PRESS DIGEST-New York Times business news - July 4
July 4 |
July 4 (Reuters) - The following were the top stories on the New York Times business pages on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.
- Barclays Plc's manipulation of key interest rates, which led to a $450 million penalty for the bank, claimed its biggest victims on Tuesday: Robert Diamond, the British bank's chief executive, and one of his top deputies, Jerry del Missier, the chief operating officer. The scrutiny is expected to grow on Wednesday, when Diamond appears before a British parliamentary committee.
- The auto industry surpassed expectations in June by reporting a 22 percent increase in sales, fueled in part by lower gas prices and a surge of interest in new car models. General Motors Co and Chrysler reported double-digit sales growth of new vehicles, while Ford Motor Co's sales rose 7 percent. Toyota Motor Corp's sales were up 60 percent.
- Federal regulators released so-called living wills on Tuesday for nine of the nation's largest banks - blueprints for how they could be dismantled in the event of a collapse - but some analysts and other banking experts warned that they were still too big to fail without sending shock waves through the financial system.
- Manchester United filed for an initial public offering in the United States on Tuesday, a move that would return the English soccer team to the public markets.
- The European Commission has said that the proposed purchase of EMI Music by Universal Music Group would significantly harm competition in the recording industry, indicating that Universal might have to make substantial concessions in order to win approval, according to several people briefed on the matter.
- Duke Energy Corp said it completed its $32 billion merger with Progress Energy, a few hours after South Carolina gave final approval. The move creates the largest electric utility in the United States, with 7.1 million customers in six states in the Southeast and Midwest.
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