PRESS DIGEST- New York Times business news - June 18

June 18 Wed Jun 18, 2014 12:18am EDT

June 18 (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.

* With a price war underway, Chinese LED manufacturers are taking market share from industry players in the United States, Europe and Japan, the industry pioneers that made crucial technological breakthroughs, and from Taiwan and South Korea, previously the leaders in low-priced LEDs. (nyti.ms/1lxjTeO)

* As President Xi Jinping of China prepares to tackle what may be the biggest cases of official corruption in more than six decades of Communist Party rule, new evidence suggests that he has been pushing his own family to sell hundreds of millions of dollars in investments, reducing his own political vulnerability. (nyti.ms/1jxwbyb)

* Mary Barra, chief executive of General Motors, is expected to tell a House panel on Wednesday that the auto giant is determined to change its culture and prevent another safety crisis similar to its deadly delay in recalling millions of small cars with a defective switch. (nyti.ms/1ygGiB4)

* Just as the federal government reached an agreement on Tuesday with SunTrust Banks over questionable mortgage practices, the government's talks to resolve Citigroup's mortgage issues grew increasingly tense and veered toward a lawsuit. The Justice Department is seeking a $10 billion penalty from Citigroup over its sale of defective mortgage investments, said people briefed on the matter, who spoke on the condition of anonymity because the talks are incomplete. But Citi contends that the amount far exceeds the losses suffered by investors. (nyti.ms/1smZaxX)

* After seven years, securities regulators are scrutinizing a deal where the hedge fund manager Bruce Rose, on the eve of the financial crisis, took his firm into the business of collecting mortgage payments from people with tainted credit. The previously unreported investigation is seeking information about how Rose's Carrington Holding Co financed the $188 million deal, which relied in part on the firm's later issuing special securities to the investors in its hedge fund. (nyti.ms/1niMVvo)

* The Argentine government said on Tuesday that it had started to take steps to circumvent a United States court order to avoid a technical default. Axel Kicillof, the economy minister, said that the government would pay bondholders of restructured debt under Argentine legislation. (nyti.ms/1ygI99h) (Compiled by Sampad Patnaik in Bangalore)

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