PRESS DIGEST - Wall Street Journal - Feb 8
The following were the top stories in The Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.
* The European Central Bank (ECB) made key concessions over its holdings of Greece's bonds, which will smooth the path toward a new Greek bailout, said people briefed on Greece's debt-restructuring negotiations.
* Goldman Sachs Group Inc and Morgan Stanley clarified for the first time that managers are also on the line when firms seek to recover pay under "clawback" policies.
* U.S. companies are adding capacity at home, replacing aging equipment and even moving production back from overseas.
* Large shareholders of Xstrata came out against the company's plan to merge with Glencore International, highlighting what could be a difficult task selling the giant deal to shareholders and regulators.
* Yahoo said Chairman Roy Bostock and three other directors have volunteered not to stand for re-election to the company's board. The company named two new outside directors.
* Hawker Beechcraft, which announced Tuesday it has hired a restructuring veteran as its chief executive, has also hired bankruptcy and restructuring lawyers, said people familiar with the matter.
* General Motors Co is preparing to disclose "horrendous" fourth quarter losses out of its European Opel/Vauxhall unit and is demanding deep cuts from labor unions there, a GM official said on Tuesday.
* U.S. banks have been dogged in recent years by tougher regulation and sluggish loan growth. But Citigroup Inc believes things will turn around for its U.S. retail-banking operations. By 2014, "people will really see a difference" in improved customer service and product sales at Citibank branches, said the bank's U.S. retail and commercial banking chief, Cecilia Stewart, in recent interviews.
* Caesars Entertainment Corp priced 1.81 million shares of its stock at $9 a share to raise around $16.3 million, a small amount but one that opens the door for some investors to cash out. The company is selling a tiny portion of itself -- just 1.4 percent -- in what is one of the smallest IPOs in recent history.