PRESS DIGEST - Wall Street Journal - May 22

Thu May 22, 2014 1:23am EDT

May 22 (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.

* Federal Reserve Chairwoman Janet Yellen has argued consistently in recent months that labor markets are abundant with slack that will hold inflation and wages down. But she hasn't convinced all her colleagues. Minutes of the Fed's April 29-30 policy meeting showed a lengthy debate on this subject and suggested labor-market slack will become an important battleground in the central bank's coming discussions about how long to continue its low-interest-rate policies. (r.reuters.com/pyj59v)

* Goldman Sachs Group Inc is ceding most of its ground on the New York Stock Exchange's trading floor. IMC Financial Markets, a Dutch high-speed trading firm, agreed on Wednesday to acquire Goldman's rights to operate as a designated market maker in more than 600 New York Stock Exchange-listed stocks, according to Scott Knudsen, IMC's Chicago-based head of trading. IMC will also hire about 15 floor brokers from the Wall Street firm. (r.reuters.com/tyj59v)

* Reynolds American Inc and Lorillard Inc are in advanced talks to combine in a deal that would dramatically reshape the U.S. tobacco landscape, creating a powerful No. 2 to industry leader Altria Group Inc, according to a person familiar with the matter. (r.reuters.com/vyj59v)

* The claws are out for the entire board of Darden Restaurants Inc after it agreed last week to sell its Red Lobster chain. Starboard Value LP, an activist investor that didn't want Darden to sell Red Lobster alone, is now launching a fight to take over the board, according to people familiar with the matter. (r.reuters.com/xyj59v)

* EBay Inc on Wednesday asked the 145 million registered users of its namesake marketplace to change their passwords following a cyber attack that compromised a database containing encrypted passwords and other data. (r.reuters.com/zyj59v)

* Three days after AstraZeneca PLC slammed the door on Pfizer Inc's latest $120 billion takeover offer, some big investors in the British drugs giant are refusing to give up. AstraZeneca's sixth-largest investor, Legal & General Group PLC, is urging the company's board to reverse its rejection of the deal, two people familiar with the situation said. (r.reuters.com/fak59v) (Compiled by Arnab Sen in Bangalore)

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