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PRESS DIGEST - Wall Street Journal - July 17
July 17, 2013 / 5:57 AM / 4 years ago

PRESS DIGEST - Wall Street Journal - July 17

July 17 (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.

* The Senate stepped back from the edge of a partisan clash over nominations as Republicans agreed to quick consideration and Democrats stood down from a threat to limit the minority party’s use of filibusters. ()

* Panamanian authorities detained a North Korean-flagged ship and its crew as they headed for North Korea from Cuba carrying what U.S. officials suspect are components of a surface-to-air missile system. ()

* International Paper has sunk $1.2 billion into Russia, much of it to modernize a pulp mill built five decades ago, in an almost-anything-goes part of a country that isn’t always hospitable to Western companies. ()

* The United Nations is deploying what it calls its first-ever combatants to shut down rebels in the Democratic Republic of the Congo, in a risky shift from policing the world’s conflicts with neutrality to a more aggressive use of force. ()

* A federal energy regulator levied a record fine against Barclays Plc, ordering the firm to pay $435 million for allegedly manipulating electricity prices in California and other western markets between 2006 and 2008. ()

* The Fed’s plans to wind down its big bond-buying program depend on solving four economic puzzles involving the job market, the inflation rate and fiscal policy. ()

* A high-level Chinese GlaxoSmithKline Plc executive appeared to back allegations of bribery in an interview on state-controlled television in China, as Beijing ratcheted up pressure on the drugmaker. ()

* Chevron Corp agreed to fund most of a $1.5 billion joint venture with Argentina’s state-run energy company, YPF , to develop shale oil and gas deposits. ()

* Pipeline-safety officials are calling for a stiffer punishment of PG&E Corp for its role in a lethal natural-gas pipeline explosion in San Bruno, California, in 2010. ()

* BHP Billiton Plc said iron ore production hit a record in its last financial year, as it stuck by plans to increase output further despite a $340 million cost blowout at a key expansion project in Australia’s Pilbara mining hub. ()

* Google Inc has approached media companies about licensing their content for an internet TV service that would stream traditional TV programming. ()

* General Motors Co’s Opel brand shrank to its lowest market share in Europe for more than a decade in the first half even as Ford Motor’s Co sales revved up in June, benefiting from an inventory sell down earlier in the year. ()

* Yahoo Inc chief Marissa Mayer delivered another mixed report card on her yearlong turnaround effort, showing a 46 percent jump in quarterly earnings for the internet pioneer but continued revenue declines that underscore her challenges. ()

* Australian surfwear retailer Billabong International Ltd has agreed to a rescue package offered by a consortium comprising Altamont Capital Partners and The Blackstone Group’s credit arm GSO Capital Partners. ()

* L‘Oréal underlined a slowdown in the global cosmetics market, as sales of beauty products and fragrances in the United States cooled in recent months. ()

* Nissan Motor Co temporarily halted development of the first electric car for the Infiniti luxury brand, a bet that more advanced and cheaper technology will soon be available, company executives said. ()

* McDonald’s Corp said it plans early next year to open its first restaurant in Vietnam, after awarding the franchise to Henry Nguyen, the son-in-law of the nation’s prime minister. ()

* The Food and Drug Administration canceled an advisory-committee meeting that was set to review sugammadex, Merck & Co Inc’s surgery drug. ()

* Onyx Pharmaceuticals Inc is expecting takeover interest from roughly five parties, including Amgen Inc and Pfizer Inc, according to people familiar with the matter, as the cancer-drug developer seeks to drum up demand for an acquisition that could be valued at more than $10 billion. ()

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