PRESS DIGEST- New York Times business news - April 16
April 16 (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.
* Detroit's pension boards and a retirees' group say they have reached tentative agreements with the city that could serve as a breakthrough in its quest to settle with its major creditors and propel itself out of bankruptcy before the end of the year. (r.reuters.com/xus58v)
* CTIA, the industry trade group that represents wireless carriers, said over a dozen companies, including Apple, AT&T, Google, Samsung Electronics and Verizon Wireless, had committed to offering free antitheft software for cellphones at the beginning of next year. Lawmakers like George Gascon, San Francisco's district attorney, and Eric Schneiderman, New York's attorney general, on Tuesday released a joint statement saying the trade group's commitment was not a complete solution. (r.reuters.com/sus58v)
* Investors were already salivating over the initial stock offering of Chinese e-commerce company Alibaba Group. On Tuesday, they got a glimpse of its tremendous growth that is sure to whet their appetite even more. Alibaba made $1.4 billion in profit for its fourth quarter, more than double the amount it made during the same period a year earlier. Revenue jumped 66 percent, to nearly $3.1 billion. (r.reuters.com/fys58v)
* In her first public appearance since enduring withering criticism at congressional hearings two weeks ago, General Motors Co Chief Executive Mary Barra told an audience of auto executives and dealers that the company was delivering parts and starting to fix the 2.6 million small cars it has recalled for faulty ignition switches that it has linked to 13 deaths. (r.reuters.com/hys58v)
* A crucial part of Wall Street still keeps federal regulators up at night. But Janet Yellen, the chairwoman of the Federal Reserve, said on Tuesday that the Fed was actively considering measures to strengthen that potential weak spot. Yellen said that despite an onslaught of new bank regulations, risks remained in the markets where Wall Street firms and other entities lend and borrow hundreds of billions of dollars for short periods. (r.reuters.com/mys58v)
* A laboratory study presented early this year reported that the nicotine-laced vapor generated by an electronic cigarette promoted the development of cancer in certain types of human cells much in the same way that tobacco smoke does. Researchers involved in the little-noticed study emphasized that their findings were preliminary and that the study did not involve people but specially treated human lung cells. (r.reuters.com/nys58v) (Compiled by Arnab Sen in Bangalore)