September 11, 2013 / 5:11 AM / 4 years ago

PRESS DIGEST-New York Times business news - Sept 11

Sept 11 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

* Apple Inc has grown too big for just one iPhone. That is why Apple is releasing two new iPhones this month instead of just one, including a cheaper model aimed at less wealthy countries where new Apple phones have been desired but are out of reach because of their price. ()

* In a major legal setback for Google Inc, a federal appeals court here said on Tuesday that a lawsuit accusing the Internet giant of illegal wiretapping could proceed. The ruling, which comes at a moment when online privacy is being hotly debated, has its origins in a much-publicized Google initiative, Street View, which tried to map the inhabited world. ()

* Intelligence officials released secret documents on Tuesday showing that a judge reprimanded the National Security Agency in 2009 for violating its own procedures and misleading the nation’s intelligence court about how it used the telephone call logs it gathers in the hunt for terrorists. ()

* Jon Corzine, the former New Jersey governor accused of a failure of leadership at the helm of the brokerage firm MF Global, is fighting back. Lawyers for Corzine filed a motion late Tuesday to dismiss a civil case against him brought by the Commodity Futures Trading Commission, the federal agency that regulated MF Global until its demise in 2011. ()

* The Dow Jones industrial average is shaking up its roster. Alcoa Inc, Bank of America Corp and Hewlett-Packard Co - three stalwarts of corporate America that have fallen out of favor lately with investors - will be removed from the Dow, to be replaced by Goldman Sachs Group Inc, Visa Inc and Nike Inc, the parent company of the index said on Tuesday. ()

* Automakers are making slow but steady progress improving fuel efficiency, as the industry hit a high for the average miles per gallon of new vehicles sold in August in the United States. A study released by the University of Michigan on Tuesday said that the average fuel economy on the window stickers of cars and trucks sold last month was 24.9 miles per gallon, nearly five miles per gallon better than the 20.1 mpg recorded in October 2007. ()

* Tesco Plc, the British supermarket chain, completed its retreat from the United States on Tuesday after selling most of its Fresh & Easy convenience stores to an affiliate of the money-management firm run by the billionaire Ronald Burkle. ()

* The top 10 percent of earners took more than half of the country’s total income in 2012, the highest level recorded since the government began collecting the relevant data a century ago, according to an updated study by the prominent economists Emmanuel Saez and Thomas Piketty. ()

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