June 2, 2014 / 5:25 AM / 4 years ago

PRESS DIGEST - Wall Street Journal - June 2

June 2 (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.

* The Environmental Protection Agency will propose a draft rule on Monday seeking a 30 percent reduction in carbon dioxide emissions by 2030 from existing power plants based on emission levels from 2005, according to two people who have been briefed on the rule. (r.reuters.com/vem79v)

* News of the insider-trading probe of investor Carl Icahn, golfer Phil Mickelson and sports bettor William "Billy" Walters has derailed government efforts to secretly deploy wiretaps, which have been key components of many successful insider-trading cases. Criminal and civil investigators are examining whether Icahn tipped Walters about his plans relating to stocks of several companies, including Clorox Co, according to people briefed on the probe. (r.reuters.com/wem79v)

* Hillshire Brands Co Chief Executive Sean Connolly is weighing escalating bids from two of the world's biggest meat companies Tyson Foods Inc and Pilgrim's Pride Corp , a unit of Brazilian meat giant JBS SA. Tyson's $6.1 billion offer - topping Pilgrim's offer of $5.5 billion - values the Chicago-based company at 35 percent above its share price before the bids. (r.reuters.com/num79v)

* On Friday Time Inc will become a stand-alone public company as its spinoff from Time Warner Inc is completed. It is going out on its own at a brutal time for print media, as advertisers have shifted spending to online media. Time Inc's ad revenue fell 6 percent between 2011 and 2013, while circulation revenue fell 11 percent, bringing total revenue down 8.8 percent to $3.35 billion. (r.reuters.com/qum79v)

* Google Inc plans to spend more than $1 billion on a fleet of satellites to extend Internet access to unwired regions of the globe, people familiar with the project said. Details remain in flux, but the project will start with 180 small, high-capacity satellites orbiting the earth at lower altitudes than traditional satellites. (r.reuters.com/sum79v)

* Apple will announce iBeacon plans, its latest product to carry the 'i' prefix, at the Worldwide Developers Conference in San Francisco. Apple's iBeacon allows apps to locate a user within a few inches, so that a phone can direct a driver to the nearest open spot in a parking garage or the shortest hot-dog line in a crowded stadium. (r.reuters.com/vum79v)

* Online music-streaming companies like Sweden's Spotify AB and France's Deezer Inc said in interviews they remain committed to investing for growth instead of pursuing immediate profits, an indication they have no plans to change course after Apple's blockbuster acquisition of Beats. (r.reuters.com/wum79v)

* Forstmann Little & Co sold 24 Hour Fitness Worldwide Inc on Friday to a group of investors, the last step in the more than two-year process of winding down the pioneering buyout firm. A small group of Forstmann Little employees and a Washington, DC, lawyer have been selling the firm's holdings since the November 2011 death of co-founder Theodore Forstmann. (r.reuters.com/xum79v)

* The Federal Trade Commission on Friday granted antitrust clearance to the planned tie-up of suit sellers Men's Wearhouse Inc and Jos. A. Bank Clothiers Inc, saying the deal is unlikely to harm consumers. (r.reuters.com/bym79v)

* The U.S. has grown more attractive as a destination for foreign investment, while Russia and some other emerging markets have faded, according to a survey by A.T. Kearney, a Chicago-based management-consulting firm. (r.reuters.com/cym79v)

* The debate over who deserves to profit from work that originated at a law firm that collapsed comes to a head on Wednesday when New York's highest court will hear arguments in cases stemming from the bankruptcies of Coudert Brothers LLP, which went under in 2005, and Thelen LLP, which closed in 2008. (r.reuters.com/hym79v) (Compiled by Ankush Sharma in Bangalore)

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