September 26, 2012 / 6:16 AM / 5 years ago

PRESS DIGEST - Wall Street Journal - Sept 26

Sept 26 (Reuters) - The following are the top stories in the Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

* The British Bankers’ Association is preparing to give up responsibility for the London interbank offered rate, the scandal-plagued benchmark interest rate that the group once called “the world’s most important number.”

* Google Inc’s popular mapping application likely won’t migrate to Apple Inc’s iPhone 5 anytime soon, the Internet search giant’s executive chairman Eric Schmidt said Tuesday.

* Toyota Motor Corp said Tuesday it would adjust production at plants in China and a Lexus factory in Japan to match a slowdown in Chinese orders and sales, signaling the possible onset of a more prolonged chill in economic relations between the world’s second- and third-largest economies.

* Sharp Corp has submitted a new restructuring plan to its lenders setting out job cuts of more than 10,000 and the sale of assets including overseas plants, as the consumer-electronics maker seeks to convince banks it can return to profitability even without a planned cash infusion from Taiwan’s Hon Hai Precision Industry Co.

* On Tuesday, Staples Inc said it plans to reduce its U.S. store space by 15 percent as part of a wider reorganization of its business, the latest example of how office-supply chains are struggling to stay relevant as more shoppers buy products like computers, pens, paper and paper clips online.

Like rivals OfficeMax Inc and Office Depot Inc , Staples has been shrinking its stores and opening smaller, convenience-focused shops, as it tries to adapt to the changes in shopping behavior that are hurting many big-box specialty retailers.

* The Spanish government will restrict programs that make it possible for people to take early retirement as part of coming overhauls that seek to rein in the country’s debt and revive its embattled economy.

* The German government is set to approve a new bill in cabinet to rein in high-frequency trading, but the bill is stoking fears that tougher rules could stunt the trading sector’s growth in Europe.

* Barnes & Noble is adding two new HD versions of its Nook tablet, hoping to keep pace with rivals ahead of the holiday shopping season.

* A.P. Moller-Maersk said it would reduce its capacity and raise shipping rates as sluggish global trade continued to weigh on the shipping industry.

* Luxury electric car maker Tesla Motors Inc, facing a revenue squeeze from production problems, said on Tuesday it would sell about 5 million shares to raise cash after winning breathing room on terms of a $465 million U.S. Energy Department loan.

* Profits earned by the China operations of foreign banks surged in 2011, according to a new report, a remarkable turnaround from previous years but one the banks may struggle to maintain.

* Some U.S. administration officials are trying to develop a more sustainable legal framework for how governments should use drone strikes.

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