PRESS DIGEST - Wall Street Journal - Aug 29

Fri Aug 29, 2014 12:54am EDT

Aug 29 (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.

* President Barack Obama signaled the U.S. has no immediate plans to escalate military operations against Islamic State extremists in Iraq or Syria, stressing the need to counter the group's advance while formulating a broader strategy to protect U.S. interests and allies. (on.wsj.com/1tQuYsK)

* Google Inc's advanced-research lab Google X said on Thursday it was developing a system of drones to deliver goods. Google said a 5-foot-wide single-wing prototype from its Project Wing carried supplies including candy bars, dog treats, cattle vaccines, water and radios to two farmers in Queensland, Australia, earlier this month. (on.wsj.com/VU8ytR)

* Some of the nation's largest banks distanced themselves from a cyberattack that hit J.P. Morgan Chase & Co, saying they had no indication they had been the victims of a similar incident. Their comments came as law-enforcement officials pursued investigations of potential breaches at J.P. Morgan and a handful of other financial institutions that haven't been identified. (on.wsj.com/1orM2j8)

* Vivendi SA in a swift decision on Thursday favored an offer worth nearly $10 billion for its Brazilian telecommunications business from Spanish telecom giant Telefónica SA over a bid from rival Telecom Italia SpA , ending a surprise bidding war between two of Europe's largest telecom companies.(on.wsj.com/1tg8wvn)

* A PG&E Corp electrical substation for Silicon Valley was breached for a second time, despite the utility's efforts to bulk up security following an armed attack last year. The Metcalf substation is a critical piece of Silicon Valley's grid, flowing power to America's technology hub. (on.wsj.com/1ljAvaJ)

* Government-bond yields touched new lows in the U.S. and Germany, as investors piled anew into ultrasafe debt amid growing concern about the pace of European growth. The gains underscore the dynamics that have made government bonds a surprise star performer this year - a winning streak many analysts now expect will continue. (on.wsj.com/1vTHPKY)

* Bankers have been using code names to keep reporters, traders and even rival companies from sniffing out deal news before formal announcements are made. But deal-making powerhouse Goldman Sachs Group Inc is putting an end to the name game, opting instead to automate the process to avoid the pitfalls that go with the territory. (on.wsj.com/1vTIWKK)

* Twitter Inc plans to open an office in populous Indonesia in the next three to six months, an executive said, highlighting the importance of fast-growing emerging markets as the company seeks future growth. (on.wsj.com/1qm13qY) (Compiled by Shivam Srivastava in Bangalore)

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