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PRESS DIGEST- New York Times business news - Jan 22
January 22, 2014 / 5:30 AM / 4 years ago

PRESS DIGEST- New York Times business news - Jan 22

Jan 22 (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 giant asset manager Pimco lost its heir apparent and most prominent spokesman on Tuesday when Mohamed El-Erian unexpectedly announced that he was stepping down from the company. ()

* Lex Fenwick, the hard-driving chief executive who stumbled in his efforts to transform Dow Jones, the publisher of the Wall Street Journal, has resigned effective immediately as the company rethinks its strategy. ()

* Investors are piling into the government debt of bailed-out countries like Ireland. But the demand comes despite the problems still plaguing the euro zone. ()

* Puerto Rico, which is battling a financial crisis of high unemployment and a crushing debt load, is under pressure to show investors and credit rating agencies that it can still borrow money from the capital markets. A group of hedge funds and private equity firms may help it do just that, but at a high price. ()

* JPMorgan Chase has removed itself from a potential $1 billion share sale by a Chinese chemicals company as an investigation in the United States into hiring practices in China by JPMorgan and other Wall Street banks moves forward, people with direct knowledge of the matter said on Tuesday. ()

* The global economy might be slowly recovering and consumers gradually gaining confidence. But Unilever, one of the world’s largest consumer products companies, remains cautious with slowing growth in emerging markets. ()

* Reassured by austerity programs, investors are again loading up on European sovereign debt, despite deep recessions across Southern Europe. ()

* The rest of the country is following North Carolina’s lead by sharply cutting the maximum number of weeks of unemployment benefits available. ()

* Intel Media, Intel Corp’s TV business was acquired by Verizon, which wants to add TV everywhere there is an Internet connection. ()

* Harry‘s, an Internet shaving start-up, is nine months old and is trying to compete with Gillette and Schick, the titans that together control nearly 85 percent of the market. Harry’s and its backers believe that by running everything from the manufacturing of the razors to selling them online directly, the startup will control its entire customer experience, while allowing the company to change its products quickly. ()

* The World Economic Forum’s participants are saying that with the new confidence about the American economy, issues like climate change and the Syrian conflict are likely to get more attention. ()

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