PRESS DIGEST - Wall Street Journal - May 15

May 15 (Reuters) - The following were the top stories in The Wall Street Journal on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.

* General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) plans to sell or divest itself of its century-old appliances business, as CEO Jeffrey Immelt continues a push in favor of higher-growth technology operations. A sale, which would come as GE faces pressure to trim its wide-ranging portfolio, could fetch between $5 billion and $8 billion.

* U.S. prosecutors are expected to confront Swiss banking giant UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) with a broad subpoena for the names of wealthy American clients who may have used its services to avoid income taxes.

* Carl Icahn is launching a proxy contest to unseat Yahoo Inc's (YHOO.O: Quote, Profile, Research, Stock Buzz) board, a move aimed at pushing Yahoo back to the bargaining table with Microsoft Corp (MSFT.O: Quote, Profile, Research, Stock Buzz). Icahn plans to nominate 10 directors to replace Yahoo's board before a deadline Thursday.

* Tensions are flaring between BP Plc (BP.L: Quote, Profile, Research, Stock Buzz) and its local partners at its Russian vehicle TNK-BP Ltd, according to people close to the companies, just as the Russian operation's future becomes less uncertain.

* Barack Obama picked up the support of John Edwards Wednesday as the Democratic Party establishment rallied behind the front-runner, striking a blow to Hillary Clinton, who vowed to continue her bid for the Democratic presidential nomination.

* Former Federal Reserve Chairman Paul Volcker said the Fed's independence could be hurt by the wide variety of assets it has taken onto its balance sheet to combat the credit crunch.

* China quickly mobilized the largest relief operation in its modern history after the magnitude-7.9 earthquake, but, as a trek into one of the worst hit areas showed, even that effort was falling short for many victims of the vast devastation.

* Freddie Mac's (FRE.N: Quote, Profile, Research, Stock Buzz) earnings more clearly than ever defined the battle lines between the company's shareholders and the government, which sees it as a primary tool to bolster the housing market. The mortgage giant posted a $151 million loss.