PRESS DIGEST-New York Times business news - Aug 15
Aug 15 (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.
* The intermittent nature of green power is proving a challenge for utilities. When a Vermont wind farm was required to cut back generation, the episode prompted a larger debate about the alternative energy's place in the nation's power supply. A lack of widely available, cost effective ways to store electricity generated by wind only compounds the complex current marketplace. ()
* Federal authorities announced criminal charges against Javier Martin-Artajo and Julien Grout, two former London traders for JPMorgan Chase & Co who are accused of disguising losses on a trade. The cases intensify the scrutiny of the bank's executives in New York, where lax controls and the pressure for profits aggravated the problem. ()
* Economies in Japan and the United States are growing and Europe appears to be easing away from a recession just as growth is slowing in the major developing markets of Brazil, Russia, India and China. It is further evidence that the older engines of growth are revving into gear as the most recent sources of growth have been slowing down. ()
* States cannot shut down nuclear plants over safety worries, the United States Court of Appeals for the Second Circuit ruled on Wednesday, upholding a lower court's decision that allowed the Vermont Yankee plant to keep running despite a seven year effort by the Vermont Legislature to close it. ()
* Hedge fund billionaire John Paulson's firm, Paulson & Co, agreed to buy piano maker Steinway Musical Instruments, for $512 million. In July, the private equity firm Kohlberg & Co said it had reached an agreement with Steinway to buy it for $35 a share. But Kohlberg bowed out of the running on Tuesday in the face of Paulson's $38-a-share bid. ()
* The reinsurance arm of Third Point, the hedge fund run by Daniel Loeb, priced its initial public offering at $12.50 a share, at the bottom end of an estimated price range. Third Point Reinsurance said it planned to use its cut of the proceeds for general corporate purposes and to increase its underwriting and investment capacity. ()
* Once a symbol of Brazil's might, billionaire Eike Batista is now selling a controlling stake in one of his companies, the LLX logistics firm, for 1.3 billion reais ($560 million). Batista is taking further steps toward dismantling his once high flying empire. He is also said to have hired the Blackstone Group as a financial adviser for his petroleum firm OGX.