PRESS DIGEST - Wall Street Journal - May 12

Mon May 12, 2014 2:46am EDT

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May 12 (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.

* In their search for the next chief executive at AIG , the insurer's directors have narrowed the field of internal candidates to two executives - Peter Hancock and Jay Wintrob, according to people familiar with the matter. The directors are considering external prospects, but going outside isn't likely unless Hancock and Wintrob fall out of favor. (r.reuters.com/sub39v)

* British Sky Broadcasting Group PLC confirmed on Monday that it has initiated preliminary discussions with 21st Century Fox Inc over the potential acquisition of its pay TV assets in Germany and Italy. (r.reuters.com/wub39v)

* Lee Kun-hee, the 72-year-old chairman of Samsung Electronics Co, had trouble breathing late Saturday and was sent to a hospital emergency room near his home. Lee showed symptoms of cardiac arrest and the hospital staff had to perform cardiopulmonary resuscitation, according to Samsung Medical Center, where Lee was being treated on Sunday. (r.reuters.com/nyz29v)

* U.S. pension funds face a dilemma of capital flowing back from private-equity investments. Cash coming back from private-equity investments is upsetting the careful balance of investments that pension funds must maintain to achieve steady returns over decades to pay thousands of retirees. (r.reuters.com/xub39v)

* The two main U.S. inflation gauges, the Labor Department's consumer-price index and the Commerce Department's personal consumption expenditures price index, are hovering near the lowest levels ever seen outside of recessions. Both sit poised to drift upward. Wholesale and import prices show signs of picking up, and some items that briefly declined in price over the past year - such as prescription drugs, financial fees and garments - have started climbing again. (r.reuters.com/cyb39v)

* J.P. Morgan Chase & Co. is reviewing its relationships with several hundred U.S. clients that use the bank for back-office functions. The bank has been examining its relationships with so-called domestic correspondent banks, for which it clears payments and processes other transactions. (r.reuters.com/dyb39v) (Compiled by Ankush Sharma in Bangalore)

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