PRESS DIGEST- New York Times business news - Aug 4

Mon Aug 4, 2014 1:18am EDT

Aug 4 (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.

* After spending years in the shadow of bankruptcy proceedings, management turmoil and its more prominent broadcasting stations, the Tribune Media Co's publishing division, is striking out on its own. The print properties are being spun off into a new company - Tribune Publishing, which starts trading on the New York Stock Exchange on Tuesday. (nyti.ms/UVwe0o)

* The troubled lender Banco Espirito Santo SA will be shut down, and its healthy businesses will be transferred to a new bank, as part of 4.9 billion euro ($6.58 billion) rescue plan financed primarily by the Portuguese government. While the Portuguese government will provide most of the money for the rescue in the form of a loan, the heaviest losses will be absorbed by Banco Espirito Santo shareholders and some creditors. (nyti.ms/1kgCdt1)

* Botox maker Allergan Inc is suing Valeant Pharmaceuticals International Inc and hedge fund manager William Ackman, accusing them of insider trading as part of their hostile effort to take it over. (nyti.ms/1qJGinw)

* Treasury Wine Estates, the Australian vintner that owns Penfolds and Beringer Vineyards, said it would consider a sweetened takeover offer led by the private equity giant Kohlberg Kravis Roberts after rejecting an earlier bid. (nyti.ms/1tLYLF0)

* The former global head of Barclays Plc's mergers and acquisitions business, Paul Parker, is set to join one of his former rivals, Goldman Sachs Group Inc. Parker has been hired as a co-chairman of Goldman's mergers unit. (nyti.ms/1uZuuUT)

* Evercore Partners Inc said on Sunday that it planned to buy Institutional Strategy & Investment, a move intended to bolster its research and trading arm. (nyti.ms/1ol35mC)

* Brazilian firm Patria Investments has closed a new $1.8 billion private equity fund, its largest ever, in yet another sign that investors still find Brazil attractive despite the nation's many macroeconomic challenges. The Sao Paulo-based firm, owned 40 percent by the Blackstone Group, exceeded its $1.5 billion target. (nyti.ms/1skUxCu)

* The International Swaps and Derivatives Association said Argentina's failure to make a payment on its bonds earlier this week would activate credit default swaps on the country's debt. In the coming days, investors who used the swaps to insure against the default will collect money from investors on the other side of the trade. (nyti.ms/1zMcjkx)

* For years, New York City has been dutifully pumping more and more money into its giant pension system for retired city workers. But instead of getting smaller, the city's pension hole just keeps getting bigger, forcing progressively more significant cutbacks in municipal programs and services every year. (nyti.ms/1xVo4Cj)

* Nickelodeon created its first original animated series "Welcome to The Wayne" exclusively for the web and mobile. The program is part of an overhaul at Viacom Inc's 36-year-old children's network to discover, develop and disseminate shows for a new generation who barely distinguish among a television set, a laptop, a tablet and a mobile phone. (nyti.ms/1njaIK2)

($1 = 0.7451 Euros) (Compiled by Rishika Sadam in Bangalore)