• 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.

• 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.

• 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.

Newspaper wrap-up: Disney to spend $1.1B to improve theme park originally appeared on BloggingStocks on Wed, 17 Oct 2007 09:10:00 EST. Please see our terms for use of feeds.