PRESS DIGEST - Wall Street Journal - July 1
July 1 (Reuters) - The following were the top stories in The Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.
* The financial industry cut spending on lobbying and campaign contributions this year, even as the Obama administration drafted a sweeping plan to tighten federal control over its players.
* In a major break with most other large companies, Wal-Mart Stores Inc (WMT.N) Tuesday told the White House that it supports requiring employers to provide health insurance to workers, a centerpiece of U.S. President Barack Obama's effort to provide near-universal coverage to Americans.
* The Federal Deposit Insurance Corp on Thursday is expected to propose new guidelines for private-equity investors seeking to buy failed banks, people familiar with the matter said.
* Freddie Mac's (FRE.N) board has made Charles "Ed" Haldeman Jr. its prime candidate for chief executive officer of the government-backed mortgage company, according to people familiar with the situation.
* China's government delayed its controversial requirement that manufacturers include Web-filtering software in all new personal computers sold in the country -- an 11th-hour move that shows the challenges Beijing faces in its wide-ranging efforts to rein in the Internet.
* A regulator fined a unit of ICAP Plc (IAP.L) and one of its former brokers for "numerous improper communications" with rival firms over fees on credit-default-swap trades, in an ongoing probe that could widen to include other brokerage firms.
* Sales of Michael Jackson's music have skyrocketed since he died suddenly last Thursday, returning the late pop star to the top-selling spot he held more than once during his career.
* The Obama administration's tough new fuel-efficiency standards could pose problems for some car makers, but Toyota Motor Corp (7203.T) is hoping to benefit. The Japanese company is betting the rules will give an advantage to its expanding lineup of hybrid vehicles, and it also aims to boost revenue by licensing to other car makers the patents that protect its fuel-saving technologies.
* U.S. home prices eased their slide in April, but rising unemployment and shaky consumer confidence are weighing on prospects for a recovery in the housing market and broader economy.
* Financier Allen Stanford is a serious flight risk and must remain in jail until he is tried on charges of masterminding a Ponzi scheme, a federal judge ruled Tuesday.
* Gannett Co (GCI.N), the largest U.S. newspaper publisher by daily circulation, will cut between 1,000 and 2,000 jobs out of its 41,500-person work force in response to continuing revenue declines, according to a person familiar with the company's thinking.
