PRESS DIGEST - Wall Street Journal - Jan 7

Tue Jan 7, 2014 12:53am EST

Jan 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 Senate on Monday confirmed Janet Yellen to head the Federal Reserve, setting her up to take office Feb. 1 as one of the most powerful economic policy makers in the world. ()

* The trading boom that helped reshape global investment banks over the past decade is sputtering, raising fears that one of Wall Street's biggest profit engines is in peril. ()

* Ethiopia's Chinese-built mobile-telecom network faces criticism that illustrates the broader troubles sometimes facing poorer nations that borrow heavily to invest in infrastructure.()

* Puerto Rico is experiencing a historic exodus of residents fleeing the island's battered economy and rampant crime. From 2000 to 2010, a net 288,000 people left for the U.S. mainland, the most since the 1950s. ()

* Restaurants and other customers are starting to fear the clout of the industry giant that would be created by a planned merger between the country's two biggest food distributors - Sysco Corp and US Foods Inc. ()

* JPMorgan Chase officials won't be penalized as part of a deal the U.S. bank is negotiating with the Justice Department over alleged failures to warn about Bernard Madoff's massive fraud. ()

* AT&T formally opened the door for content companies like Google and Netflix to subsidize the cost of using their services on smartphones and tablets. ()

* The Swiss central bank said the drop in gold prices will saddle it with a $10 billion loss for 2013, forcing it to cancel dividends for the first time. ()

* Natural-gas prices surged to all-time highs on the East Coast on Monday as frigid weather approached, raising the prospect of higher prices nationwide in coming weeks. ()

* Men's Wearhouse Inc bumped up its offer to buy Jos. A. Bank Clothiers Inc to about $1.6 billion, the latest in a months-long acquisition battle between the rival men's clothing retailers. ()

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