PRESS DIGEST- New York Times business news - May 14

Wed May 14, 2014 12:25am EDT

May 14 (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.

* Treasury Secretary Jacob Lew pushed China on Tuesday to let market forces decide its exchange rate, and pressed senior officials here not to undercut the Obama administration's sanctions on Russia. (r.reuters.com/hep39v)

* Governor Andrew Cuomo of New York last month appointed a three-person commission to offer thoughts on the use of technology in schools. Eric Schmidt, executive chairman of Google, is one of the three, but his appointment raised some eyebrows as Schmidt's company has a commercial interest in seeing more Chromebook computers, which run Google's Chrome web software, and the company's productivity applications, Google Apps, being used in schools. (r.reuters.com/fep39v)

* Europe's highest court said on Tuesday that people had the right to influence what the world could learn about them through online searches, a ruling that rejected long-established notions about the free flow of information on the Internet. A search engine like Google should allow online users to be "forgotten" after a certain time by erasing links to web pages unless there are "particular reasons" not to, the European Court of Justice in Luxembourg said. (r.reuters.com/pep39v)

* Subsys, a strong painkiller, was approved in 2012 for cancer patients, but has since become an outsize moneymaker for Insys Therapeutics and has been prescribed more widely. Drug-safety experts said the range of medical professionals who appeared to be prescribing Subsys was troubling, particularly given concerns about the widespread use - and abuse - of narcotic painkillers. (r.reuters.com/vep39v)

* The federal overseer of Fannie Mae and Freddie Mac on Tuesday announced a shift in policies intended to maintain the mortgage finance giants' role in parts of the housing market, spur more home lending and aid distressed homeowners. Melvin Watt's announcement raises bigger - and divisive - questions about the role of the now-profitable mortgage institutions, which were fully taken over by the federal government during the financial crisis to avoid their bankruptcies. (r.reuters.com/gup39v)

* Airbnb, the popular apartment-sharing service, won a legal standoff Tuesday when a state judge ruled that the company did not have to give up customer records as part of an investigation by the New York attorney general. However, the victory may be short-lived, as the state attorney general said he would address the court's concerns in a new subpoena. (r.reuters.com/dup39v)

* Being cast off from a struggling foreign parent company might bring on an identity crisis for some institutions. Not so for Citizens Bank, which is looking to turn its coming independence from the Royal Bank of Scotland into an opportunity to strengthen its consumer banking in the United States. But it may be a slog. (r.reuters.com/nup39v)

* Sallie Mae, the student lender, and Navient, its former subsidiary, have agreed to pay $97 million to settle complaints about excessive fees and interest on loans to military service members. (r.reuters.com/pup39v)

* As the drugstore chain Walgreen considers a deal that would allow it to reincorporate abroad, many shareholders are elated, saying it could save millions of dollars a year on taxes. But at least one Walgreen investor wants the company to remain in the United States. The CtW Investment Group, which owns less than 1 percent of Walgreen's shares, sent a letter on Tuesday to the company's management, making the case against such a transaction. (r.reuters.com/kup39v) (Compiled by Supriya Kurane in Bangalore)