PRESS DIGEST-New York Times business news - Aug 24

Aug 24 (Reuters) - The following were the top stories on the New York Times business pages on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

* After the failure of one effort to overhaul a major part of the mutual fund industry, top government officials worked on Thursday to find alternative ways to rein in what they see as a systemic threat to the financial system.

* The severity of China's inventory surplus has been masked by the blocking or adjusting of economic data by the government.

* Mitt Romney is proposing to end a century of federal control over oil and gas drilling and coal mining on government lands to court western voters and supporters from the energy industry.

* Three years after General Motors Co hobbled out of bankruptcy, it is betting that the new Cadillac ATS will become a global contender in luxury cars.

* Facebook Inc is trying to find ways to show lucrative ads to mobile users without cluttering up their hand-held screens and driving them away in frustration.

* The Federal Reserve Bank of New York said on Thursday that it had wound down the final remnant of its rescue of the American International Group Inc, generating a multibillion-dollar profit in the process.