PRESS DIGEST- New York Times business news - June 12

June 12 Thu Jun 12, 2014 1:19am EDT

June 12 (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.

* It has been five years since the official end of the severe economic downturn that ran from late 2007 to the middle of 2009. The United States' total annual output has moved substantially above the pre-recession peak, but economic growth has averaged only about 2 percent a year, well below its historical average. A growing number of experts see evidence that the economy will never rebound completely. (r.reuters.com/jyq99v)

* Phil Mickelson, the famed golfer, did not trade in the shares of Clorox just as billionaire investor Carl Icahn was mounting an unsolicited takeover bid for the company in 2011, say four people briefed on the matter.(r.reuters.com/kyq99v)

* European Union officials on Wednesday announced an investigation into how low-tax nations like Ireland have helped large multi-nationals like Apple and Starbucks reduce their tax bills by billions of dollars. (r.reuters.com/wyq99v)

* Goldman Sachs and Bain Capital have agreed to pay a combined $121 million to settle a lawsuit that accused them and other firms of colluding to drive down the prices of takeovers before the financial crisis, according to a court filing on Wednesday. (r.reuters.com/xyq99v)

* In a widening safety problem at one of the world's largest auto suppliers, 2.3 million Toyota vehicles are being recalled worldwide because a defective air bag component made by Takata Corporation could injure passengers. Soon after Toyota's announcement, the National Highway Traffic Safety Administration said it was opening an investigation into the other automakers that used parts made by Takata to see if those companies' vehicles should be recalled, too. (r.reuters.com/far99v)

* Amazon plans to introduce a limited music streaming feature as early as Thursday, according to several people briefed on its plans. (r.reuters.com/har99v)

* The chief executive of General Motors, Mary Barra, and the former prosecutor hired by the company to investigate why it failed to recognize a fatal defect in its small cars, Anton Valukas, will testify before a House subcommittee next Wednesday. (r.reuters.com/kar99v) (Compiled by Ankush Sharma in Bangalore)

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