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PRESS DIGEST-New York Times business news - April 25
April 25, 2013 / 7:00 AM / 4 years ago

PRESS DIGEST-New York Times business news - April 25

April 25 (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.

* Amid an increasingly partisan atmosphere, the head of the Federal Aviation Administration told skeptical Republicans on Wednesday that automatic budget cuts had forced the FAA to run somewhat like a starving airline: it has reduced its inventory of spare parts, stopped hiring and training new employees, and cut back on modernization. ()

* The University of California will lead a $9 million effort financed by the National Institute of Mental Health to identify promising drugs for autism and conduct early tests. ()

* Sprint Nextel, wanted as an acquisition by both SoftBank of Japan and Dish Network, posted a smaller-than-expected quarterly loss on Wednesday, but its customer growth suffered as its Nextel network wound down. ()

* Inc is developing a television set-top box and has begun discussions with outside providers of content to distribute their video services to the device, according to three people briefed on the plan, who spoke on condition of anonymity because the product had not yet been announced and remained confidential. ()

* Zynga Inc reported that its revenue was down 18 percent from the year-ago quarter, results that prompted shares to slip in after-hours trading. The company’s number of daily active users, or people who logged into its games once a day, dropped 21 percent. However, it did report a small profit. ()

* Consumer product maker Procter & Gamble Co said that its third-quarter profit rose 6 percent, helped by cost cuts and improvements in North America.

But its fourth-quarter forecast fell short of Wall Street’s expectations as a result of a mixed response to new products and what the company called “choppy” market conditions that led to modest revenue gains. ()

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