PRESS DIGEST - New York Times business news - Oct 1

Oct 1 (Reuters) - The following were the top stories in the New York Times business pages on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.

* Less than a year ago, Bank of America Corp's (BAC.N) chief executive, Kenneth Lewis, celebrated his daring takeover of Merrill Lynch as the crowning triumph of a long career. On Wednesday, that conquest proved to be his downfall, as he announced his resignation after months of legal and political scrutiny over the star-crossed merger.

* Two major companies are racing to develop the potentially next big thing in heart surgery: a replacement valve that can be implanted through thin tubes known as catheters.

* General Motors Co [GM.UL] said Wednesday that it would shut down its Saturn division by next year after Roger Penske abruptly cut off talks to acquire the brand.

* Companies that import solar panels to the United States are facing up to $70 million in unexpected tariffs.

* CIT Group Inc (CIT.N) is planning to introduce a huge debt exchange offer to its bondholders while also preparing a potential bankruptcy filing, people with direct knowledge of the talks said on Wednesday.

* The International Monetary Fund said Wednesday that "the global economy has turned a corner" after the harrowing start to 2009, but that only a thorough restructuring of the financial system could prevent a return to crisis and pave the way for solid growth within the next 18 months.

* Hedge funds, trying to separate themselves from the big Wall Street banks, are stepping up their efforts to head off new regulation from Washington.

* Comcast Corp (CMCSA.O), the cable system operator, denied a report on Wednesday that it had reached an agreement to buy the television and film business NBC Universal from General Electric (GE.N).

* Stanley Chais, a retired money manager formerly based in Los Angeles, joined the list of people who have gone to court against the trustee who is liquidating Bernard Madoff's estate for the victims of his vast swindle.

* The global advertising market showed signs of bottoming out in the second quarter of the year, with the rate of decline in spending slowing slightly from the previous three months, the research firm Nielsen said Wednesday.

* The performance of broadband Internet connections has surged ahead in many countries in the last year, even before government stimulus packages aimed at upgrading networks take full effect, according to a study to be published Thursday.

* A key House lawmaker wants to make credit rating agencies - which have been widely criticized for failing to give investors adequate warning of the risks in subprime mortgage securities that triggered the financial crisis - responsible for each other's assessments by holding them collectively liable for inaccuracies.

* Politics appears to have trumped business in emerging markets on Wednesday, when the Indian company Bharti Airtel (BRTI.BO) and its South African rival, the MTN Group (MTNJ.J), called off a $24 billion deal to create a low-cost telecommunications giant.

* Unwilling to wait for Congress to act, the Obama administration announced on Wednesday that it was moving forward on new rules to regulate greenhouse gas emissions from hundreds of power plants and large industrial facilities.

* Chevron Corp (CVX.N) said Wednesday that its vice chairman, John Watson, would become chairman and chief executive when David J. O'Reilly retires from those positions at the end of this year.

* American Express Co (AXP.N) said Wednesday it would eliminate monthly fees on its popular gift cards, a move that is likely to pressure its competitors to do the same.

* The Las Vegas casino company Wynn Resorts (WYNN.O) raised $1.63 billion after pricing its Asian initial public offering at the top of its indicated range Wednesday, a sign that demand was still strong for certain offerings despite a glut of stock deals.

* Washington said Wednesday that it would give other governments and the private sector a greater oversight role in an organization that oversees the Internet.

* After months of effort, the Treasury Department completed its first two deals on Wednesday to buy up distressed assets from banks in partnership with private investment firms.

* Groupe Danone (DANO.PA) of France resolved a long-running dispute with its Chinese joint venture partner on Wednesday, agreeing to exit the venture by selling its 51 percent stake in the Wahaha Group, one of China's largest beverage companies.

* Former French Prime Minister Dominique de Villepin took the stand Wednesday for his first major appearance in a high profile trial, defending himself vigorously against charges of complicity in an attempt to smear Nicolas Sarkozy before he became president of France.

* Nike Inc (NKE.N) announced Wednesday that it would resign from the board of the United States Chamber of Commerce, becoming the latest company to break with the group over climate policy.

* A British regulator told the food products company Kraft Foods Inc (KFT.N) on Wednesday that it must make a binding takeover offer for Cadbury Plc CBRY.L, the chocolate retailer, by Nov. 9 or walk away for six months.

* The American economy performed better than expected this spring, contracting at its slowest pace in a year, the government reported on Wednesday.

* The Senate voted Wednesday to spend $2.5 billion on 10 military cargo jets that the Obama administration does not want.