May 10, 2018 / 4:50 AM / 9 months ago

PRESS DIGEST- New York Times business news - May 10

May 10 (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.

- Wu Xiaohui, the former chairman of Anbang Insurance Group Co Ltd, was sentenced to 18 years in prison after having pleaded guilty to defrauding investors.

- Walmart Inc on Wednesday announced a $16 billion deal to purchase 77 percent of the Indian e-commerce company Flipkart Online Services Pvt Ltd as part of its strategy to capture a piece of a fast-growing and increasingly tech-savvy market.

- Chinese firm ZTE Corp on Wednesday said it had ceased "major operating activities" after the Trump administration banned the company last month from using components made in the United States.

- The U.S. Food and Drug Administration on Wednesday said it was seeking court orders to stop two clinics from using unapproved stem cell treatments that in some cases have seriously harmed patients.

Compiled by Bengaluru newsroom

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