January 17, 2013 / 7:05 AM / 5 years ago

PRESS DIGEST - Wall Street Journal - Jan 17

Jan 17 (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 Federal Aviation Administration on Wednesday ordered a halt to flights of Boeing Co’s 787 Dreamliner, an unprecedented rebuke to the plane maker after two major battery malfunctions on its flagship jets. ()

* JPMorgan Chase & Co’s directors cut Chief Executive James Dimon’s pay by 50 percent for 2012, as the board took management to task for a trading debacle that cost the nation’s largest bank more than $6 billion. ()

* Goldman Sachs Group Inc and Morgan Stanley agreed to pay a combined $560 million to settle allegations of foreclosure abuses, the latest setback in the banks’ costly foray into subprime mortgages. ()

* Citigroup Inc has asked regulators for permission to repurchase just enough stock to counter dilution from routine share issuance, according to people familiar with the company’s plans. ()

* Two bidders have emerged as leading contenders for ThyssenKrupp AG’s steel operations in the Americas. ArcelorMittal SA submitted a $1.5 billion bid for a plant in Alabama, while Brazil’s Companhia Siderúrgica Nacional submitted a $3.8 billion bid for that plant and a majority stake in a Brazilian mill, people familiar with the matter said. ()

* Hewlett-Packard Co has received expressions of interest from potential suitors for its Autonomy Corp business, the division that the technology giant has alleged engaged in accounting improprieties before HP acquired it in 2011, according to people familiar with the discussions. ()

* EBay Inc’s revenue rose 18 percent in the latest quarter as business in the company’s online marketplace and PayPal units continued to improve. ()

* Chipotle Mexican Grill Inc expects higher food costs to dampen fourth-quarter earnings, despite continued strength in its underlying sales trends. ()

* European retailer Metro AG said it is pulling out of the Chinese consumer-electronics business after two years of testing. ()

* China is losing its competitive edge as a low-cost manufacturing base, new data suggest, with makers of everything from handbags to shirts to basic electronic components relocating to cheaper locales like Southeast Asia. ()

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below