PRESS DIGEST -Wall Street Journal - Aug 27

Tue Aug 27, 2013 12:21am EDT

Aug 27 (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.

* Secretary of State John Kerry began laying out the U.S. case for possible military action against Syria, saying there was undeniable evidence that chemical weapons had been used in a deadly attack against a rebel enclave and that it was "a moral obscenity." ()

* Hedge fund manager Bill Ackman moved to dump his entire 18 percent stake in J.C. Penney ending a failed bet on the retailer that cost his fund more than $600 million, resulted in the loss of thousands of jobs and left the 1,100-store chain still struggling to right itself. ()

* As worries over China's debt problem mount, the burden of paying off those loans could be the trigger that tips runaway credit into slower economic growth and financial stress. ()

* The Treasury Department said it would hit its borrowing limit in mid-October and be unable to pay all of its bills soon after that time. ()

* Amgen Inc's $10.4 billion deal to purchase Onyx Pharmaceuticals Inc may be most notable for what didn't occur: a bidding war among multiple suitors and a purchase price significantly above Amgen's initial offer earlier this year. ()

* Telefónica has sweetened the terms of its offer for KPN's German mobile business, securing the support of the Dutch telecom operator's largest shareholder America Movil for the deal. ()

* Toyota is racing to catch rivals in Latin America, making up for decades of neglect that has put the Japanese auto giant in about sixth place in the region's booming car market. ()

* SoundExchange, the entity that collects performance royalties from digital music services - and distributes them to performers and record labels - sued Sirius XM Radio for allegedly refusing to pay for recordings made prior to 1972. ()

* Starbucks is planning to open its first coffee shop in Colombia next year, using locally grown coffee. The Seattle-based chain will open the first store in Bogota and plans to open at least 50 there and in other cities throughout Colombia over the next five years. ()

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