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PRESS DIGEST- New York Times business news - Feb 7
February 7, 2014 / 6:16 AM / in 4 years

PRESS DIGEST- New York Times business news - Feb 7

Feb 7 (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 federal jury has convicted Mathew Martoma for insider trading in what may be the last criminal case to emerge from a decade-long investigation of Steven Cohen and his hedge fund, SAC Capital Advisors. ()

* American labor groups, airlines and pilots say Norwegian Air Shuttle ASA’s expansion plans, which include bringing its pared-down model to the United States and Asia, take unfair advantage of a U.S.-Europe open-skies agreement even though Norway is not a member of the European Union. ()

* As of Friday, the Treasury will no longer have the authority to issue bonds as necessary to pay the government’s bills. In a matter of weeks, the government could run out of cash and begin defaulting on some payments unless Congress acts to raise the official ceiling on the national debt. And once again, Congress is struggling to avoid a potential fiscal and economic train wreck. ()

* The Senate failed to move forward on a three-month extension of assistance for the long-term unemployed on Thursday, leaving it unlikely that Congress would approve the measure soon while undercutting a key aspect of President Obama’s economic recovery plan. ()

* After failing to turn around two of its most troubled consumer electronics businesses, Sony Corp is pushing them aside. The company, which predicted on Thursday that it would lose 110 billion yen ($1.1 billion) in its current fiscal year, said it would sell its unprofitable personal computer unit, split its television division into a separate subsidiary and cut 5,000 jobs from the two businesses. ()

* General Motors Co on Thursday reported its 16th consecutive profitable quarter, but consistent losses in its troubled European division continued to hurt its results. ()

* European Central Bank on Thursday kept the benchmark interest rate unchanged for a third straight month, at a record low of 0.25 percent amid the threat of deflation in the euro zone and the region’s unemployment remaining stubbornly high.()

* The owner and two executives of the WJB Capital Group were arrested on Thursday and charged with defrauding at least 15 investors out of more than $11 million during the waning days of their now-defunct brokerage company. ()

* Illinois Tool Works Inc has agreed to sell its industrial packaging unit to the Carlyle Group LP for $3.2 billion, the companies announced on Thursday. The sale of the Illinois Packaging Group signals the end of a process that began last September, when Illinois Tools Works decided to shed the unit and focus on its core businesses. ()

* After Coca-Cola Co announced its investment in Green Mountain Coffee Roasters on Wednesday, many investors assumed SodaStream International Ltd would suffer, but instead its stock jumped as much as 12 percent on Thursday. Behind Coke’s $1.25 billion investment in Green Mountain is a hedge against the continuing stagnation of the traditional soft-drink business and the rise of the make-your-own-soda sector, led by SodaStream. ()

* A New York State regulator has dealt a blow to Ocwen Financial Group by halting the transfer of about $39 billion in servicing rights to the company from Wells Fargo & Co . ()

* The Mercuria Energy Group, a fast-growing energy and commodities trading company, is in exclusive talks to acquire the physical commodities business of JPMorgan Chase & Co , according to a person familiar with the discussions. ()

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