PRESS DIGEST- New York Times business news - May 13

Tue May 13, 2014 12:43am EDT

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May 13 (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.

* With TransCanada's Keystone XL pipeline snarled in a regulatory and legal struggle south of the border, Canadian oil companies are proposing many new and expanded pipelines that would connect the oil sands fields with new markets in China and across the world. The planned projects that would snake east and west as well as south, could break the virtual United States monopoly market for Canadian oil exports. (r.reuters.com/qyg39v)

* A string of departures from the Fed's seven-member board over the last year has left the central bank on the verge of operating with just three governors for the first time in its 100-year history. Three nominees are awaiting Senate confirmation, but so are scores of nominees to other offices. (r.reuters.com/syg39v)

* AT&T is in talks to buy DirecTV for at least $50 billion, and the two sides are actively working toward an announcement. If completed, the deal would give AT&T, the country's second-largest wireless carrier, control of the country's largest satellite television provider, further reshaping the rapidly changing telecommunications and television industries. (r.reuters.com/vyg39v)

* Rejecting an unusual $50 billion unsolicited bid, Allergan , the maker of Botox, said its best days were ahead of it and signaled it would consider making acquisitions of its own as it worked to stay independent. Allergan said the offer by Valeant Pharmaceuticals and William Ackman "substantially undervalues Allergan and is not in the best interests of the company and its stockholders." (r.reuters.com/xyg39v)

* Pfizer Inc pledged on Monday to keep jobs in Britain if it succeeds in taking over British drug maker AstraZeneca Plc, and it questioned whether AstraZeneca can stand on its own much longer. Pfizer's chief executive is expected to appear before a parliamentary committee in London on Tuesday as the American pharmaceutical giant tries to convince British lawmakers that a Pfizer-AstraZeneca combination is viable. (r.reuters.com/bah39v)

* Toyota said on Monday that it would allow a battery-supply deal with Tesla Motors to expire this year and would focus instead on building cars running on hydrogen fuel cells, a next-generation technology that rivals Tesla's all-electric systems. (r.reuters.com/gah39v)

* Since the financial crisis, the annual meetings of Wall Street banks have become focal points for shareholder anger about foreclosures, taxpayer bailouts and income inequality. While gadflies and social activists have flocked to shareholder meetings across corporate America for decades, banks' annual meetings can be quite contentious. (r.reuters.com/hah39v) (Compiled by Supriya Kurane in Bangalore)

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