PRESS DIGEST- New York Times business news - July 1

July 1 Tue Jul 1, 2014 1:10am EDT

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July 1 (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.

* General Motors on Monday announced the recall of 8.4 million more vehicles worldwide - most of them for an ignition defect similar to the flaw that the company failed to disclose in other models for more than a decade. The announcement came hours after Kenneth Feinberg, a compensation expert hired by GM, unveiled a plan to pay victims of accidents involving GM vehicles, promising more than $1 million for families of those who died. (nyti.ms/1qdcMbX)

* BNP Paribas SA on Monday admitted to doing billions of dollars in deals with Iran and other countries blacklisted by the United States and agreed to pay a record $8.9 billion penalty to state and federal authorities. (nyti.ms/TKUguN)

* Russian hackers have been systematically targeting hundreds of Western oil and gas companies, as well as energy investment firms, according to private cyber security researchers. The motive behind the attacks appears to be industrial espionage - a natural conclusion given the importance of Russia's oil and gas industry, the researchers said. (nyti.ms/1pRSZNb)

* More than a million people risk losing their federally insured pensions in just a few years despite recent stock market gains and a strengthening economy, a new government study said on Monday. The people at risk have earned pensions in multi-employer plans, in which many companies band together with a union to provide benefits under collective bargaining. (nyti.ms/1m4l97J)

* Regulatory filings posted on Monday night show that Dov Charney, the recently ousted founder of American Apparel , bought 27 million shares of American Apparel stock last week, which gives him a total stake of about 43 percent. If he can persuade an additional 7 percent or so of shareholders to support him, he might be able to get his company back. (nyti.ms/1jER6iU)

* The U.S. Supreme Court on Monday allowed a case accusing Google of wire-tapping to proceed, undermining the search company's efforts to put a troublesome episode to rest even as it plans to become more deeply embedded in consumers' lives. Google maintains it was not wire-tapping as part of Street View. Its failure to persuade the Supreme Court to hear its appeal means the case will go forward in the lower court. (nyti.ms/1o1AyEv)

* Cosmetics maker L'Oréal USA, a subsidiary of L'Oréal SA, has agreed to settle complaints in the United States that advertisements for its skin care products Lancôme Génifique and L'Oréal Paris Youth Code were deceptive, the Federal Trade Commission said on Monday. (nyti.ms/VBt5Eq)

* A California prosecutor on Monday charged General Motors with unfair business practices and deceptive marketing for concealing ignition-related defects and others in order to boost its bottom line. The lawsuit, filed by District Attorney Tony Rackauckas of Orange County, accuses G.M. of "half-truths and omissions." (nyti.ms/1nYmxpC) (Compiled by Ankush Sharma in Bangalore)

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