June 28, 2013 / 5:26 AM / in 4 years

PRESS DIGEST-New York Times business news - June 28

June 28 (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 Senate on Thursday approved the most significant overhaul of the nation’s immigration laws in a generation with broad support generated by a sense among leading Republicans that the party needed to join with Democrats to remove a wedge between Republicans and Hispanic voters. ()

* As the Senate voted on an immigration bill that would let Silicon Valley companies import engineers from abroad, the labor lobby says eligible workers in the United States are being passed over. ()

* The Supreme Court’s decision to strike down the Defense of Marriage Act against same-sex marriage brought a stunning improvement in the lives gay foreigners, many of whom lived in fear of being separated from their American spouses. ()

* The economy is the victim of a little misunderstanding, Federal Reserve officials said on Thursday, telling investors who have sent borrowing costs soaring that they are misguided in believing the Fed’s stimulus campaign is about to wane. ()

* The Obama administration on Thursday announced plans to suspend trade privileges for Bangladesh over concerns about safety problems and labor rights violations in the country’s garment industry. ()

* On Thursday, federal regulators sued Jon Corzine in connection with the collapse of the brokerage firm MF Global and apparent misuse of customer money during its final days. Corzine, a former United States senator and New Jersey governor, ran the firm until its bankruptcy in October 2011. ()

* Moody’s Investors Service, dissatisfied with the way states measure what they owe their retirees, released its own numbers on Thursday, showing that the 50 states have, in aggregate, just 48 cents for every dollar in pensions they have promised. ()

* In separate but similar speeches on Thursday, three officials from the Federal Reserve sought to reassure investors that economic data would continue to guide its actions on its stimulus campaign. ()

* The Democratic and Republican leaders of the Senate Finance Committee on Thursday began a legislative push to simplify the tax code by asking all senators to identify what tax breaks, deductions and credits should be kept. ()

* As more nuclear reactors across the country are closed, the problem of what to do with their waste is becoming more urgent, government officials and private experts said at a conference in Washington this week. ()

* Celebrity chef Paula Deen has run into trouble with another major corporate partner: the Danish pharmaceutical company Novo Nordisk said on Thursday that it would suspend its relationship in the wake of her admission that she used racist language in the past. ()

* The Agriculture Department on Thursday effectively banned the sale of snack foods like candy, cookies and sugary drinks, including sports drinks, in schools, making it harder for students to avoid the now-healthier school meals by eating snacks sold in vending machines. ()

* The Securities and Exchange Commission is questioning how some traders got the Institute of Supply Management’s manufacturing data ahead of its official release earlier this month. ()

* Shellpoint Partners, of which Lewis Ranieri is chairman, sold $251 million in residential mortgage-backed securities tied to loans that are not backed by Fannie Mae or Freddie Mac. The largest portion of the deal was sold at a rate of 2.85 percentage points above ultrasafe government debt, according to the person briefed on the deal. ()

* The Senate Agriculture Committee said on Thursday that it would convene a hearing on July 10 to examine Smithfield Foods’ $4.7 billion sale to Shuanghui International, a Chinese meat processor, stepping up government scrutiny of the deal. ()

* China’s biggest wind turbine company, Sinovel, and two of its executives conspired with an employee of a Massachusetts wind company to steal the American firm’s software for controlling the flow of electricity, causing $800 million in damages, according to an indictment on Thursday. ()

* Nearly six months after a small plane carrying its top executive disappeared off the coast of Venezuela, the Missoni fashion company said on Thursday that the wreckage of the aircraft had been found in the waters north of the resort of Los Roques, near where the aircraft took off. ()

* Adobe Systems agreed on Thursday to buy Neolane, a digital marketing services provider, for about $600 million, as more companies look for ways to add social media advertising to their offerings. ()

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