For Economy and Cubs, Wait Till Next Year

First Takeaway: The deep cut in interest rates by the Bank of England on Thursday, followed by a more moderate cut by the European Central Bank is highlighted by the Wall Street Journal and Financial Times.

The New York Times and the Los Angeles Times focus on the double-digit declines in October sales reported by retail chains, and the prospects for a very grim holiday shopping season.

The Washington Post follows on earlier reports by the Journal and New York Times that the Treasury is weighing taking significant stakes in companies beyond banks and insurers. The new program "could ultimately involve hundreds of billions of the $700 billion rescue package," the Post says.

The Wall Street Journal reports that Microsoft is trying to jump Google's train, offering Verizon Wireless "a sweeter deal" than Google's to make its search the default on Verizon phones and share in the advertising revenue.

Chinese hackers have penetrated the White House email system on a number of occasions, the Financial Times says.

And the credit crunch may force Sam Zell's Tribune to hold on to 50 percent or more of the Chicago Cubs, the Journal reports.

A plan to sell 95 percent of the team and the stadium has been reduced to about half, the paper reports, citing two people involved in the negotiations.