April 3, 2014 / 5:35 AM / in 4 years

PRESS DIGEST - Wall Street Journal - April 3

April 3 (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.

* General Motors Co Chief Executive Mary Barra withstood a second day of withering attacks from lawmakers, with one senator saying the nation's largest auto maker should face criminal liability and another saying she needed to fix its "culture of coverup." (link.reuters.com/sys28v)

* Mary Barra learned late about faulty ignition switches. The larger an organization gets, the less likely it is that bad news will travel smoothly up the chain. At big corporations, say organizational experts, doing the right thing is often incompatible with pleasing the boss. (r.reuters.com/pys28v)

* Boeing Co said it will try to sell its new aerial refueling tanker to South Korea as its long-running battle with Airbus Group NV expands from commercial jets into specialized military aircraft. (link.reuters.com/wys28v)

* Investors are snapping up low-rated securities backed by companies, home mortgages and car loans at a clip rarely seen since the financial crisis, as fund managers and others tire of paltry yields on safer assets. (link.reuters.com/tys28v)

* Juniper Networks Inc is slashing its global workforce by 6 percent. The job cuts that will mostly occur immediately and largely affect middle-management roles. Activist shareholders Jana Partners and Elliott Management Corp have pushed for the network-gear company to make large cuts to costs and enact programs to return capital to shareholders. (link.reuters.com/bat28v)

* The Internal Revenue Service's plan to tax virtual currencies could crimp their use as an alternative to cash or credit for retail transactions. The IRS, in a ruling last week, said under existing law bitcoin and its brethren are property, not currency. That means anyone who spends bitcoin, even on a $2 cup of coffee, may have to pay taxes based on any "gain" over that bitcoin's original value. (link.reuters.com/hat28v)

* Wausau Paper Corp said President and CEO Henry Newell has stepped down and Chairman Thomas Howatt plans to retire as the tissue company faces pressure from activist investors. (link.reuters.com/jat28v)

* Frank Perkins Hixon pleaded guilty to insider trading on Wednesday, punctuating the downfall of the former senior deal maker at Evercore Group Llc. Hixon admitted he used confidential information from his job working on mergers and acquisitions at the investment bank in trades that netted himself more than $700,000. (r.reuters.com/kat28v)

* Pacific Investment Management Co's mutual funds suffered a 10th straight month of redemptions in March, although Pimco's chief executive said there is no link between the firm's management turmoil and the outflows. Investors pulled $7.3 billion out of Pimco last month, following outflows of $2.5 billion in February and $5.7 billion in January, to lift the first-quarter total to more than $15 billion, according to fund tracker Morningstar Inc. (link.reuters.com/pat28v)

* Accounting giant PricewaterhouseCoopers is expected to complete its acquisition of management-consulting firm Booz & Co Thursday and is renaming Booz "Strategy&." The deal, announced last fall, is among the most prominent acquisitions by an accounting firm in years, and it furthers PwC's recent push into the consulting field. (link.reuters.com/qat28v)

* Zillow Inc said it would begin providing real-estate listings for a Chinese real-estate portal, giving Chinese investors more access to the U.S. housing market. (link.reuters.com/sat28v) (Compiled by Ankush Sharma in Bangalore)

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