PRESS DIGEST-New York Times business news - Jan 17
Jan 17 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
* Long seen as one of the most careful banks on Wall Street, JPMorgan Chase & Co on Wednesday drew back a curtain on a rare breakdown, showing traders acting on their own and concealing losses while managers seemingly turned a blind eye. In a 129-page internal report dissecting a bad bet on credit derivatives that cost the bank more than $6 billion, the bank confessed, in painstaking detail, to widespread "failures." ()
* The Federal Aviation Administration said on Wednesday it was grounding all Boeing Co 787s operated by United States carriers until it can determine what caused a new type of battery to catch fire on two planes in nine days. ()
* Hewlett-Packard Co has received a number of inquiries from would-be buyers for its Autonomy and Electronic Data Systems units in recent weeks, though the technology company isn't interested in selling at the moment, a person briefed on the matter said. ()
* Goldman Sachs Group Inc on Wednesday released financial results that demonstrated it was not only benefiting from cost-cutting, but it also finally had a significant rebound in its core businesses. It reported a fourth-quarter profit of $2.89 billion, or $5.60 a share. ()
* To combat a rise in cybercrime, the European Commission is considering a plan to require companies that store data on the Internet - like Microsoft Corp, Apple Inc, Google Inc and International Business Machines Corp - to report the loss or theft of personal information in the 27-nation bloc or risk sanctions and fines. ()
* A new type of flu vaccine won regulatory approval on Wednesday, and its manufacturer said that limited supplies are expected to be available this winter. ()
* After an estimated 500,000 patients in the United States have received a type of artificial hip that is failing early in many cases, the Food and Drug Administration is proposing rules that could stop manufacturers from selling such implants. ()
* Robert Wolf, a top Wall Street rainmaker who left UBS AG last summer, has hired Austan Goolsbee as a "strategic partner" for his new firm, 32 Advisors, the two men have told friends in recent weeks, according to people briefed on the matter. ()
* Nearly half of Germany's gold reserves are held in a vault at the Federal Reserve Bank of New York - billions of dollars worth of postwar geopolitical history squirreled away for safe keeping below the streets of Lower Manhattan. Now the German central bank wants to make a big withdrawal - 300 tons in all.
- U.S. Mega Millions lottery up to $400 million, 2nd-biggest ever
- Pope Francis named Time's Person of the Year |
- Uruguay becomes first country to legalize marijuana trade
- Thousands of South Africans line up to see Mandela lie in state |
- China bitcoin arbitrage ends as traders work around capital controls