PRESS DIGEST - Wall Street Journal - Dec 19

Wed Dec 19, 2012 2:33am EST

Dec 19 - The following are the top stories in the Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

* UBS AG became the second bank to settle accusations that it tried to rig benchmark interest rates, agreeing to pay roughly $1.5 billion in a deal with authorities in multiple countries. ()

* Google Inc received positive signals from the European Union about prospects for an antitrust settlement next year, but U.S. regulators have decided they need more time to complete their own probe of the Internet giant. ()

* Samsung Electronics Co Ltd said it would drop its injunction applications against Apple Inc in five European countries, in a major U-turn in a long-running patents war between the electronics giants. ()

* Facebook Inc's Instagram was caught in an Internet uproar on Tuesday over new terms of use for its photo-sharing service. After hours of irate customer reaction, Instagram clarified its approach, saying that it would not - as users feared - sell photos or use them in advertising. ()

* Knight Capital Group Inc agreed to pursue a merger with Getco LLC, a deal that would give the high-speed trading firm control of Knight's profitable business of processing trades for small investors, people involved in the discussions said. ()

* The Justice Department said it has reached a settlement with Pearson Plc's Penguin Group (USA) in its antitrust probe of e-book pricing, clearing away an issue in advance of Penguin's planned combination with Bertelsmann SE & Co's Random House publishing unit. ()

* Cable operator Time Warner Cable Inc said it would drop arts TV channel Ovation from its lineup on Dec. 31, the first such move since Chief Executive Glenn Britt warned earlier this month that it would begin dropping channels that "cost too much relative to the value of the service." ()

* The U.S. Department of Transportation said that Toyota Motor Corp agreed to pay $17.35 million in civil fines for failing to report safety defects to regulators within five days as required by law. ()

* LVMH Mo√ęt Hennessy Louis Vuitton SA named company veteran Michael Burke to lead Louis Vuitton, a surprising management shake-up at a vulnerable time for the world's biggest luxury brand. ()

* Despite progress toward agreement on a budget deal with the White House, House Republican leaders proposed a backup plan to prevent most Americans from facing an income-tax increase if negotiations collapse. ()

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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