August 29, 2014 / 4:55 AM / in 3 years

PRESS DIGEST- New York Times business news - Aug 29

Aug 29 (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.

* Royal Dutch Shell Plc submitted a plan to the federal government on Thursday to try once again to explore for oil in the Alaskan Arctic, following years of legal and logistical setbacks as well as dogged opposition from environmentalists. (nyti.ms/1sM2jDh)

* Barclays Capital Plc has agreed to provide $275 million to finance Detroit’s operations as it comes out of bankruptcy, according to documents filed in bankruptcy court.(nyti.ms/1tQtA9y)

* The French conglomerate Vivendi SA is saying goodbye to the telecom sector. The company, whose holdings include the Universal Music Group and the French pay-television operator Canal Plus, said on Thursday that it was in exclusive talks to sell its Brazilian telecommunications unit to the Spanish carrier Telecom Italia SpA for about $9.8 billion. (nyti.ms/1vTHbNJ)

* A British regulator fined the German lender Deutsche Bank AG 4.7 million pounds($7.79 million) on Thursday for having failed to properly report certain swaps transactions over a period of almost six years. (nyti.ms/1zKyqps)

* Huarong Asset Management, China’s biggest manager of bad debt, said on Thursday that it had attracted about $2.4 billion from eight investors, including Goldman Sachs Group and Warburg Pincus, before an expected initial public offering here. (nyti.ms/1AZk0Ep)

* Private bank Lombard Odier unveiled its financial results publicly for the first time in its 218-year history on Thursday, reporting a profit and becoming the latest Swiss financial institution to pull back the curtain on what has been a traditionally secretive banking culture. (nyti.ms/YY8xr9) (1 US dollar = 0.6030 British pound) (Compiled by Rishika Sadam in Bangalore)

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