PRESS DIGEST - New York Times business news - July 25
July 25 (Reuters) - The following were the top stories in the New York Times business pages on Friday. Reuters has not verified these stories and does not vouch for their accuracy.
* Ford Motor Co (F.N) tallied the financial impact on Thursday of falling sales of its big pickups and sport utility vehicles, which contributed to the worst quarterly loss in its 105-year history.
* Southwest Airlines Co (LUV.N), the largest U.S. low-fare airline, saw profits rise and beat Wall Street expectations by relying on hedge arrangements that lowered fuel costs.
* The British energy giant BP Plc (BP.L) moved closer to losing control of its joint venture in Russia after the operation's chief executive was forced to leave the country Thursday because he could not get a work visa.
* The European Food Safety Authority pulled back on Thursday from giving milk and meat from cloned animals a clean bill of health, making it less likely that such products could reach store shelves in Europe anytime soon.
* In another sign of stress for automakers, Daimler (DAIGn.DE) and Renault (RENA.PA) reduced their outlooks in the face of higher steel and oil prices and an economic slowdown.
* The Senate is investigating whether insurance companies are forcing able-bodied people to apply for Social Security disability benefits, worsening a severe backlog in the government program while increasing their own profits.
* Investors who think they have been wronged by their stockbrokers will soon be able to have their cases heard by panels consisting only of their peers and with no industry participants, officials at the Financial Industry Regulatory Authority announced on Thursday.
* The head of the Securities and Exchange Commission urged Congress on Thursday to give his agency authority to oversee investment banks, even as a top Federal Reserve official said the bank needed similar powers.
