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PRESS DIGEST-New York Times business news - July 3
July 3, 2013 / 6:06 AM / in 4 years

PRESS DIGEST-New York Times business news - July 3

July 3 (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.

* A looming deadline to regulate trading by American banks overseas has set off a rare breakdown of decorum at the Commodity Futures Trading Commission, long known for its cordiality. ()

* New York’s top prosecutor is investigating some of the state’s largest employers over their use of ATM-style cards to pay their hourly employees. New York Attorney General Eric Schneiderman sent letters seeking information to about twenty employers, including McDonald‘s, Walgreen Co and Wal-Mart. ()

* In a significant setback for President Obama’s signature domestic initiative, the administration on Tuesday abruptly announced a one-year delay, until 2015, in his healthcare law’s mandate that larger employers provide coverage for their workers or pay penalties. The decision postpones the effective date beyond next year’s midterm elections. ()

* Investors pulled a record amount of money from Pimco’s flagship Total Return bond fund, the largest mutual fund in the world, in June, a stark indication of how rising interest rates have pushed bonds out of favor. ()

* The universal banking model is under attack by regulators, but Deutsche Bank seems determined to keep its two-track focus of branch network and investment bank. ()

* Pressure from shareholders has led a subcommittee of the Dell Inc board of directors to ask the company’s founder, Michael Dell, to raise his offer to buyout the company. ()

* The Federal Reserve seemed to recognize that its approval of new banking rules related to Basel III was only part of the solution. ()

* Pickup trucks and SUVs led the way, resulting in the best performance in at least six years for Ford Motor Co and Chrysler and the best month for General Motors Co since September 2008. ()

* Both Honda Motor Co Ltd and General Motors have working fuel-cell-powered prototypes, but want to combine their resources to reach the next step in development. ()

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