PRESS DIGEST - Wall Street Journal - July 14

July 14 Mon Jul 14, 2014 12:29am EDT

July 14 (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.

* Thousands of Palestinians in the northern Gaza Strip fled their homes for UN shelters after the Israeli military warned residents to evacuate ahead of an intensified offensive. (on.wsj.com/U90kO2)

* As big banks with large trading operations report second-quarter earnings results this week, investors and analysts will be trying to find out whether the slowdown is a temporary funk or a lasting shift. (on.wsj.com/1m92WSB)

* Chinese prosecutors indicted a foreign husband-and-wife investigation team for illegally obtaining private information on Chinese citizens, in a case that has drawn attention to their work with U.K. drug giant GlaxoSmithKline and to China's judicial system. (on.wsj.com/1nm2rF6)

* Spanish banks say a modest decline in bad loans marks a post-crisis turning point. But analysts warn that a more comprehensive measure of the banks' health points to a longer road to recovery. (on.wsj.com/1n0rpzF)

* Central-bank economic models failed to foresee the storm that devastated the global economy in 2008. Stephen Poloz, the head of Canada's central bank, is trying an alternative approach he thinks will have better foresight: actual human beings. (on.wsj.com/1r9BxYq)

* A $7 billion deal between Citigroup and the Justice Department expected to be unveiled Monday nearly fell apart one day last month. Government officials, frustrated by months of back-and-forth haggling, warned the bank that a lawsuit would be filed the next day. But hours before the deadline expired, the Justice Department put its plans on hold. (on.wsj.com/1oy2Jd0)

* General Motors Co Chief Executive Mary Barra returns to Capitol Hill this week for what may be her last and toughest hearings with U.S. lawmakers over the auto maker's botched response to a faulty ignition switch that has landed GM in hot water with federal regulators and the Justice Department. (on.wsj.com/1oVcNjv)

* U.S. and U.K. investigators who are examining how Western investment firms won business in Gadhafi's Libya are looking at Tradition Financial Services and parties that it held for Libyan officials in Marrakesh. (on.wsj.com/1q998lN)

* The U.K. government said it would stiffen laws governing foreign takeovers of British companies, potentially raising new hurdles for overseas acquirers. (on.wsj.com/1tGno6V) (Compiled by Supriya Kurane in Bangalore)

Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.