PRESS DIGEST - Wall Street Journal - Nov 9

Fri Nov 9, 2012 1:58am EST

Nov 9 (Reuters) - The following are the top stories in the Wall Street Journal on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

* The White House and Republican lawmakers faced pressure to reach a solution to the looming budget crisis after a nonpartisan agency detailed Thursday how inaction would push the U.S. economy back into recession next year, and skittish investors continued to drive stocks lower. ()

* China is reining in the yuan after weeks of steady appreciation, a move that could help its big exporters but undercut its long-standing pledge to give the market greater sway in the currency's fate. ()

* Online luxury retailer Gilt Groupe Inc quietly launched a search for a new chief executive to replace co-founder Kevin Ryan as its strives to shore up its financial performance to support a possible initial public offering. ()

* McDonald's Corp on Thursday reported the first drop in its monthly same-store sales in nine years.

* Bank of New York Mellon Corp has reached an agreement with the state of Virginia to resolve accusations the bank charged hidden markups on currency transactions to Virginia's employee pension fund, in a deal that will also involve a $1.1 million payment to a whistleblower group, according to a person familiar with the negotiations.

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