WSJ Top News - Wednesday 1-6-10

Private-sector jobs in the U.S. fell by 84,000 in DecemberPrivate-sector jobs in the U.S. fell by 84,000 in December, the smallest drop since March 2008, and service providers added jobs, according to a national employment report published Wednesday by payroll company Automatic Data Processing Inc. and consultancy Macroeconomic Advisers.
http://online.wsj.com/article/SB126278421347117805.html?mod=WSJ_hps_LEFTWhatsNews

Buffet wades into Kraft-Cadbury Battle
Investor Warren Buffett waded into the rancorous battle for Cadbury PLC, issuing a rebuke of Kraft Foods Inc.'s just-sweetened, nearly $17 billion takeover offer for the British confectionary company.
http://online.wsj.com/article/SB10001424052748703580904574639440907695468.html?mod=WSJ_hps_LEFTWhatsNews 

Retailers discounting down during holiday season
Clothing stores discounted less and sold fewer items last month than a year ago, a combination that undercut sales but likely will translate into higher fourth-quarter profits, according to figures released Tuesday.
Apparel and department stores remain among the weaker retailers, with sales well below pre-recession levels. December clothing sales fell 1.8% and department store sales fell 2.3%, both from the same month a year ago, according to MasterCard Inc.'s SpendingPulse unit.
http://online.wsj.com/article/SB10001424052748703436504574640611592478386.html?mod=WSJ_hps_LEFTWhatsNews

Economists warn that repairs to regulatory system are still needed
ATLANTA -- Wall Street investors may be breathing a sigh of relief as the financial crisis fades, but academic economists gathered here for the annual meeting of the American Economic Association say we're nowhere close to making sure it won't happen again. Over the past few days, economists here highlighted the many ways in which the lessons of the crisis have yet to sink in. Few think the U.S. and other governments have made needed repairs to the financial regulatory system. And some suggest governments' response has increased the chances of a repeat, making the banking system more crisis-prone, putting new strains on institutions such as the Federal Reserve and stretching government finances closer to the breaking point.
http://online.wsj.com/article/SB126274058881517243.html?mod=WSJ_hps_sections_news

New Google Nexus Unveiled
Mobile phones may be almost indispensable to modern life, but they are costly, too–far more than most people realize. These little gadgets pick your pocket while they sit in it, filching many thousands of dollars from you over the years. The Google Nexus, unveiled Tuesday, may mark a healthy step in a better direction.
Other people will focus on the phone's software, hardware, "apps" and the like. I'm more interested in something simpler: How it's sold–direct, unsubsidized and without a contract.
http://online.wsj.com/article/SB10001424052748703436504574640641358732198.html?mod=WSJ_hps_sections_personalfinance