PRESS DIGEST-New York Times business news - Sept 25
Sept 25 |
Sept 25 (Reuters) - The following were the top stories on the New York Times business pages on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.
* About 1,000 times a year, a plane or a vehicle moves onto an active runway by mistake, but U.S. regulators have been slow to address the problem.
* The images and video began to appear on Chinese social networking sites early Monday: buildings with shattered windows, overturned police cars, huge crowds of young people milling about in the dark and riot police in formation.
The online postings were from a disturbance late Sunday that shut down a manufacturing facility in Taiyuan in north China, where 79,000 workers were employed.
* Saying there are "troubling indications" of abuse in the way hospitals use electronic records to bill for Medicare and Medicaid reimbursement, the Obama administration warned on Monday that it would not tolerate what it called attempts to "game the system" and vowed to vigorously prosecute doctors and hospitals implicated in fraud.
* Greeks are increasingly angry over the prospect that public salaries and pensions will be sharply cut again in a last-ditch bid to secure a 31.5-billion-euro loan installment.
* Sheila Bair, who tormented Wall Street and its Washington allies as a banking regulator, is taking a fresh swipe at her foes in retelling the dark days of the financial crisis.
* More than a quarter of the work force in Spain or Greece is without jobs, but the city of Ingolstadt on the Danube north of Munich has the opposite problem: not enough workers.
* Christine Lagarde, the managing director of the International Monetary Fund, warned that it would probably cut its estimates of global growth yet again this year.
* Cosmetics company Estee Lauder plans to sell a skin care brand called Osiao that caters to the tastes of consumers in Asia.
* Despite a third day of vociferous criticism from the State Department, CNN executives on Monday strongly defended the decision to base some of their reporting about Libya on the private diary of Christopher Stevens, the ambassador who was slain in an attack on the United States consulate in Benghazi on Sept. 11.
* A former Intel Corp executive who leaked secret information about his employer to Raj Rajaratnam, the fallen hedge fund billionaire, avoided prison on Monday when a judge sentenced him to two years' probation.
* Discover Financial Services has agreed to pay $200 million in refunds to more than 3.5 million cardholders who bought credit protection services over the phone, plus an additional $14 million in civil penalties to banking regulators.
The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation jointly investigated Discover over deceptive telemarketing and sales practices, including misleading customers into thinking the services, like identity theft protection and credit score tracking, were free.
* Gary Gensler, chairman of the Commodity Futures Trading Commission, called for an overhaul of a crucial interest rate on Monday, telling the European Parliament that the integrity of consumer borrowing is at stake.
* TiVo Inc, the digital video recorder maker, said Monday that it would receive at least $250.4 million from Verizon Communications Inc in a patent lawsuit settlement.
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