PRESS DIGEST- New York Times business news - April 7
April 7 (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.
* The U.S. Justice Department is considering a deferred-prosecution agreement against Credit Suisse on charges of hiding American wealth offshore. The Zurich-based financial services company may have to pay more than $780 million in cash to suspend any indictment. The Justice Department is also pushing for a guilty plea from a Credit Suisse subsidiary. (link.reuters.com/kyk38v)
* British drugmaker GlaxoSmithKline said on Sunday it was investigating claims of improper conduct related to its business in Iraq, less than a year after China accused Glaxo of engaging in a bribery scheme aimed at increasing drug sales there. (link.reuters.com/xyk38v)
* Deals for everything from pens to pesticides, from painting offices to performing autopsies - all that and more is up for grabs on FedBid, a fast-growing private company that has positioned itself at the profitable nexus of government and business. Through FedBid, government agencies use "reverse auctions" - in which the lowest bid wins, rather than the highest - to decide who is awarded contracts.
* Many "momentum" stocks such as Tesla Motors Inc, NXP Semiconductors NV and Alexion Pharmaceuticals Inc , those that had drawn buyers because of their ascending trajectories, ran out of steam on Friday. The unprecedented selling signals a potential shift in investors' belief in chasing eye-popping growth. (link.reuters.com/nyk38v)
* Researchers say a new type of drug can help prevent advanced breast cancer from worsening, potentially providing an important new treatment option for women and a blockbuster product for Pfizer Inc. In a clinical trial, the drug cut in half the risk that cancer would worsen, or progress, researchers said on Sunday. (link.reuters.com/syk38v)
* Jonathan Grayer, chairman and chief executive of education services company Weld North, plans to announce on Monday that the company has acquired two digital learning businesses that will help expand it into English-language education and school management. Weld North is paying more than $150 million for Imagine Learning and Truenorthlogic. (link.reuters.com/tyk38v)
* The Toledo Blade newspaper has filed a lawsuit against six government officials, including Defense Secretary Chuck Hagel, claiming that two of its journalists were detained unlawfully while taking pictures outside a tank plant in Lima, Ohio. (link.reuters.com/vyk38v) (Compiled by Ankush Sharma in Bangalore)