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PRESS DIGEST -Wall Street Journal - Aug 19
August 19, 2013 / 5:06 AM / 4 years ago

PRESS DIGEST -Wall Street Journal - Aug 19

Aug 19 (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.

* Political allies of Vice President Joe Biden have concluded that he can win the 2016 Democratic presidential nomination, even if Hillary Clinton enters the contest, and are considering steps he could take to prepare for a potential candidacy. While Biden has made no decision about his future, people familiar with his thinking say, he hasn’t ruled out a bid for the White House. ()

* Egypt’s military-led government said it was “reviewing” its strategic relationships with the United States and other Western governments critical of its crackdown on Islamists, deepening the divide between the Obama administration and Cairo. ()

* Petroleos Mexicanos, Mexico’s state oil monopoly, will set up a new company to explore and produce shale gas and deep-water oil in the United States as part of an ambitious plan by its rookie Chief Executive to turn around years of falling production. ()

* A growing number of lawsuits and investigations could force JPMorgan Chase & Co, the nation’s largest bank, to absorb $6.8 billion in future legal losses above its existing reserves, according to a filing earlier this month. That amount is greater than any other U.S. bank, according to an analysis from Barclays Research, a unit of Barclays Plc. ()

* GlaxoSmithKline Plc employees in China are said to have organized an all-expense-paid trip in May for a group of doctors to tour the scenic river town of Guilin, one of China’s premier tourist destinations. The goal: Get Chinese doctors to begin prescribing the company’s Botox medication, according to an anonymous tipster who alerted company executives. ()

* Indian potash buyers are demanding discounts for the price of the key fertilizer ingredient as the Russian miner that shook up the sector’s cartel system last month ramps up production, threatening to send prices tumbling. Uralkali said in late July that it was pulling out of one of two sales partnerships that together control two-thirds of the nearly $22 billion potash market. ()

* At a closely watched trial scheduled to begin Monday in federal court in its hometown of Indianapolis, Eli Lilly & Co will defend a patent for its lung-cancer treatment Alimta, which generated $2.6 billion in global sales last year. Lilly’s loss could clear the way for generics to enter the market in 2017, when patent exclusivity expires for the basic compound. ()

* Russia is moving to clamp down on imports from Ukraine if its ex-Soviet neighbor signs a landmark free-trade and political-association deal with the European Union, a senior adviser to President Vladimir Putin said. ()

* Alibaba Group Holding Ltd is in talks with the Hong Kong Stock Exchange to come up with an ownership structure that would allow the Chinese e-commerce company to list its shares while enabling founder Jack Ma and his management team to maintain control, people familiar with the talks said. ()

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