April 10, 2012 / 6:10 AM / in 6 years

PRESS DIGEST - New York Times business news - April 10

April 10 (Reuters) - The following were the top stories in the New York Times business pages on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

* Facebook said it would make its largest acquisition yet, buying Instagram, a social network built around photography and an out-of-nowhere Internet hit.

* The lofty price Microsoft paid AOL for 800 patents - $1.3 million each - reflects the crucial role patents are playing in the business and legal strategies of technology companies.

* The federal minimum wage is $7.25 an hour, or $15,080 a year for a person working full time at a minimum wage job, leading some to call for increasing it.

* Jim Yong Kim, now the president of Dartmouth, says there is no one résumé that is sufficient to address the wide human problems addressed by the World Bank.

* Major carriers and the Federal Communications Commission are working to render phones useless once they’re reported stolen.

* Following the firing of John Galliano last year, the French label Dior switches to a low-key personality.

* In hiring Sherilyn S. McCoy after an extensive search, Avon appears to be making the case that it can turn around the company on its own, without help.

* The surplus is likely to bring renewed calls in the United States and elsewhere for China to allow further appreciation of its currency, the renminbi.

* Unlike in Europe and the United States, where inflation is subdued, China and other emerging economies have seen that prices have been pushed up by robust growth and rising costs.

* The Environmental Protection Agency on Monday said that the widely used herbicide 2,4-D would remain on the market, denying a petition from an environmental group that sought to revoke the chemical’s approval.

* Toyota Motor Corp is revamping its development system to allow its engineers and designers to take more risks.

* M&T Bank Corp, a regional lender based in Buffalo, has redeemed $700 million of the government’s preferred shares, but it still owes taxpayers $382 million.

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