PRESS DIGEST - New York Times business news - Nov 12

Nov 12 (Reuters) - The following were the top stories in the New York Times business pages on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

* Democratic Congressional leaders said Tuesday that they were ready to push emergency legislation to aid the imperiled auto industry when lawmakers return to Washington next week, setting the stage for one last showdown with President Bush.

* Just two months after celebrating its 100th birthday, General Motors Corp (GM.N) is facing the grim prognosis that it may not survive to see another year unless it is rescued by a bailout from the federal government.

* Oil prices fell to their lowest level in 20 months on Tuesday, despite efforts by the OPEC cartel to stem the slide, as weak economic growth continued to reduce consumption around the world.

* Many new supplicants are lining up for an infusion of capital as billions of dollars are channeled to other beneficiaries like the American International Group (AIG.N), and possibly soon American ExpressCo (AXP.N).

* The Bush administration is backing away from proposals to have the government refinance a broad swath of homeowners who face foreclosure after taking out subprime mortgages and other high-risk loans over the last few years.

* For those wondering how long Russia could continue to spend billions of dollars to prop up its currency, a partial answer came Tuesday when Russia allowed the ruble to fall against the dollar and the euro.

* General Growth Properties Inc GGP.N, a shopping mall owner, warned that it faces solvency trouble and might be forced to file for bankruptcy if it is unable to refinance or extend nearly $1 billion in debt due next month.

* The luxury home builder Toll Brothers Inc (TOL.N) said Tuesday that its fourth-quarter home building revenue dropped 41 percent as the financial crisis worsened an already weak housing market.

* Vivian Schiller, who heads the online operations of The New York Times, will leave the paper to become the president and chief executive of National Public Radio, the network announced on Tuesday.

* North Oil, an Iraqi-owned company, has signed a contract with a Chinese state-owned oil corporation, CNPC, that was first negotiated during Saddam Hussein's government, an official in Iraq's Oil Ministry said Tuesday.

* The TJX Cos Inc (TJX.N), the discount retailer that operates the T J Maxx and Marshalls stores, reported a 6 percent decline in third-quarter profit on Tuesday as unfavorable exchange rates and a tough economy crimped results. The company also forecast a lower-than-expected fourth-quarter profit and cut its fiscal 2009 outlook.

* Tyco International Ltd (TYC.N), the industrial conglomerate, warned Tuesday that its fiscal-year profit would be well below Wall Street forecasts because of the economic downturn and the impact of the stronger dollar, setting off a 14 percent decline in its share price.