April 11, 2014 / 5:45 AM / 4 years ago

PRESS DIGEST- New York Times business news - April 11

April 11 (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.

* General Motors Co on Thursday suspended two engineers and added another repair to its recall of cars with a faulty ignition switch that has been linked to 13 deaths. G.M. said it would cost $1.3 billion in the first quarter to pay for all of its recalls - a significant increase over the $750 million it had previously estimated. (r.reuters.com/gyr48v)

* The Chinese pork company that bought Smithfield Foods, America's biggest pork producer, formally began an attempt to raise as much as 41.2 billion Hong Kong dollars, or $5.3 billion, by listing the business in Hong Kong. The combined business has since been renamed WH Group, and its IPO would be the largest in the world since that of a Brazilian insurer, BB Seguridade Participacoes, in April 2013. (r.reuters.com/kyr48v)

* The potential for harm by the "Heartbleed" bug could extend to the many devices that connect to the Internet, security experts say. Cisco Systems Inc and its rival Juniper Networks Inc, providers of equipment that move traffic through the Internet, said on Thursday that their main products such as routers and servers were unaffected. (r.reuters.com/fyr48v)

* A federal judge on Thursday approved a plea deal by Steven Cohen's investment firm that resolved criminal insider trading charges and required a $1.2 billion penalty. Cohen is hoping for a less litigious transition for his firm, now re-christened Point72 Asset Management, that will manage about $9 billion of his own fortune. (r.reuters.com/hyr48v)

* Investors dumped Internet, biotechnology and other fast-growing companies at a dizzying pace on Thursday, dragging down the rest of the stock market and stirring up painful memories of the dot-com bust in 2000. The anxiety threatens to put a chill over the market for IPOs. (r.reuters.com/pyr48v)

* The Oversight and Government Reform Committee voted on Thursday to hold a former IRS official in contempt for refusing to answer its questions about her role in holding up applications for tax exemption. The official, Lois Lerner, faced the panel last year and made a statement denying any wrongdoing. Then she refused to answer questions, invoking her Fifth Amendment right to not incriminate herself. (r.reuters.com/qyr48v)

* Activist-investor Carl Icahn agreed to settle differences with eBay Inc and dropped his demands for two board seats and a spin-off of the company's Paypal unit. He also agreed to sign a confidentiality agreement. In return, eBay will add a director, David Dorman, a former CEO of AT&T Inc, whom both sides have agreed on. (r.reuters.com/ryr48v)

* The number of Americans filing new applications for unemployment benefits tumbled last week to the lowest level in nearly seven years, strengthening views of faster job growth. The report on jobless claims on Thursday was the latest sign of economic momentum after an unusually cold winter slowed activity. (r.reuters.com/syr48v)

* The Treasury Department said on Thursday that the federal budget deficit for the first half of the 2014 fiscal year totaled $413 billion, down $187 billion from where it stood at this point last year, as tax revenue surged and spending sank. (r.reuters.com/tyr48v) (Compiled by Ankush Sharma in Bangalore; Editing by Joyjeet Das)

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