PRESS DIGEST- New York Times business news - June 5
June 5 (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.
* T-Mobile and Sprint have agreed on the terms of a merger deal worth $32 billion. Under the terms of the agreement, which are still preliminary, Sprint would acquire T-Mobile for about $40 a share in cash and stock, a 17 percent premium to Wednesday's price. (r.reuters.com/zeh89v)
* H Lee Scott, who was Walmart's chief executive when widespread bribery charges surfaced against Walmart de México, will retire from the board this month. Come July, almost all top executives who held critical positions when corruption scandals engulfed the company's international division will no longer be with the company - but no departure has been cited by Walmart as a way to clean house after those scandals. (r.reuters.com/guh89v)
* A federal appeals court on Wednesday overturned Judge Jed Rakoff's decision in 2011 to reject an S.E.C. settlement deal with Citigroup, undercutting the judge's concerns that the bank got off with little more than a slap on the wrist. (r.reuters.com/juh89v)
* Yuri Victor, a designer and developer at Vox Media, who was streaming a television show on Netflix noticed an on-screen message from the company blaming Verizon for congestion that was slowing the stream. The message read "The Verizon network is crowded right now. Adjusting video for smoother playback." Netflix said on Wednesday that the message was simply a way the company is testing for notifying its customers about how their viewing experience is affected by their Internet service provider's network. To Verizon, the whole thing is little more than "a P.R. stunt," a company blog post said. (r.reuters.com/quh89v)
* General Motors on Thursday will release the results of its three-month internal investigation into the events leading up to this year's recall of 2.6 million small cars with defective ignition switches. (r.reuters.com/ruh89v) (Compiled by Ankush Sharma in Bangalore)