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PRESS DIGEST - Wall Street Journal - July 29
July 29, 2016 / 5:00 AM / in a year

PRESS DIGEST - Wall Street Journal - July 29

July 29 (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 Bank of Japan announced an extra dose of monetary stimulus Friday, joining fresh efforts by Prime Minister Shinzo Abe to reboot the economy. The central bank said it would buy 6 trillion yen ($58.11 billion) worth of exchange-traded funds annually, up from 3.3 trillion yen ($31.96 billion) previously, in an attempt to stoke inflation and economic growth. It said it would leave its asset-purchase target at 80 trillion yen ($774.74 billion) a year.

- Oracle Corp agreed to pay $9.3 billion for a cloud-computing pioneer that counts Larry Ellison as a major investor, using its second-largest acquisition to try to catch up in a key area where it has lagged. Oracle said it is paying $109 a share in cash for NetSuite Inc, a 19 percent premium to the stock's closing price Wednesday.

- Microsoft Corp plans to lay off 2,850 employees, adding to previously announced job cuts as it retools its sales operations and dismantles its mobile phone hardware business. The software giant disclosed the latest cuts in a Thursday filing to the U.S. Securities and Exchange Commission.

- A Massachusetts judge denied a motion to dismiss a lawsuit brought by Viacom Inc Chairman and Chief Executive Philippe Dauman and board member George Abrams that seeks to reinstate the pair after they were ousted from the board of National Amusements Inc, the company through which Redstone controls Viacom and CBS Corp. They also want to be reinstated to a trust that was set up to oversee Redstone's holdings upon his death or incapacitation.

- Facebook Inc said it could be on the hook for $3 billion to $5 billion in additional taxes as a result of an Internal Revenue Service investigation into how the social network transferred assets overseas. The IRS had issued a "statutory notice of deficiency" a day earlier saying Facebook owes more taxes for 2010. The July 27 notice came the same day that Facebook said second-quarter profit nearly tripled to $2.06 billion.

$1 = 103.2600 yen Compiled by Rama Venkat Raman in Bengaluru

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