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PRESS DIGEST- New York Times business news - Jan 17
January 17, 2014 / 5:42 AM / 4 years ago

PRESS DIGEST- New York Times business news - Jan 17

Jan 17 (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.

* Most banks are not disclosing the overall size of their litigation reserves, which is crucial for assessing their ability to deal with the barrage of litigation that has been raining down on Wall Street banks. ()

* The Senate on Thursday gave final approval to a $1.1 trillion spending bill for the current fiscal year, leaving behind what might have been the Obama administration’s best chance to overhaul the International Monetary Fund and meet its obligations to the world’s other economic powers. Congressional Republicans did not budge from their refusal to cede some control of the fund to China, India, Brazil and other emerging economic powers. ()

* A federal judge on Thursday rejected a deal that Detroit had negotiated to help it move forward in bankruptcy, but said the city could borrow $120 million it says it urgently needs to provide services to its residents. He ruled that Detroit could not proceed with a plan to pay $165 million to two big banks to extricate itself from some long-term financial contracts that have been costing the bankrupt city tens of millions of dollars a year. ()

* The announcement on Wednesday that Yahoo CEO Marissa Mayer had tossed out her top lieutenant, Henrique de Castro, was her first public acknowledgment that turning around Yahoo would be far more difficult than has sometimes been suggested by the media attention she has received. ()

* The computer network at Neiman Marcus was penetrated by hackers as far back as July, and the breach was not fully contained until Sunday, according to people briefed on the investigation. ()

* Target, the discount retailer, which has long focused on large stores in suburban markets, completed a lease last week on its smallest store yet, a 20,000-square-foot location in Minneapolis, a test store for a new format called TargetExpress. The new format would allow the company to open more locations in dense urban markets, like New York. ()

* The European Union is tempering its ambitions and considering turning mandatory targets for renewable energy into just goals in light of a deep and lasting economic slowdown, persistently high prices for renewable energy sources and years of inconclusive international negotiations. ()

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