Company News

PRESS DIGEST- New York Times business news - Aug 1

Aug 1 (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.

- The U.S. Federal Reserve cut interest rates on Wednesday for the first time in more than a decade, as it tried to keep America's record-long economic expansion going by insulating the economy from mounting global risks.

- German prosecutors on Wednesday charged former Audi Chief Executive Officer Rupert Stadler, who is being investigated over his role in Volkswagen's emissions test cheating scandal.

- Senior leaders from the U.S. Federal Aviation Administration defended the certification of the Boeing Co's 737 Max at a Senate hearing on Wednesday, but raised the possibility of changing the process for approving new aircraft.

- China Zhongwang Holdings Ltd fraudulently exported huge amounts of aluminum to Southern California and then orchestrated bogus sales to deceive investors, according to a federal grand jury indictment unsealed this week. The company's former president and chairman, the Chinese billionaire Liu Zhongtian, is among the people accused of lying to Customs and Border Protection.

- The Trump administration said on Wednesday that it was taking steps to make it easier to import less expensive prescription drugs from other countries, particularly Canada. The move has long been supported by progressives but has encountered fierce opposition from the pharmaceutical industry. (Compiled by Bengaluru newsroom)