PRESS DIGEST- New York Times business news - Aug 21

Thu Aug 21, 2014 1:19am EDT

Aug 21 (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.

* Online lender AvantCredit is expected to announce early on Thursday that it has secured a $200-million credit facility led by the investment bank Jefferies, doubling its capacity to lend to consumers. (nyti.ms/1vjWSxc)

* First Investors Financial Services Group has agreed to pay a $2.75 million penalty over accusations that it consistently gave giant credit reporting agencies like Experian and Equifax flawed reports about thousands of car buyers. (nyti.ms/1s1QmsF)

* The Justice Department is poised to announce a $16.65 billion settlement with Bank of America Corp over accusations that it duped investors into buying toxic mortgage securities, say people briefed on the matter - the single largest government settlement by a company in American history. (nyti.ms/1p04G1r)

* An increasingly vocal minority of Federal Reserve officials want the central bank to retreat more quickly from its stimulus campaign, arguing that the bank has largely exhausted its ability to improve economic conditions. (nyti.ms/1oTlptm)

* An experimental drug has completely protected monkeys from lethal doses of a virus related to Ebola, bolstering confidence that a similar medicine might be effective if deployed in the current outbreak in Africa, researchers reported on Wednesday. (nyti.ms/1ncq97X)

* UPS Stores, a subsidiary of United Parcel Service Inc , said on Wednesday that a security breach may have led to the theft of customer credit and debit data at 51 UPS franchises in the United States. (nyti.ms/VFFNkP)

* Nestle SA, one of the world's largest food companies, is adopting animal welfare standards that will affect 7,300 of its suppliers around the globe, and their suppliers. (nyti.ms/1q1H94c)

* As Europe faces the prospect of its third recession in five years, France is quickly emerging as one of the weakest links among the 18 nations that share the euro. (nyti.ms/1s1UDMX)

* Dollar General Corp, which on Monday offered $8.9 billion for Family Dollar Stores Inc, trumping an existing offer from Dollar Tree Inc, is contending that Family Dollar's chief executive may have let personal interest cloud his judgment. (nyti.ms/1sW9lJo)

* Carl Icahn, the longtime activist investor, disclosed in a regulatory filing on Wednesday that he had accumulated an 8.48 percent stake in Hertz Global Holdings Inc, with plans to put pressure on the rental car company's management. (nyti.ms/1AzQ8yo)

* Virtual currency start-up Chain, which aims to make it easier for developers to build Bitcoin applications, announced on Wednesday that it had closed a $9.5 million investment round led by Khosla Ventures, bringing its total funding to $13.7 million. (nyti.ms/XBPxOA)

* Argentina has proposed a way to pay its bondholders in a move that would bypass a United States court ruling that has blocked its payments and sent the country spiraling into default last month. (nyti.ms/1pgvQq0)

* Infineon Technologies AG, the German chip maker, agreed on Wednesday to buy the International Rectifier Corp, a specialty semiconductor producer, for about $3 billion in cash to bolster its international presence and gain greater scale. (nyti.ms/VH1tN8)

* Berkshire Hathaway Inc has agreed to pay $896,000 to settle accusations by the Justice Department that it did not follow antitrust guidelines before acquiring additional shares in the USG Corp in December, according to a filing in the Federal District Court in Washington on Wednesday. (nyti.ms/1pMCK6s)

* SoundCloud will begin incorporating advertising and, for the first time, let artists and record labels collect royalties as part of a new licensing deal with entertainment companies.(nyti.ms/1pMD1pS)

(Compiled by Shivam Srivastava in Bangalore)

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