PRESS DIGEST - Wall Street Journal - June 7
June 7 |
June 7 (Reuters) - The following were the top stories in The Wall Street Journal on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.
* Organized labor, reeling from blows in Wisconsin and California, is grappling with the prospect of diminished political clout and fewer members in public-sector unions.
* Nasdaq's CEO apologized for the exchange's role in the Facebook debacle, and the stock market operator set a plan to compensate brokers for losses.
* Anonymous allegations of improper payments to Kazakh customs officials by an exploration joint venture have prompted investigations at major energy companies including Eni, Chevron and BG Group.
* A trio of Federal Reserve officials warned of risks to the health of the U.S. recovery and said the central bank might need to take new actions to support economic growth.
* The ECB kept rates steady despite a deepening downturn and slowing inflation, raising pressure on governments to take the lead in fighting Europe's debt crisis.
* A proposed regulation barring banks from trading with their own money would have forced JPMorgan Chase to document and more carefully evaluate the risks it took in its trading activities that have led to a multibillion-dollar loss, a top Federal Reserve official said.
* Small businesses are waiting longer for commercial customers to pay their bills as many big companies continue to hoard cash to bolster their own working capital.
The trend, which began in the recession and has worsened in recent years, is putting growing pressure on people like Nirav Sheth, who owns a Web-development company in Washington.
* Manhattan apartment rents continued to creep up in May to a record, amid unusually strong job growth in the city.
A report by Citi Habitats, a real-estate broker with a large rental business, put the average monthly rent on a signed contract in Manhattan in May at $3,438, up $9 from the month before and up about 3 percent from the year-earlier May.
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