PRESS DIGEST- New York Times business news - July 30

July 30 Wed Jul 30, 2014 2:14am EDT

July 30 (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.

* Barring a last-minute deal, Argentina will default on billions of dollars of bonds on Wednesday. It would be Argentina's second default in 13 years. A default has been in the making since a group of New York hedge funds gained significant victories in American courts, where they are demanding that Argentina should pay them in full on government bonds that defaulted in 2001. (nyti.ms/1tYjH9c)

* The United States and Europe kicked off a joint effort on Tuesday intended to curb Russia's long-term ability to develop new oil resources, taking aim at the Kremlin's premier source of wealth and power in retaliation for its intervention in Ukraine. The goal was not to inhibit current oil production but to cloud Russia's energy future. (nyti.ms/1rBMLBL)

* The general counsel of the National Labor Relations Board ruled that McDonald's Corp could be held jointly liable for labor and wage violations by its franchise operators. The ruling comes after the labor board's legal team investigated myriad complaints that fast-food workers brought in the last 20 months, accusing McDonald's and its franchisees of unfair labor practices. (nyti.ms/1nEK6Z1)

* After New York proposed the virtual currency regulations two weeks ago, bitcoin enthusiasts have had a mixed reaction on whether the new rules will help legitimize the virtual currency or whether they will thwart innovation and threaten the very freedom that bitcoin was meant to promote. (nyti.ms/1pDxAWj)

* Lawmakers in Washington ratcheted up the pressure on Tuesday on companies seeking tax relief by moving overseas, introducing a bill that would withhold government contracts from companies that undertake so-called inversion deals. (nyti.ms/1n1bj39)

* Swiss bank UBS AG and Deutsche Bank AG of Germany became the latest banks to disclose that they were facing inquiries from regulators after Attorney General Eric Schneiderman of New York sued the British bank Barclays PLC last month over its private stock trading platform, known as a dark pool. (nyti.ms/1pDyhyL)

* The boutique investment bank Qatalyst Partners, which was hired by Trulia Inc three years ago, will also receive the reward of Trulia's sale to Zillow Inc. Qatalyst was unable to strike a deal three years ago and ultimately watched JPMorgan Chase & Co advise Trulia on its IPO. Qatalyst said that its old contract with Trulia was still valid and the fee now paid will be split between Qatalyst and JPMorgan. (nyti.ms/1n1dzXY)

* IAC/InterActive Corp said its online tutoring unit, Tutor.com, would buy the Princeton Review, whose test preparation guides are familiar to students studying for the SAT and other standardized tests, from Charles bank Capital Partners, a private equity firm based in Boston. The terms were not disclosed. (nyti.ms/1lUkzXb)

* Steven Cohen's renamed firm, Point72 Asset Management, which manages $9 billion to $10 billion of his personal fortune, is proving to be nearly as profitable as his former hedge fund. Over the first six months of this year, the firm generated a profit of nearly $1 billion. (nyti.ms/1nGjAP1)

* Twitter Inc reported strong growth in the second quarter, driven in part by heavy use of the service by soccer fans around the world during the month long FIFA World Cup, which spanned June and July. Twitter's results far exceeded Wall Street's expectations, and the company's shares rose about 29 percent in after-hours trading. (nyti.ms/1pDvfum)

* Oracle Corp kicked off its new cloud computing technology center in Seattle on Tuesday. On hand were several recruiting executives; initially designed for 100 cloud engineers, the facility is expected to hire a lot more and serve as an education and training facility as well. (nyti.ms/1k6nq3V) (Compiled by Rishika Sadam in Bangalore)