PRESS DIGEST- New York Times business news - March 26

March 26 Wed Mar 26, 2014 2:31am EDT

March 26 (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.

* Facebook Inc on Tuesday said it had reached a $2 billion agreement to buy Oculus VR, maker of a virtual reality headset. The acqusition reflects the Facebook founder's belief that virtual reality could be the next big computing platform after mobile and social networking could become an immersive, 3-D experience. (r.reuters.com/qas87v)

* Michael Cavanagh, considered to be one of the likely candidates to replace JP Morgan Chase's CEO Jamie Dimon, said on Tuesday that he would resign as JPMorgan's co-head of investment banking to take on the role of co-chief operating officer of the Carlyle Group. (r.reuters.com/vas87v)

* Candy Crush Saga-maker King Digital Entertainment priced its IPO at $22.50 per share. The company, valued at $7 billion post the IPO, will start trading on the New York Stock Exchange under the ticker symbol KING from Wednesday. (r.reuters.com/zas87v)

* The IRS announced on Tuesday that it would treat bitcoin, the computer-driven online money system, as property rather than currency for tax purposes, a move that forces users who have grown accustomed to operating under the government's radar to deal with new tax issues and reporting requirements. (r.reuters.com/bes87v)

* Baxter International, the country's only manufacturer of injectable nitroglycerin, recently told hospitals that it was sharply cutting shipments of the drug. The shortage of nitroglycerin, a critical drug for heart patients, is the latest example of how patchy the supply of some of the nation's most critical drugs has become in recent years. (r.reuters.com/ges87v)

* Senate Democrats dropped reforms of International Monetary Fund governance from a Ukraine aid package on Tuesday, handing President Obama an embarrassing defeat. (r.reuters.com/nes87v)

* Democrat senators Edward Markey of Massachusetts and Richard Blumenthal of Connecticut introduced a Senate bill on Tuesday that would make auto companies give the National Highway Traffic Safety Administration copies of insurance claims made against them and lawsuits about fatal crashes in which they were defendants. This comes as investigators begin to pour over internal General Motors documents seeking to understand the failure by regulators and the company to act on reports of a defect in Chevrolet Cobalts and other cars. (r.reuters.com/res87v)

* Walmart is recalling 174,000 dolls because they could overheat and burn consumers. The Consumer Product Safety Commission said on Tuesday that the My Sweet Love/My Sweet Baby Cuddle Care Baby Doll has a circuit board in its chest that can overheat. Walmart had reports of 12 incidents including two burns or blisters to the thumb. (r.reuters.com/ses87v)

* A start-up, Junction Investments, plans to open for business on Wednesday, allowing wealthy individuals to invest in movies alongside veteran film financiers. (r.reuters.com/tes87v) (Compiled by Ankush Sharma in Bangalore)

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