June 15, 2017 / 4:54 AM / 2 months ago

PRESS DIGEST - Wall Street Journal - June 15

June 15 (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.

- A highflying Chinese business tycoon, Wu Xiaohui, whose company owns New York's Waldorf Astoria hotel was detained in China late last week by authorities who are investigating corruption and trying to curb risky financial behavior. on.wsj.com/2s38jQU

- A bipartisan group of state attorneys general is jointly investigating the marketing of prescription painkillers and the causes of widespread opioid addiction, according to people familiar with the matter, in another sign of growing pressure on the pharmaceutical industry. on.wsj.com/2s3o22v

- Steve Bolze, once a top candidate to be the next chief executive of General Electric Co, is retiring from the company after not getting the top job. on.wsj.com/2s3qKov

- Mattel Inc is cutting its quarterly dividend by more than half, as new Chief Executive Margo Georgiadis looks to free up money to help the toy maker modernize its brands for the digital world and expand in emerging markets. on.wsj.com/2s3zRph

- Avon Products Inc Chief Executive Sheri McCoy is expected to step down, according to people familiar with the matter, after her effort to turn around the beleaguered cosmetics seller faltered. on.wsj.com/2s3qNRd

- Amid a major retrenchment by American companies such as Gap Inc, J. Crew Group Inc and Nordstrom Inc, one player continues to defy gravity: Zara. And the rapid-fire design-and-production system that has allowed the Spanish giant to outpace rivals is now giving it a powerful platform to succeed online, an outlet that has confounded its lumbering rivals. on.wsj.com/2s3kmNY

- China approved imports of two new varieties of genetically modified crops, clearing the way for U.S. agricultural companies to market new biotech seeds to farmers. on.wsj.com/2s3j19V

- General Motors Co will extend the typical summer shutdown at certain U.S. factories to deal with slumping sales and bloated inventory, a sign the industry's hot streak is grinding to a halt. on.wsj.com/2s3jc53

Compiled by Bengaluru newsroom

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