSE: CFC) Board of Directors "urging" for the resignation of CEO Angel Mozilo, reported the Wall Street Journal (subscription required).
  
• According to antitrust attorneys, a possible merger with a Big Pharma company may result in Biogen Idec (NASDAQ: BIIB) having to divest some overlapping assets or licensing deals in order for the deal to get approval from the Federal Trade Commission, reported the Financial Times "MergerMarket" blog.
• The Financial Times reported that Gilat Satellite Networks (NASDAQ: GILT) is working with UBS to evaluate "several strategic and private equity buyers" in buying Gilat, which could get over $500M in a sale, according to people familiar with the matter. Bids for the company are due by the end of the week, said the sources.

OTHER PAPERS:

• The New York Times reported that Chinese investment bank Citic Securities is planning to invest $1B in Bear Stearns Companies (NYSE: BSC), according to sources.
• The New York Times reported that the head of the Federal Trade Commission, or FTC, has rejected numerous requests to open an investigation into Intel Corporation (NASDAQ: INTC) for anticompetitive conduct, according to inside sources.
• The Guardian reported that world oil production peaked last year, and production will fall by half as soon as 2030, according to a report by Germany-based organization Energy Watch Group.

MAJOR PAPERS:

• In an interview with the Financial Times (subscription required), Carl Icahn said of Motorola (NYSE: MOT): "There is value there, and if that value doesn't manifest itself, I as an activist, would think very seriously about coming back."

OTHER PAPERS:

• Universal Music is in talks with Sony Corporation's (NYSE: SNE) Sony BMG and Warner Music Group (NYSE: WMG) over launching a music subscription service to be called Total Music, which would be free on certain devices, reported the Telegraph.
• While Emerging Memory Technologies CEO Sreedhar Natarajan would not confirm the deal, stating "I'm under a non-disclosure agreement," it is clear that EMT has been acquired by Taiwan Semiconductor Manufacturing Company (NYSE: TSM), the Ottawa Citizen reported.
• Lehman Brothers analyst Douglas Anmuth believes Google (NASDAQ: GOOG) will launch a mobile phone similar to that of Apple's (NASDAQ: AAPL) iPhone in February, reported the Independent.
• The Associated Press reported that Nomura Holdings (NYSE: NMR) announced that it will close its mortgage-backed securities business in the U.S., and expects a group pretax loss of between $240M and $510M for the quarter ended in September.

WEBSITES:

• According to Unstrung.com's sources in the finance community, Cisco Systems (NASDAQ: CSCO) is expected to enter the WiMax arena before the end of the month, and Navini Networks is Cisco's preferred target.

MAJOR PAPERS:

• Madonna, the original material girl, is signing a 10-year $120M deal with concert promoter Live Nation (NYSE: LYV), leaving Warner Music Group (NYSE: WMG) in her wake, reported the Wall Street Journal.
• According to the Wall Street Journal's "Heard on the Street" column, Progressive Corporation (NYSE: PGR) is struggling due to competitors' pricing, safer cars, and a struggling economy, to name a few factors.
• The Financial Times reported that General Electric Company (NYSE: GE) will decide whether to sell its 80% stake in NBC Universal after the Beijing Olympics in August 2008, according to sources.
• Tenaris (NYSE: TS), the maker of steel pipes for oil and gas exploration, has ruled out any possible sale of itself to ArcelorMittal (NYSE: MT) , the world's biggest steel producer, reported the Financial Times.

OTHER PAPERS:

• The New York Post reported that UBS AG (NYSE: UBS) has fired David Martin, its head of interest-rate trading, and James Stehli, the head of its collateralized debt obligation unit, due to the fallout from the mortgage meltdown.
• BP PLC (NYSE: BP) CEO Tony Hayward will today unveil plans to reduce bureaucracy and duplication of management at the oil giant, reported the Telegraph.

MAJOR PAPERS:

• Negotiations continued last night on a new labor agreement between Chrysler and the UAW, but it is unclear if an agreement will be reached by today's 11am deadline, reported the Wall Street Journal (subscription required).
• MGM Mirage (NYSE: MGM) is today expected to announce plans to build a $5B resort in Atlantic City, NJ that will be completed in 2012, reported the Wall Street Journal.
• The CEO of Swiss pharmaceutical company Roche Holding (OTC: RHHBY), Franz Humer, said he has no intention of increasing his company's $75 per share bid for U.S. diagnostics company Ventana Medical Systems (NASDAQ: VMSI), and is "very confident" that the offer will succeed, reported the Financial Times (subscription required).

OTHER PAPERS:

• Crain's Chicago Business reported that Aon Corporation (NYSE: AOC) has won back the insurance brokerage business of Sears Holdings Corporation (NASDAQ: SHLD).

WEBSITES:

• Harry Reid, the Senate Majority Leader, confirmed that there's little chance this year -- due to a crowded legislative calendar -- that there will be legislation to increase taxes on the private equity industry, reported TheDeal.com (subscription required).

MAJOR PAPERS:

• The FDA is soon expected to issue an alert to physicians about "serious risks" regarding the use of drugs to diagnose heart problems while using ultrasound imaging machines, reported the Wall Street Journal. The key drug is Bristol-Myers Squibb's (NYSE: BMY) Definity and General Electric Company's (NYSE: GE) Optison.
• According to the Wall Street Journal's "Heard the Street" column, there's no quick recovery in sight for AMR Corporation (NYSE: AMR), as significant revenue gains are not apparent and the company is saddled with high costs.
• JPMorgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) are expected to reveal combined losses of about $3B on holdings of mortgage securities and leveraged loans when they report Q3 results this month, reported the Financial Times.

OTHER PAPERS:

• A consortium led by Goldman Sachs Group (NYSE: GS) is believed to be the frontrunner in the GBP4B auction of Southern Water, the utility that supplies water to more than 1 million households in the Southeast, reported the U.K. Times.
• Rumors are reportedly circulating at telecom company Covad Communications (NYSE: DVW) that Best Buy (NYSE: BBY) is seeking to buy the company, a source told Broadband Reports.

MAJOR PAPERS:

• Troubled Sprint Nextel Corporation (NYSE: S) is searching for a replacement for CEO Gary Forsee, and expects to have a new person in place by December, reported the Wall Street Journal.
• Two Bear Stearns Companies (NYSE: BSC) collapsed mortgage related hedge funds, that lost $1.6B, have drawn an investigation from the U.S. attorney in Brooklyn, NY, reported the Wall Street Journal.
• The Financial Times reported that the U.K. economy will be affected by the global credit crisis, according to Chancellor of the exchequer Alistair Darling, who said that while the U.K. economy is in a strong position to ride out the impact, growth projections will be lowered from the current 2.5%-3%.

OTHER PAPERS:

• From BusinessWeek's "Inside Wall Street" section:
  
• Sotheby's (NYSE: BID) has benefited from Wall Street's equity market gains, with high-end investors piling money into art, and Rommel Dionisio of Wedbush Morgan Securities sees the stock going to $60 in a year.
• Amid concern that it might miss the Street's Q3 forecast, is Polycom (NYSE: PLCM) oversold at $26? Yes, says Greg MacArthur, president of investment outfit Viewpoint2000.
• Stereotaxis (NASDAQ: STXS) makes a computerized magnetically controlled navigation system that guides devices used in minimally invasive cardiac arrhythmia surgery, and Standard & Poor's rates the stock a Buy, in part because of its order backlog of $55 million.