PRESS DIGEST - Wall Street Journal - May 29

Thu May 29, 2014 2:17am EDT

May 29 (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.

* Apple Inc said on Wednesday it is buying Beats Electronics LLC for $3 billion to bolster a music business that has lost some of its mojo, as streaming-music services encroached on the downloads dominated by Apple's iTunes service. (r.reuters.com/tyt69v)

* One of the General Motors Co engineers at the center of the controversy over the company's handling of a deadly ignition switch defect has met with congressional investigators, indicating lawmakers are accelerating their probe, according to people familiar with the matter. (r.reuters.com/vyt69v)

* Valeant Pharmaceuticals International Inc, having so far been spurned by takeover target Allergan Inc, raised its offer to buy the Botox maker to $49.4 billion and sold the rights to some of its skin-care products in an attempt to smooth the antitrust review process if its unsolicited takeover bid is successful. (r.reuters.com/zyt69v)

* Hachette Book Group hit back at Amazon.com Inc on Wednesday, rebuffing the retailer's suggestion that the two jointly compensate authors affected by a dispute between the companies. (r.reuters.com/dav69v)

* Boeing Co said on Wednesday that U.S. air-safety regulators cleared its 787-8 Dreamliner to operate on a wider range of routes, with the jet able to handle longer oceanic and polar crossings as much as five-and-a-half-hours from a suitable landing field in the event of an emergency. (r.reuters.com/gav69v)

* Prominent proxy adviser Institutional Shareholder Services urged the ouster of most Target Corp board members for failing to manage risks and protect the company from a massive data breach at the end of last year, a warning to corporate boardrooms to take cybersecurity more seriously. (r.reuters.com/jav69v) (Compiled by Arnab Sen in Bangalore)