August 29, 2017 / 4:46 AM / a year ago

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.

- Dara Khosrowshahi, 48, is on the threshold of becoming one of the world's most prominent entrepreneurs. On Sunday night, he was selected to be chief executive of Uber Technologies Inc, the ride-hailing company that is the world's most valuable start-up. The deal is almost official, according to the travel reservations site Expedia Inc, which Khosrowshahi currently runs.

- Hurricane Harvey may inflict as much as $30 billion in damages on homeowners, according to preliminary estimates. But only 40 percent of that total may be covered by insurance — and of that, the federal government will bear the biggest liability.

- The drugmaker Gilead Sciences Inc said on Monday that it would buy Kite Pharma Inc for about $11.9 billion to bolster its aging portfolio with an emerging cancer treatment.

- The Food and Drug Administration announced a crackdown on dangerous stem cell clinics on Monday, while at the same time pledging to ease the path to approval for companies and doctors with legitimate treatments in the growing field.

- The Guardian has established a nonprofit venture in the United States,, to focus on tapping philanthropic organizations — or even corporate foundations and think tanks — for financial help to report on issues including human rights and climate change. (Compiled by Bengaluru newsroom)

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