March 11, 2014 / 6:32 AM / 4 years ago

PRESS DIGEST- New York Times business news - March 11

March 11 (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.

* A House committee has started an investigation into the response by General Motors and federal safety regulators to complaints about faulty ignition switches that have been linked to 13 deaths, officials said on Monday. ()

* Myriad Genetics Inc has suffered a setback in its efforts to protect its main genetic test from competition. A federal judge on Monday denied Myriad’s request for a preliminary injunction that would have immediately stopped a rival company, Ambry Genetics, from offering similar breast cancer tests. ()

* Puerto Rico is expected to sell about $3 billion in bonds on Tuesday at interest rates that are considerably lower than many investors in the municipal market had expected, providing a rare bright spot for the cash-squeezed island. ()

* The Blackstone Group and private equity firm TPG Capital are teaming up in a planned bid for manufacturing company Gates Global Inc, a person briefed on the matter said on Monday. ()

* The Obama administration on Monday withdrew a proposal that would have allowed insurers to limit Medicare coverage for certain classes of drugs, including those used to treat depression and schizophrenia, due to pressure from patients, pharmaceutical companies and members of Congress from both parties. ()

* General Electric Co Chief Executive Jeffrey Immelt emphasized on the “culture of simplification”, in a letter to shareholders published on Monday. The effort to simplify involves reducing the size of the finance unit, GE Capital.

GE Capital has been selling assets, including a Swiss subsidiary whose initial public offering created a $1 billion tax benefit in the fourth quarter of 2013. ()

* U.S. fruit firm Chiquita Brands acquired Irish rival Fyffes, which distributes fruits across Europe for about $526 million. The all-stock deal will combine Chiquita, with robust sales in the United States, with Fyffes, which is stronger in Europe, to create a global banana production and distribution company. ()

* Minerals Technologies said on Monday that it had won a bidding war for Amcol International Corp, agreeing to pay about $1.7 billion. ()

* Morgan Stanley Chief Executive James Gorman said in a television interview on Monday that he did not have a firm grasp of Bitcoin, which has been much in the news after the collapse of a major exchange, Mt. Gox, and after Newsweek claimed to have found the currency’s creator. ()

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