January 10, 2013 / 7:00 AM / 5 years ago

PRESS DIGEST-New York Times business news - Jan 10

Jan 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.

* Morgan Stanley is planning another deep round of cuts, just a week ahead of the release of fourth-quarter earnings, which are expected to show the gains the firm has made since the financial crisis in areas like stock trading, banking and wealth management but still will be weighed down by the diminished earnings power of its fixed income business. ()

* Banks and other lenders will be prohibited from making home loans that offer deceptive teaser rates or require no documentation from borrowers, and will be required to take more steps to ensure that borrowers can repay, under new consumer protections in the United States to be announced on Thursday. ()

* President Obama will announce on Thursday that he intends to elevate Jacob Lew to be the next secretary of Treasury, officials familiar with the decision said. ()

* AIG will not join a lawsuit against the federal government over its $182 billion financial crisis bailout, the company said. ()

* Daniel Loeb, the Third Point chief, and William Ackman are locked in a battle over Herbalife, the nutritional supplements company that makes protein bars and energy shakes. ()

* Hanergy Holding Group of China added to its international acquisitions with MiaSolé, a thin-film solar panel manufacturer that is considered one of Silicon Valley’s most promising young firms. ()

* Robert Khuzami, a former terrorism prosecutor who revamped the U.S. Securities and Exchange Commission’s enforcement unit in the wake of the financial crisis, said on Wednesday that he was stepping down from the agency after a four-year tenure. ()

* A former analyst at SAC Capital Advisors who has become a crucial informant in the government’s insider trading investigations avoided prison on Wednesday after a judge sentenced him to probation. ()

* The California State Teachers Retirement System, known as Calstrs, which is one of America’s largest pension funds, began on Wednesday to divest itself of firearms holdings, a response to the schoolhouse shooting in Newtown, Connecticut, that other pension funds could follow. ()

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