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PRESS DIGEST-New York Times business news - March 4
March 4, 2013 / 6:55 AM / 5 years ago

PRESS DIGEST-New York Times business news - March 4

March 4 (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.

* Experts estimate so-called budget sequestration could cost the United States about 700,000 jobs, but Wall Street doesn’t expect the cuts to substantially alter corporate profits or threaten stock markets.

* Some of the biggest U.S. banks, such as Citigroup and JP Morgan Chase & Co, wrongfully foreclosed on more than 700 military members during the housing crisis and seized homes from roughly two dozen other borrowers who were current on their mortgage payments, findings that eclipse earlier estimates of the improper evictions.

* Swiss citizens voted Sunday to impose some of the world’s most severe restrictions on executive compensation, ignoring a warning from the business lobby that such curbs would undermine the country’s investor-friendly image.

* Internet companies like Microsoft Corp and Facebook Inc are trying to gain market advantage by casting themselves as more privacy-friendly than their rivals. For example, Mozilla, an underdog in the browser market, suggested last week that it would allow its users to disable third-party tracking software altogether.

* Motives for a Chinese cyberattack against Telvent, a company that monitors more than half the oil and gas pipelines in North America, which could range from industrial spying to disabling the power grid, remain obscure.

* British newspaper “the Guardian” is hoping to increase American readership with an advertising campaign exploring controversial American topics, such as women in the military, Internet privacy and gun control, through graphics.

* Vice, a Brooklyn media company, approached television network HBO with the idea of arranging a trip to North Korea that centered on basketball, a sport that the nation’s leader, Kim Jong-un, loves.

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