PRESS DIGEST- New York Times business news - July 3

July 3 Thu Jul 3, 2014 1:06am EDT

July 3 (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.

* Standard General, a little-known hedge fund backing Dov Charney, the ousted executive of American Apparel, is in talks with the company's board over the possibility of bringing in new leadership, including a cadre of experienced board members, while keeping the company's signature manufacturing in the United States. (nyti.ms/1z9cI12)

* Privacy and Civil Liberties Oversight Board, the federal privacy board that sharply criticized the collection of the phone records of Americans by the National Security Agency, has concluded that the surveillance program is largely in compliance with both the Constitution and a surveillance law that Congress passed six years ago. (nyti.ms/1s0Jcpt)

* Security researchers at the RSA Security division of the EMC Corp have uncovered what they believe is a significant cyber-crime operation in Brazil that took aim at $3.75 billion in transactions by Brazilians. (nyti.ms/1iYg9Tn)

* Venture capitalist Tim Draper, winner of the government auction of nearly 30,000 Bitcoins on Friday, intends to make the coins available for use in emerging markets via a partnership with the Bitcoin exchange start-up Vaurum. (nyti.ms/1mmAkei)

* The Weinstein Company, best known for its Oscar-winning film operation, is exploring plans to spin off its TV division into a separate company that could be sold to a strategic partner or taken public. (nyti.ms/1iYgF41)

* Federal auto regulators, criticized recently for not acting aggressively enough on safety issues, turned some of their fire on Chrysler on Wednesday, saying in a harshly worded letter that the automaker was taking too long to repair 1.6 million recalled Jeep sport utility vehicles. (nyti.ms/1oqkA8K)

* Target is "respectfully" asking its customers to not bring firearms into its stores, even where it is allowed by law. Molly Snyder, a Target spokeswoman, said that Target's move was a "request and not a prohibition." (nyti.ms/1masx1n)

* The Wall Street Journal has cut between 20 and 40 staff members in recent weeks, according to people with knowledge of the matter, as part of a re-evaluation of its newsroom that came at the end of its financial year. (nyti.ms/VfVwY7)

* China said it would permit banks to set their own exchange rates for the renminbi against the dollar in deals with clients, in a step to relax controls to make the currency more market-driven. (nyti.ms/1iZgK71) (Compiled by Ankush Sharma in Bangalore)

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