PRESS DIGEST - Wall Street Journal - Oct 7

Mon Oct 7, 2013 12:40am EDT

Oct 7 (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.

* The government shutdown enters its second week with the two parties still bitterly divided and Republicans increasingly tying the fight to a fast-approaching deadline to avoid a default on U.S. debt. House Speaker John Boehner said he wouldn't bring up bills to fully reopen the government or raise the debt limit unless Democrats agree to broader talks aimed at trimming the deficit. ()

* Ireland's voters delivered a surprise rebuff to Prime Minister Enda Kenny in rejecting his proposal to close the upper house of the legislature, potentially weakening his ability to push through another round of tough spending cuts and tax increases when the government presents its 2014 budget this month. ()

* Warren Buffett tossed lifelines to a handful of bluechip companies during the financial crisis. Five years later the payoff on those deals is becoming clear: $10 billion and counting. ()

* With the government shutdown heading toward a second week, economists say it could hold back economic growth, business confidence and corporate earnings, but probably won't cause a recession. Many money managers doubt the damage will be lasting. Any stock selloff, they say, would be a great buying opportunity. ()

* In its IPO filing, Twitter Inc disclosed how much the microblogging platform earned from a lesser-known side business: $47.5 million came from selling off its data to a fast-growing group of companies that analyze the data for insights into news events and trends. ()

* Six days into the launch of insurance marketplaces created by the new healthcare law, the federal government acknowledged for the first time Sunday it needed to fix design and software problems that have kept customers from applying online for coverage. ()

* Star mutual-fund manager Bruce Berkowitz is opening up his nascent hedge fund to institutional investors. Berkowitz, the president of Fairholme Capital Management LLC, launched the fund on Jan. 1 and it has grown to $140 million. He is now seeking outside institutional investors and hopes the fund will grow to $1 billion in assets in a year. ()

* Dish Network Corp has again come under fire over its takeover bid for a telecommunications firm, a potential deal that could be personally lucrative for Dish Chairman Charlie Ergen. ()

* Wal-Mart Stores Inc's top executive for Asia said the company has revamped its practices and legal compliance in the region and is considering acquisitions in China, as the retailer faces headwinds in a cornerstone of its global expansion plans. ()

* Macy's Inc has shelved an online-expansion plan in China, the latest retailer to do so as economic growth slows in the world's second-largest economy. The company had planned to begin online sales of a private-label brand in China in the spring, after buying a minority stake last year in Chinese retail company VIPStore Co. ()

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