PRESS DIGEST - Wall Street Journal - April 28
April 28 (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.
* Pfizer Inc plans to pursue a bid for AstraZeneca Plc, eyeing a tie-up that would create a roughly $300 billion pharmaceutical giant and fuel an already booming year for merger-and-acquisition activity, particularly in health care. (r.reuters.com/qez78v)
* Siemens AG barged in on Alstom's plans to sell its energy assets to General Electric Co, proposing a counter offer that would forge a global behemoth while keeping a symbol of French industry rooted in Europe. (r.reuters.com/rez78v)
* Alibaba Group Holding Ltd's IPO-ALIB.N Taobao is one of the world's largest shopping sites, with 7 million sellers offering 800 million items. But ahead of Alibaba's high-profile IPO in the United States, critics say it needs to address the problem of rampant counterfeit goods. (r.reuters.com/sez78v)
* Hedge-fund company Och-Ziff Capital Management Group helped finance controversial African oil and mining deals, a trail of corporate documents shows, and now faces scrutiny from U.S. authorities. Och-Ziff disclosed in a March filing that the Securities and Exchange Commission and Justice Department are investigating investments by some of its funds "in a number of companies in Africa" under the Foreign Corrupt Practices Act and related laws. (r.reuters.com/wez78v)
* As regulators tighten rules on the U.S. swaps market, large American banks are maneuvering to take some of the business overseas. Banks including Bank of America Corp, Citigroup Inc, Goldman Sachs Group Inc, JPMorgan Chase and Morgan Stanley are changing the terms of some swap agreements made by their offshore units so they don't get caught by U.S. regulations, according to people with knowledge of the situation. (r.reuters.com/zez78v)
* In Ben van Beurden's first four months as chief executive of Royal Dutch Shell Plc, the oil company has issued its first profit warning in a decade, halted major projects in Louisiana and Alaska, and moved to sell unprofitable U.S. shale properties. Shell reports earnings on Wednesday, and investors expect to gain clarity on how the 31-year Shell veteran plans to boost profit when costs are high and oil and gas are harder than ever to find. (r.reuters.com/cuz78v)
* As states stretching from Massachusetts to Maine thaw out from bitter cold, questions linger about why New England hasn't benefited from the energy boom in the nearby Marcellus Shale. The short answer is not enough pipelines. And the reason is an impasse between pipeline operators and power plants over how to pay for new capacity. (r.reuters.com/zyz78v)
* A newly discovered security hole in Microsoft Corp's Internet Explorer - the default Web browser for many users - could be particularly troubling for those still running Windows XP. Microsoft on Sunday warned about a flaw affecting versions 6 through 11 of its flagship browser. The coding flaw would allow hackers to have the same level of access on a network computer as the official user, Microsoft said, which is a best-case scenario for intruders. (r.reuters.com/fuz78v)
* A federal judge is slated to review this week how ready the city of Detroit is to hold a vote for more than 100,000 creditors considering a debt-cutting plan in the nation's largest municipal bankruptcy. A U.S. Bankruptcy Judge is scheduled to hold a hearing Monday to consider final approval of the plan's disclosure statement, a detailed explanation of Detroit's troubled financial past leading to an estimated $18 billion in long-term obligations. (r.reuters.com/huz78v) (Compiled by Supriya Kurane in Bangalore)
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.