August 6, 2014 / 5:10 AM / in 3 years

PRESS DIGEST- New York Times business news - Aug 6

Aug 6 (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.

* Twenty-First Century Fox Inc withdrew its takeover offer of $75 billion from Time Warner Inc. Fox was put off both by Time Warner's apparent hostility to the prospect of the deal and by the response of its own shareholders, who have been driving the price of Fox's stock down since news of the offer broke. (nyti.ms/1ATccoG)

* Sprint Corp and its corporate parent, the Japanese telecommunications giant SoftBank Corp, have decided to drop their pursuit of T-Mobile US Inc after conceding that antitrust regulators would block a deal in an industry that is dominated by just a few large players. (nyti.ms/X0opst)

* U.S. president Barack Obama is weighing plans to circumvent Congress and act on its own to curtail tax benefits for United States companies that relocate overseas to lower their tax bills, seeking to stanch a recent wave of so-called corporate inversions. (nyti.ms/1tUAUDi)

* A Russian crime ring has amassed the largest known collection of stolen internet credentials, including 1.2 billion user name and password combinations and more than 500 million email addresses, security researchers say. Computer crime experts who had reviewed the data said some big companies were aware that their records were among the stolen information. (nyti.ms/1p8HVgG)

* Standard Chartered PLC has once again landed in the government's cross hairs for failing to weed out other risky transactions flowing through its American operations. This time, New York State's financial regulator is preparing an action against the bank over breakdowns in a computer system that was supposed to detect transactions vulnerable to money laundering. (nyti.ms/1nqGiFY)

* The Federal Reserve and the Federal Deposit Insurance Corporation criticized plans that big banks had prepared for winding themselves down in a controlled fashion. (nyti.ms/1v9dkUP)

* Gannett Co Inc announced that it would spin off its newspaper division, which includes USA Today, into a separate company next year. (nyti.ms/1sd5DYd)

* Japan imposed new sanctions on Russia on Tuesday but kept them more limited than those recently ordered by the United States. The Japanese sanctions will freeze any assets in Japan belonging to two organizations and 40 individuals connected with Russia's involvement in Ukraine. (nyti.ms/1oAsJs8)

* The German automobile giant Daimler AG has become the latest multinational company to bear the brunt of a Chinese regulatory investigation. Officials from an agency that enforces antimonopoly and pricing rules has searched its Shanghai offices.(nyti.ms/1odFUQ2)

* Mexico's Congress approved a sweeping overhaul of the energy industry that cleared the way for international giants to tap Mexico's rich reserves of oil and gas. The government hopes that the entry of international energy giants will lift sagging oil output, exploit untapped reserves of natural gas, lead to new refineries being built and result in cheaper power for Mexico's factories. (nyti.ms/X0u5CA)

* The Walgreen Co is said to be near a deal to take over the British pharmacy retailer Alliance Boots Holdings Ltd, but through a plan to do so without moving its corporate headquarters abroad. (nyti.ms/1qW1RpU)

* Telefonica SA of Spain said on Tuesday that it had offered about $8.9 billion in cash and shares for Global Village Telecom, a Brazilian company controlled by Vivendi SA of France. (nyti.ms/UUbNBm)

* The proxy advisory firm Glass Lewis & Company LLC is recommending that Allergan Inc shareholders support Pershing Square Capital Management's push for a special meeting of shareholders. Pershing Square, the hedge fund led by William Ackman, is trying to remove six incumbent members of the Allergan board and make other governance changes. (nyti.ms/1nqKh5j)

* Citigroup Inc's 2011 deal with the Securities and Exchange Commission has finally cleared its last hurdle. Judge Jed Rakoff of federal district court in Manhattan, who initially rejected the $285 million settlement, announced on Tuesday that he would approve the deal. (nyti.ms/1stP63X) (Compiled by Rishika Sadam in Bangalore)

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