PRESS DIGEST - Wall Street Journal - June 19

June 19 Thu Jun 19, 2014 2:05am EDT

June 19 (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.

* A General Motors Co employee warned in 2005 that the auto maker had a "serious safety problem" with the design of ignition switches used on the 2006 Impala that could lead to a "big recall," but the company didn't recall the vehicles until early this week. (on.wsj.com/1uEvjNf)

* American Apparel Inc's board moved Wednesday to fire founder and Chief Executive Dov Charney, citing an "ongoing investigation into alleged misconduct." (on.wsj.com/1kPDJfo)

* YouTube confirmed plans to launch a long-awaited music-subscription service, but some independent labels are refusing to sign on as the online video company pushes for cut-rate licensing deals. (on.wsj.com/1qfS2PV)

* The head of the largest U.S. space company, United Launch Alliance LLC, moved to calm fears among military chiefs and lawmakers about an interruption to supplies of the Russian-made rocket engines used to launch satellites for the Pentagon. The company, a joint venture between Boeing Co and Lockheed Martin Corp, meanwhile is studying a new domestic alternative that industry experts said could take the government and any selected contractor $2 billion and up to seven years to develop. (on.wsj.com/1pKE2Q9)

* Digital subscriber line (DSL) companies are lagging behind cable and fiber broadband providers when it comes to download speeds, according to a new report from the Federal Communications Commission. The agency released its fourth annual report on broadband speeds, which showed once again that broadband providers are gradually increasing performance while delivering close to advertised speeds most of the time. (on.wsj.com/1ineMx7)

* General Electric Co Chief Executive Jeffrey Immelt is set to meet French Economy Minister Arnaud Montebourg in Paris on Thursday, the third time the executive has visited the City of Light since GE launched its $17 billion bid for Alstom SA's energy business in late April. (on.wsj.com/1ineR3W)

* News Corp on Wednesday extended its shareholder rights plan for another year, giving the media company additional time to evaluate options without potential interference from an outside investor. The shareholder rights plan, which is also known as a poison pill, was set to expire June 28, a year after the company separated from entertainment giant 21st Century Fox Corp. The extension runs through June 18, 2015. (on.wsj.com/1nlgSei)

* Owners of Markit Ltd, the Wall Street financial-data provider, raised $1.3 billion in a larger-than-expected initial public offering of shares, according to people familiar with the deal. (on.wsj.com/1nQdBFz) (Compiled by Sampad Patnaik in Bangalore)

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