August 9, 2013 / 6:16 AM / in 4 years

PRESS DIGEST-New York Times business news - Aug 9

Aug 9 (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.

* Two weeks after Detroit declared bankruptcy, cities, counties and other local governments in Michigan are getting a cold shoulder in the municipal bond market. Borrowing costs are up around the state, in some cases drastically. On Thursday, Saginaw County became the latest casualty when it said it was delaying a $60 million bond sale planned for Friday. ()

* JPMorgan Chase & Co is close to a deal with regulators over whether it gave lowball estimates for trading losses despite evidence within the bank that the bet was spiraling out of control. The losses, which have now swelled to more than $6 billion, stemmed from outsize derivatives wagers made by traders at JPMorgan’s chief investment office in London. ()

* BHP Billiton PLC, the world’s largest mining company in a sector that is deeply out of favor with investors, is aggressively curtailing its spending in hopes of winning them over. Investors’ central complaint is that big companies, during a period of high metals prices and strong profit from 2009 to 2011, spent too much money building mines instead of returning money to shareholders. ()

* Hervé Falciani is a professed whistle-blower, the Edward Snowden of banking, who has been hunted by Swiss investigators, jailed by Spaniards and claims to have been kidnapped by Israeli Mossad agents eager for a glimpse of the client data he stole while working for a major financial institution in Geneva. Once dismissed by many European authorities, he and other whistle-blowers are now being courted as the region’s governments struggle to fill their coffers and to stem a populist uprising against tax evasion and corruption. ()

* On Friday the federal International Trade Commission is expected to say whether it will uphold a preliminary finding that Samsung Electronics Co Ltd mobile products violated a handful of Apple Inc’s patents. A decision against Samsung by the commission could result in an import ban on some of the company’s mobile devices. A decision for Apple would be its second major legal win against Samsung in less than a week. ()

* Carl Icahn is suing Dell’s board over its latest decision to accept a higher buyout offer from Michael Dell in exchange for modifying the rules governing the vote for the deal. On Monday, a hearing will take place in the Delaware Court of Chancery on whether to expedite Icahn’s suit. ()

* Britain’s Serious Fraud Office faced renewed embarrassment on Thursday after it admitted it had lost thousands of documents linked to an investigation into the British aerospace giant BAE Systems PLC. The agency has been trying to rejuvenate its reputation under its new leader, David Green. ()

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