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PRESS DIGEST-New York Times business news - Dec 12
December 12, 2012 / 7:00 AM / in 5 years

PRESS DIGEST-New York Times business news - Dec 12

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

* A broad swath of the nation’s leading chief executives dropped its opposition to tax increases on the wealthiest Americans on Tuesday, while the White House quietly pressed Wall Street titans for their support as well. ()

* British authorities have arrested three men in connection with a rate-rigging inquiry, including Thomas Hayes, a former trader at Citigroup and UBS. ()

* A deal to buy a 49 percent stake in Virgin Atlantic signal led an effort by Delta Air Lines to go after the lucrative airline route between New York and London. ()

* Debt-weary Greece, after a frantic two days of cajoling and arm-twisting, finally persuaded local banks and foreign investors to sell back to the government about 32 billion euros worth of discounted bonds, bankers close to the buyback program said on Tuesday. ()

* With Democrats and labor leaders vowing retribution at the ballot box and beyond, the Republican-dominated Michigan Legislature on Tuesday approved sweeping, statewide changes to the way unions will be financed, substantially reducing their power in a state that has long been a symbol of union might and an incubator for the American labor movement. ()

* SolarCity, a prominent solar power energy company, has delayed its initial public offering by at least a day, as it struggles to price its stock sale, a person briefed on the matter said on Tuesday. ()

* A French court brought manslaughter and injury charges on Tuesday against a drug executive, Jacques Servier, and six companies of the Servier group in a case involving a diabetes and weight-loss drug that caused cardiovascular damage, the Paris public prosecutor’s office said. ()

* On Tuesday, the European Parliament adopted a uniform patent system for Europe. If the plan goes into effect as expected by early 2014, it would try to remedy the country-by-country approach whose time and costs have long been an impediment to innovation across the European Union. ()

* A bill extending a federal program guaranteeing deposits in noninterest-bearing accounts at federally insured banks easily cleared a procedural hurdle on Tuesday, setting it up for a vote on final passage later this week.

But the bill, which is supported by most of the banking industry and by the White House, still faces an uphill battle in the Senate and the House. ()

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