PRESS DIGEST - Wall Street Journal - May 13
May 13 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
* U.S. companies are on track to raise the most money through initial public offerings since before the financial crisis, driven by the same thirst for risk among investors that has pushed the stock market to new highs.
Already this year, 64 U.S.-listed public offerings have raised $16.8 billion, according to Dealogic. In the same period in 2012, the biggest year in dollars since the financial crisis, 73 companies raised a total of $13.1 billion. Last week alone brought 11 U.S.-listed IPOs, making it the busiest week for such deals since December 2007. ()
* Bangladesh's government, facing pressure to improve standards in the garment industry following a deadly factory building collapse last month, announced plans to increase wages in the sector. ()
* Lawmakers and federal bank regulators are stepping up scrutiny of a consulting firm that twice bungled payments to consumers in a foreclosure abuse settlement.
Executives with Rust Consulting Inc, hired to distribute $3.6 billion to 4.2 million homeowners, are scheduled to meet this week with staffers from the office of Rep. Elijah Cummings (D., Md.), the top Democrat on the House Oversight Committee. ()
* The next chief of the Federal Reserve will decide when to reverse the easy-money policies of Ben Bernanke, a judgment that could strangle the economic recovery if made too early or trigger runaway inflation if made too late.
The task could fall to Fed vice-chairwoman Janet Yellen, a meticulous and demanding Yale-trained economist, who issued prescient, early warnings about the housing bust. ()
* Chrysler Group LLC is recalling 469,000 Jeep SUVs world wide because they can shift into neutral without warning on startup.
The recall affects 2005 to 2010 Grand Cherokees and 2006 to 2010 Commanders. ()
* After four years of crises, foreign and domestic, that threatened to plunge the U.S. economy back into recession, the road ahead at last looks comparatively free of roadblocks. But progress remains slow, and there is little reason to expect meaningful acceleration in coming months. ()
* Discount airline Virgin America said it continued to rack up losses in the past two quarters, but a deal to restructure its balance sheet and raise fresh capital should help put it on course for profit later this year and bring it closer to an initial public offering, according to Chief Executive David Cush. ()
- 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