PRESS DIGEST-Wall Street Journal - Aug 30

Fri Aug 30, 2013 1:21am EDT

Aug 30 (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.

* British Prime Minister David Cameron lost a preliminary vote on Syria, an early sign of the pushback Western governments may face as they prepare to launch an attack. ()

* Obama administration presented its case for possible military action against Syria, including evidence from an intercepted phone call, as proof of a government chemical-weapons attack. ()

* Major emerging market central banks are moving to raise interest rates in an effort to stem an exodus of cash, in a trend that threatens to intensify an economic slowdown across the developing world. ()

* New technology by Loyal3 Holdings, a San Francisco social-media firm and broker-dealer, marks the latest effort to lure small investors into initial public offerings. Investors who hold accounts at Loyal3 can indicate their interest in buying between $100 and $2,500 of stock. They then receive a number of shares based on how the offering is priced. ()

* Zurich Insurance Group Chairman Josef Ackermann, one of Europe's best-known finance executives, resigned and claimed he was partially being blamed for the apparent suicide of the company's Chief Financial Officer Pierre Wauthier. ()

* In the worst selloff for many emerging markets since the global financial crisis, China is standing out as an unlikely star performer. China's largely state-controlled economy is proving resilient to signs roiling markets from India to Brazil that the U.S. Federal Reserve may soon scale back easy-money policies that have flooded the emerging world with cash in recent years. ()

* Radio broadcaster Cumulus Media is close to acquiring syndicator Dial Global, in a deal that is likely to shake up the radio industry's landscape and Clear Channel's dominance. People familiar with the proposed transaction said it would be for $260 million in cash, part of which would be used to pay off Dial's debt, so that Dial would be debt-free when it came to Cumulus. ()

* S&P downgraded RadioShack's junk rated debt another notch, adding pressure on the struggling electronics retailer to shore up its finances. The ratings service dropped RadioShack's corporate credit status to triple-C, which is eight steps below investment grade, warning that the retailer could default in less than a year unless its cash situation improves.()

* Federal Reserve staffers violated in March the central bank's rules for handling the minutes from policy meetings before their public release, the central bank's inspector general said in a report released Thursday. ()

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