PRESS DIGEST- New York Times business news - July 29

July 29 Tue Jul 29, 2014 1:22am EDT

July 29 (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.

* An international court has awarded the shareholders of the defunct Yukos oil company more than $50 billion, ruling that the Russian government wrongly seized the company from one of the country's most powerful oligarchs. (nyti.ms/1tUR50D)

* China has named Microsoft among the foreign technology companies likely to come under tighter government checks for security risks after the revelations by Edward Snowden about the U.S. government surveillance. Officials from the State Administration for Industry and Commerce visited Microsoft offices in Beijing, Shanghai, Guangzhou and Chengdu, Joanna Li. (nyti.ms/1nBlXCs)

* The United States and Europe agreed to sharply escalate economic sanctions against Russia amid worries that Moscow is stepping up its intervention in Ukraine and may be setting the stage for an outright invasion. The two sides settled on measures that would target Russia's financial, energy and military sectors. (nyti.ms/1qcc2l1)

* Dollar Tree Inc proposed an $8.5 billion takeover of Family Dollar Stores Inc that will form a new giant of the dollar-discount industry. By buying Family Dollar, Dollar Tree will expand markedly, to 13,000 stores in 48 states and in Canada, as well as to $18 billion in annual revenue. (nyti.ms/1rZLeGN)

* Wall Street investment banks, led by JPMorgan Chase & Co and Goldman Sachs Group Inc, are estimated to have collected, or will soon collect, nearly $1 billion in fees over the last three years advising and persuading American companies to move the address of their headquarters abroad. (nyti.ms/1Asfmzz)

* Clarence Otis, chairman and CEO of Darden Restaurants Inc, will step down when the board chooses his successor, or by the year end. The move came on the day that Darden completed the sale of the Red Lobster, the seafood chain that gave rise to the restaurant's empire, in a transaction that was hotly opposed by the activist investors. (nyti.ms/1tl8Yba)

* Morgan Stanley plans to increase base salaries for junior and mid level bankers by as much as 25 percent. The change will apply to associates and vice presidents in investment banking and capital markets. The bump in base salary is intended to provide the bankers with more cash in the near term, since bonuses are often deferred into the future. (nyti.ms/1nPCkwl)

* The Lloyds Banking Group agreed to pay more than $380 million to British and United States authorities to resolve investigations into the manipulation of rates, including one used to determine fees paid by Lloyds for taxpayer-backed funding during the financial crisis. (nyti.ms/1rz3GoL)

* The Federal Aviation Administration said on Monday it planned to fine Southwest Airlines $12 million for repair violations on some of its Boeing 737 jets, citing some faulty repairs the airlines made since 2006. Southwest has 30 days to respond to the complaint and can negotiate to reduce the fine. (nyti.ms/1tlcO4c)

* Governor Andrew Cuomo delivered a feisty and unrepentant defense of his handling of an anti-corruption panel he created and then abruptly shut down, after five days in seclusion during which he encountered some of the harshest criticism he has faced as governor. (nyti.ms/X7yDqG)

* Virgin America, the sleek low-cost American airline partly owned by Richard Branson, filed for an initial public offering on Monday after posting its first annual profit. The airline gave a placeholder fund-raising target of $115 million, a figure used only to determine filing fees. (nyti.ms/1oE8Ctq)

* A judge issued a sweeping victory Monday for Rochelle Sterling, ruling that she had the authority to sell the Los Angeles Clippers to the businessman Steve Ballmer, who has agreed to pay a record $2 billion for the franchise. (nyti.ms/1AstfO0) (Compiled by Rishika Sadam in Bangalore)