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PRESS DIGEST-Wall Street Journal - Sept 9
September 9, 2013 / 4:26 AM / 4 years ago

PRESS DIGEST-Wall Street Journal - Sept 9

Sept 9 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

* In a week poised to define his second term, President Barack Obama will mount an intensive campaign to promote a U.S. military strike on Syria as opposition rises in both Congress and across the country. ()

* Pressure from disappointed investors is forcing hedge funds to roll back their fees, putting the standard charge of 2 percent of assets under management and 20 percent of investment profits on the endangered list. ()

* The turnaround at real estate brokerage firm Realogy highlights how private equity firms can pull financial levers to keep troubled companies they own afloat and reap profits. ()

* A team of Ares Management and the Canada Pension Plan Investment Board are in the final stages of talks to buy the luxury retailer Neiman Marcus for around $6 billion. ()

* At Facebook’s Instagram unit, Emily White is the point person charged with turning a billion-dollar acquisition that has never made a cent into a real business. Ad sales, she said, are expected to begin in the next year. ()

* Japan’s economy grew at a much faster pace in the second quarter than initially estimated, data showed Monday, giving more ammunition to supporters of a planned sales tax hike. ()

* McLaren intends to open its first Chinese dealership, in Shanghai, on Monday. The UK-based supercar maker is seeking to cash in on a growing Chinese taste for ultraluxury goods. ()

* International Business Machines plans to move about 110,000 retirees off its company sponsored health plan and instead give them a payment to buy coverage on a health insurance exchange. ()

* A key U.S. committee approved the $4.7 billion takeover of Smithfield Foods by Shuanghui, clearing the biggest purchase of a U.S. company ever by a Chinese firm. ()

* Johnson & Johnson, which has been shedding slow-growing products and units, is canvassing companies that might be interested in buying its blood testing division, which could be worth around $5 billion. ()

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