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PRESS DIGEST- New York Times business news - July 24
July 24, 2014 / 6:15 AM / 3 years ago

PRESS DIGEST- New York Times business news - July 24

July 24 (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.

* From factory inspections to product recalls, laboratory testing to prosecutions, China's emergent food-quality apparatus has turned into reform on the fly, with ever-changing threats and setbacks. (nyti.ms/1sVA3la)

* Facebook Inc posted higher revenue and profit for the second quarter, driven by revenue from apps on mobile devices and advertisements shown in the news feeds. Mobile devices accounted for nearly two-thirds of the company's revenue, which rose 61 percent over the same quarter last year. (nyti.ms/1x33wHJ)

* The White House Rural Council will announce plans on Thursday to start a $10 billion investment fund that will give pension funds and large investors the opportunity to invest in agricultural projects. Those include wastewater systems, energy projects and infrastructure development in rural America. (nyti.ms/1sVilhy)

* General Motors Co recall covers 800,000 more vehicles. The auto company announced six more recalls on Wednesday for various flaws, and its worldwide recall total for 2014 is 29 million.(nyti.ms/1ravFed)

* For years, the wind industry has been hampered by such a severe lack of transmission lines that when the wind is strong, a local power surplus forces some machines to be shut down. Now, Texas is out to change that by conducting a vast experiment that might hold lessons for the rest of the United States. Supporters say the experiment is essential if states want to reduce reliance on fossil fuels and meet new federal rules on carbon emissions. (nyti.ms/1rw5Mre)

* The new rules by the U.S. Transportation Department would include measures to enhance the safety of oil trains, some of which had already been adopted by railroads on a voluntary basis in recent months, like notifying state emergency responders about train traffic, reducing speed limits or picking the safest route. (nyti.ms/1kcXjst)

* The resignation of Prime Minister Plamen Oresharski and his cabinet comes as Bulgaria's worst banking crisis since the 1990s threatens to take an economic toll on local businesses and foreign investors. And there may be no quick resolution of a rescue plan for troubled Corporate Commercial Bank. (nyti.ms/1pdV0nN)

* Nearly six years since the panic after the collapse of Lehman Brothers Holdings Inc, the Securities and Exchange Commission's new rules are intended to prevent investors from dumping their shares in funds during times of stress. (nyti.ms/1rMIJHU)

* After a riveting corporate shake-up that began last month after the firing of its controversial founder and chief executive, Dov Charney, American Apparel named four new members to its board. (nyti.ms/1sVCLqT) (Compiled by Rama Venkat Raman in Bangalore)

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