PRESS DIGEST- New York Times business news - May 15

Thu May 15, 2014 2:05am EDT

May 15 (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.

* Even though fast-food workers have staged several one-day strikes in the last 18 months, the protests have not swayed McDonald's or other major restaurant chains to raise their employees' pay. So on Thursday, the fast-food workers' movement wants to broaden its reach as it pushes for a $15-an-hour wage that restaurant companies say is unrealistic. The movement leaders say support protests will take place in 80 cities in more than 30 countries, from Dublin to Venice to Casablanca to Seoul to Panama City. (r.reuters.com/rew39v)

* The New York Times dismissed Jill Abramson as executive editor on Wednesday, replacing her with Dean Baquet, the managing editor, in an abrupt change of leadership. Arthur Sulzberger, the publisher of the paper and the chairman of The New York Times Co, told a stunned newsroom that he had made the decision because of "an issue with management in the newsroom." (r.reuters.com/xyv39v)

* Citigroup Inc has fired 11 employees, including four high-ranking executives in Mexico, in connection with a $400 million fraud involving a large Banamex client. The bank fired many because they had not taken steps to detect the fraud or had ignored warning signs about the client. (r.reuters.com/zyv39v)

* The ruling by Europe's highest court that Google can be forced to remove links from certain searches will be carried out by data privacy regulators at 28 different agencies across the European Union. However, since the court gave the agencies little guidance in applying the ruling, people in different European countries could receive different treatment. (r.reuters.com/baw39v)

* Macy's Inc reported a sluggish first quarter on Wednesday, dampening hopes for more positive spring spending news after an exceptionally frigid, difficult winter. It said profit rose a modest 3 percent in the quarter but that sales dropped 1.7 percent from the year before. (r.reuters.com/haw39v)

* The Retail Industry Leaders Association, along with several top retailers, like Gap and Walgreen, on Wednesday opened an intelligence-sharing center focused on the prevention of cybercrimes against retailers. According to the retail group, the center will allow retailers to share information about data breaches and potential threats. (r.reuters.com/jaw39v)

* Valero Energy Partners reported a 28 percent drop in first-quarter net income on Wednesday, as a rough winter curbed demand for the petroleum products that flow through its pipelines. The San Antonio company, spun out of the Valero Energy Corp last year, reported net income of $10.5 million, or 18 cents per unit, in its first full quarter as a publicly traded company. (r.reuters.com/maw39v) (Compiled by Ankush Sharma in Bangalore)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.