PRESS DIGEST - Wall Street Journal - June 11
June 11 |
June 11 (Reuters) - The following were the top stories in The Wall Street Journal on Monday. Reuters has not verified these stories and does not vouch for their accuracy.
* The investor revolt sweeping the U.K. could claim an even bigger casualty: commodities giant Glencore's proposed $66 billion merger with miner Xstrata. At issue is a $267 million executive-retention package tied to the landmark deal.
* The chairman of the New York Fed's board said that James Dimon should not step down from the board despite outcries of a conflict of interest following large trading losses at the bank Dimon helms, J.P. Morgan Chase & Co.
* GE is considering breaking off big chunks of its lending business, heeding the wishes of investors who are uncomfortable that the conglomerate owns what amounts to one of the country's largest banks.
* Apple's conference for technology developers Monday morning in San Francisco will end months of speculation about some key hardware and software initiatives.
* Former Goldman Sachs director Rajat Gupta will not take the stand in his own defense at his insider-trading trial, his lawyer said Sunday.
* LinkedIn Corp moved to reassure customers about the security of their data, following a password theft that caused a black eye for the social-networking service.
* European officials are mounting a new push to clarify - and enforce - rules involving small Internet files that can be used to track users, exposing the slow progress of Europe's plan to implement far-reaching privacy rules.
* Huadian Fuxin Energy Corp plans to raise up to $340 million in an initial public offering in Hong Kong and has secured $208.8 million in cornerstone investment, a term sheet seen by Dow Jones Newswires on Monday showed, even as other companies have either pulled or delayed their IPOs due to market volatility.
* The global airline industry will likely post a second consecutive year of net profit declines, as the impact of a deepening European debt crisis offsets the boost from lower oil prices, stronger-than-expected growth in passenger traffic and an improved freight market, an industry trade group said Monday.
* Growth in China's production of industrial metals including bellwether crude steel mildly slowed in May from the previous month as broader macroeconomic demand weakened, National Bureau of Statistics data showed Monday.
* Aircraft manufacturer Airbus is maintaining an earlier target to sell around 600-650 planes in 2012 even as the marketplace has weakened in recent months due to continued global economic uncertainties, John Leahy, the company's chief operating officer for customers, said Monday.
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