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PRESS DIGEST - Wall Street Journal - Jan 11
January 11, 2013 / 7:06 AM / 5 years ago

PRESS DIGEST - Wall Street Journal - Jan 11

Jan 11 (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.

* U.S. Vice President Joe Biden said he would recommend the White House push for broad measures to stem gun violence, citing growing support for tighter background checks on gun purchasers, restrictions on high-capacity clips and other moves. ()

* Bank of America Corp has been fighting in a New York court this week to avoid as much as $3 billion in liability for defaulted Countrywide mortgage securities, but the bank’s courtroom adversary, bond insurer MBIA Inc, is wielding the bank executives’ own words in its attack. ()

* American Express Co set plans to cut 5,400 jobs in its biggest retrenchment in a decade as it pares back a travel business that has been hammered by the rise of Internet-based hotel- and airfare-reservation services. ()

* U.S. aviation regulators raised questions about the reliability of the Boeing Co 787 Dreamliner during long transocean flights months before the advanced new jet suffered a spate of electrical and other problems this week, according to people familiar with the matter. ()

* Investors led by Cerberus Capital Management LP, are buying Supervalu’s Albertsons stores and four of its other chains including Chicago’s Jewel-Osco and New England’s Shaw‘s, for $100 million in equity and assuming $3.2 billion of debt. ()

* BATS Global Markets Inc rushed on Thursday to allay concerns of customers and regulators after announcing that errors on its exchange went undetected for four years, violating securities laws and allowing hundreds of thousands of bad trades to be executed. ()

* Nokia gave the first evidence that people are buying its newest smartphones, quelling investor concern that the Finnish giant’s bet on Microsoft Corp’s software was a strategic blunder. ()

* Inflation accelerated in China in December as unusually cold winter weather pushed up food prices around the country, potentially posing a risk to the recovery. ()

* Sony Corp is looking to sell one of its main buildings in Tokyo for roughly $1 billion to $1.5 billion, barely two years after it was completed, as the company accelerates shedding nonessential assets to raise cash, a person with knowledge of the proposed sale said. ()

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