PRESS DIGEST - Wall Street Journal - Nov 30

Fri Nov 30, 2012 12:03am EST

Nov 30 (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 U.S. economy expanded at its fastest pace since late 2011, but those gains could be reversed as superstorm Sandy and the fiscal cliff create a drag during the final three months of 2012. ()

* President Barack Obama made an opening bid in budget talks with Republicans that calls for a $1.6 trillion tax increase, $50 billion in infrastructure spending in 2013 and new power to raise the federal debt limit, a provocative set of demands that Republicans said represented a step backward in efforts to avoid looming tax increases and spending cuts. ()

* Deal makers and their clients are hustling to sell chunks of stock or whole companies before possible tax increases in the new year. The threat of losing gains to the tax man has some companies, private-equity shops, venture capitalists and corporate insiders looking to book profits in the waning days of the year. ()

* After an exhaustive examination of British press ethics, a UK judge issued a withering assessment of some media practices and urged Parliament to pass a law creating a new voluntary regulatory body for the country's newspapers. ()

* Facebook Inc and Zynga Inc are changing the rules of their relationship. In a bid to become less reliant on Facebook, Zynga disclosed in a filing on Thursday that it has amended the terms of its relationship with the world's largest social network so that it can now host its Web games outside of Facebook's platform, among other things. ()

* Two former brokers at Euro Pacific Capital Inc were arrested on Thursday and accused of trading ahead of a $1.2 billion acquisition by International Business Machines Corp based on a tip from one broker's roommate, allegedly referring to the deal among a circle of friends as "our horse." ()

* Ranbaxy Laboratories Ltd has stopped production of its generic version of cholesterol-lowering drug Lipitor as the company investigates what caused tiny glass particles to appear in some bottles, triggering a large recall earlier this month.()

* Time Warner Inc named former NBCUniversal Chief Executive Jeff Zucker as the president of CNN Worldwide, betting that the producer who pushed NBC's "Today" show to the top of the ratings for 16 years can lift CNN out of its doldrums. ()