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PRESS DIGEST - Wall Street Journal - July 25
July 25, 2013 / 4:41 AM / 4 years ago

PRESS DIGEST - Wall Street Journal - July 25

July 25 (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 success of the new health-care law rides in large measure on whether young, healthy people like Gabe Meiffren, a cook at a Korean-Hawaiian food cart, decide to give up a chunk of disposable income to pay for insurance. ()

* The race to become the next leader of the Federal Reserve looks increasingly like a contest between two economists: Lawrence Summers and Janet Yellen.

* President Barack Obama delivered a long and impassioned plea for a change in the Washington economic debate, away from arguments over budgets to a focus on the long-term condition of the middle class. ()

* Facebook swung to a profit as its sales rose 53 percent to $1.81 billion. Much of Facebook’s growth in the quarter came from its local efforts. The social network surpassed 1 million active advertisers, propelled by gains in local business advertising. ()

* The group trying to take Dell Inc private is pressing the company to change how it counts shareholder votes to improve the odds of its buyout winning approval, and has offered to increase its bid by less than 1 percent as an incentive. ()

* Ford Motor Co’s 19 percent rise in profit on zooming sales shows how demand for new cars has emerged as a rare bright spot in the murky global economy. ()

* Allegations of widespread bribery in GlaxoSmithKline Plc’s China operations made this month by Chinese authorities and separately in January by an anonymous tipster who contacted the company touched on some of the same alleged irregularities. But Glaxo has responded very differently to its two accusers. ()

* GlaxoSmithKline PLC has agreed to pay $229 million to settle lawsuits in which several U.S. states accused the drug maker of deceptively marketing the diabetes treatment Avandia. ()

* House lawmakers on Wednesday defeated an attempt to drastically curb a national-security program that collects the phone records of millions of Americans, after a tense debate on the balance between privacy rights and government efforts to find terrorists. ()

* Officials are pushing landowners to clear brush and take other protective measures amid a devastating fire season. However, fire officials say persuading landowners to take preventive measures hasn’t been an easy sell. Many homeowners enjoy the look of vegetation, even if it’s flammable, and appreciate the privacy it affords.

* The federal judge handling Detroit’s bankruptcy case gave a preliminary victory Wednesday to the city’s emergency manager, ruling that municipal unions and others couldn’t go to state court to litigate their grievances with the city’s bid to shed its retiree obligations. ()

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