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PRESS DIGEST-New York Times business news - Sept 27
September 27, 2013 / 4:57 AM / 4 years ago

PRESS DIGEST-New York Times business news - Sept 27

Sept 27 (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.

* The Justice Department is moving closer to striking a multibillion-dollar settlement with JPMorgan Chase & Co over questionable mortgage practices, after authorities urged the bank to raise its offer and the bank’s chief executive took the rare step of meeting with Attorney General Eric Holder in Washington to discuss the deal. ()

* Detroit’s emergency manager wants to freeze the city’s pension system for public workers in light of mounting evidence that it was operated in an unsound manner for many years, contributing to the city’s downfall. The emergency manager, Kevyn Orr, issued on Thursday the preliminary results of a three-month investigation that identified questionable actions, including diversions of pooled money into individual accounts and excessive real estate investments that lost millions of dollars. ()

* Google Inc on Thursday announced one of the biggest changes to its search engine, a rewriting of its algorithm to handle more complex queries that affects 90 percent of all searches. The change, which represents a new approach to search for Google, required the biggest changes to the company’s search algorithm since 2000. ()

* Two months after Detroit became the largest city ever to file for bankruptcy, top Obama administration officials will be there on Friday to propose nearly $300 million in combined federal and private aid toward a Motown comeback - only a fraction of the billions the city owes and a reflection of the budget and political limits on President Obama. ()

* Although the new federal health care law is designed to help people buying individual policies, even people with employer-provided policies are beginning to see changes in their coverage as companies rethink health care for their workers, discontinuing it in a few cases and redesigning it in many others. ()

* Under pressure to provide healthier meals, McDonald’s Corp announced on Thursday that it would no longer market some of its less nutritional options to children and said it also planned to include offerings of fruits and vegetables in many of its adult menu combinations. ()

* Federal authorities, broadening their investigation of Bernard Madoff’s multibillion-dollar Ponzi scheme five years after the fraud was uncovered, unveiled criminal charges on Thursday against Paul Konigsberg, a longtime accountant in Madoff’s inner circle. ()

* In an expanding global antitrust investigation, nine Japanese automotive suppliers, along with two former executives, have agreed to plead guilty to conspiracy and pay more than $740 million in criminal fines for fixing the price of auto parts sold in the United States and abroad, the Justice Department said on Thursday. ()

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