PRESS DIGEST- New York Times business news - Oct 25

Fri Oct 25, 2013 1:08am EDT

Oct 25 (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.

* Twitter disclosed that it planned to price its eagerly awaited initial public offering in the $17 a share to $20 a share range, as it readies a road show for investors. ()

* The Food and Drug Administration on Thursday recommended tighter controls on how doctors prescribe the most commonly used narcotic painkillers. The move, which represents a major policy shift, follows a decade-long debate over whether the widely abused drugs, which contain the narcotic hydrocodone, should be controlled as tightly as more powerful painkillers like OxyContin. ()

* Fury over reports that American intelligence had monitored the cellphone of Chancellor Angela Merkel spread from Germany to much of Europe on Thursday, plunging trans-Atlantic relations to a low and threatening to recast the United States and President Obama from friend and ally to cyberbully. ()

* When the stock market opened on Thursday, NQ Mobile Inc , a Chinese mobile security company, had a valuation of $1.1 billion. Just hours later, half of its value was erased. Muddy Waters, a short-selling firm known for its scathing reports on Chinese companies, released a harsh assessment of NQ Mobile on Thursday, calling it a "massive fraud." ()

* Federal officials did not fully test the online health insurance marketplace until two weeks before it opened to the public on Oct. 1, contractors told Congress on Thursday. ()

* The Federal Reserve's rule asks banks to estimate how much cash might flee in a 30-day period, and requires them to enough assets that they could sell to cover that outflow. ()

* Microsoft Corp's earnings of $5.24 billion beat expectations, and were helped in large part by a surge in the company's corporate software business. ()

* On Thursday, DuPont said it would spin off its performance chemicals segment into a new publicly traded company. The unit - which makes a pigment that turns paints, paper and plastics white, as well as refrigerants and polymers for cables - generated about $7 billion in revenue in 2012. ()

* More than a year after the activist investor William Ackman won a bitter battle for control of the Canadian Pacific Railway, he is cashing in part of his investment at a substantial profit. ()

* Many high-end brands have left behind Bal Harbour Shops, for years a magnet to the wealthy, for more breathing room in Miami's Design District - once an enclave of furniture showrooms, low storefronts and empty streets in the shadow of two interstate highways. ()

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