PRESS DIGEST - Wall Street Journal - Oct 16

Wed Oct 16, 2013 1:08am EDT

Oct 16 (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.

* Last-minute protests from conservatives in the House created a day of delay and confusion in Congress's efforts to avoid a U.S. debt default, as Republican leaders failed to craft a GOP budget proposal that could muster enough votes to pass. ()

* Speaker John Boehner assembled his restive troops Tuesday morning to unveil possibly the last chance for House Republicans to make their mark on a bill to fund the government and stave off default. After a day of intrigue, the House leader's proposal to reopen the government and extend the debt ceiling is rejected by conservatives in his Republican caucus. ()

* Twitter Inc revealed fresh financial details in a filing, including continued user growth but a wider loss in the third quarter, as costs continued to outpace revenue. It also picked the NYSE for its public listing. The filing advances Twitter toward an initial public offering that could take place in November. ()

* Fitch Ratings warned it could strip the United States of its top credit rating, in the latest sign that the brinkmanship in Washington is eroding investors' confidence in U.S. institutions. Fitch placed its triple-A rating on the U.S. on "rating watch negative," saying a downgrade is possible by the end of the first quarter next year. ()

* Advance Auto Parts Inc plans to buy General Parts for just over $2 billion, a takeover that would create one of North America's largest after-market auto parts providers. ()

* Emerging-market investors' love affair with Mexico is showing signs of strain as sluggish growth is weighing on the outlook for the country's stock market, making other plays look more appealing by comparison. ()

* Jury deliberations begin on Wednesday to decide whether Dallas Mavericks basketball team owner Mark Cuban engaged in insider trading when he sold his stake in an Internet search firm in June, 2004. ()

* JP Morgan Chase & Co has agreed to pay $100 million to settle Commodity Futures Trading Commission charges related to its "London whale" trading debacle of 2012, according to people familiar with the matter. ()

* A year after taking over as chief executive of Citigroup Inc Michael Corbat is warning investors that the bank's sprawling collection of businesses could face more weakness in the months ahead. ()

* Struggling Brazilian oil company OGX Petroleo e Gas Participacoes SA, on Tuesday ousted two top executives, in a move that could herald a new investor in the company. The OGX board of directors, which is controlled by embattled tycoon Eike Batista, replaced Chief Executive Luiz Eduardo Carneiro, and Jose Faveret, the firm's legal officer, OGX said in a statement. ()

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.