August 24, 2017 / 5:23 AM / in a year

PRESS DIGEST- New York Times business news - Aug 24

Aug 24 (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.

- A federal appeals panel upheld on Wednesday the insider trading conviction of Mathew Martoma, a former portfolio manager for Steven A. Cohen, in what prosecutors once called the most lucrative insider trading scheme of all time.

- WPP Plc, world's largest advertising group, cut its growth forecast for the year as clients led by consumer goods companies cut back on marketing budgets, raising broader concerns about the health of the industry.

- The loan servicer Pennsylvania Higher Education Assistance Agency has badly mismanaged debt forgiveness programs for public service workers, significantly raising repayment costs for hundreds of thousands of borrowers, according to a lawsuit filed on Wednesday by the attorney general of Massachusetts.

- A backlash is growing across northern Europe amid increasing evidence that employers are taking advantage of the rules to hire low-wage foreigners rather than local citizens. The French president, Emmanuel Macron, who promised to protect his compatriots from "unfair competition" from the east, is moving aggressively to focus attention on these posted workers as he begins a three-day tour of Central and Eastern Europe on Wednesday.

- The Trump administration on Wednesday released a major report urging actions to protect the "reliability and resilience" of the nation's electric grid, a move that could lay the groundwork for future support of America's ailing coal and nuclear industries. (Compiled by Bengaluru newsroom)

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