April 10, 2014 / 5:50 AM / 4 years ago

PRESS DIGEST- New York Times business news - April 10

April 10 (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.

* Bank of America Corp has been ordered to pay about $772 million in refunds to customers and fines to federal regulators to settle allegations that the bank used deceptive marketing and billing practices involving credit card products. (r.reuters.com/quj48v)

* Bruce Karpati, a former Securities and Exchange Commission official, is joining the private equity firm Kohlberg Kravis Roberts & Company as its chief compliance officer, a person briefed on the matter said on Wednesday. (r.reuters.com/fuj48v)

* Top U.S. investment banks have recently instituted a change in their corporate culture telling their most junior employees to take a few days off a month or on the weekends. The banks are responding to fears across the industry that finance is losing its appeal for bright, ambitious college graduates. (r.reuters.com/sej48v)

* Members of the Senate Judiciary Committee expressed concern on Wednesday that the proposed $45 billion merger of Comcast Corp and Time Warner Cable Inc would raise the prices consumers pay for cable television and high-speed Internet service while leaving them with fewer choices for video programming. (r.reuters.com/vej48v)

* The Treasury Department on Wednesday sold a 20 percent stake in the once-embattled lender Ally Financial Inc via its initial public offering. The stock sale will raise about $2.4 billion for the government. (r.reuters.com/cuj48v)

* A bond insurer halted the bankruptcy proceedings for Detroit by offering to buy four treasures in the city's art museum. The non-binding proposals range as high as $2 billion, including a loan for that amount from a specialized firm that would use the art collection as collateral. Other parties have proposed buying the art collection, or parts of it. (r.reuters.com/huj48v)

* Walmart Stores Inc plans to announce on Thursday that it is backing Wild Oats organic products, offering the label at prices that will undercut brand-name organic competitors by at least 25 percent. The move by Walmart is likely to send shock waves through the organic market, in which an increasing number of food companies and retailers are seeking a toehold. (r.reuters.com/juj48v)

* Toyota Motor Corp on Wednesday announced a recall of nearly 6.4 million vehicles worldwide for problems with air bags that may not deploy or seats that could move in a crash. The recall, which includes nearly 1.8 million vehicles in the United States, brings Toyota's recall tally for 2014 to almost 2.9 million vehicles in the U.S. (r.reuters.com/muj48v)

* When the Federal Reserve changed the guidelines for its stimulus campaign last month, it did not change its commitment to supporting the economy, according to an account of the decision that the Fed published on Wednesday. Janet Yellen, the Fed's new chairwoman, convened a secret meeting in early March to discuss the shift, the Fed disclosed on Wednesday. (r.reuters.com/nuj48v)

* American mutual fund investors with significant exposure to bonds issued by indebted companies in fast-growing economies may be at risk, the International Monetary Fund warned in a report published on Wednesday. Bonds issued by big companies in emerging economies have seen explosive growth in recent years after central banks around the globe started making extraordinarily large purchases of government and corporate bonds. (r.reuters.com/puj48v) (Compiled by Ankush Sharma in Bangalore)

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