May 21, 2019 / 5:26 AM / 4 months ago

PRESS DIGEST- Wall Street Journal - May 21

May 21 (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.

- U.S. officials said on Monday they would grant a handful of temporary exceptions to an export blacklist against Huawei Technologies Co Ltd, giving some suppliers and customers of China's telecom giant a 90-day reprieve from tough trade penalties.

- Federal Communications Commission Chairman Ajit Pai said he would back the more than $26 billion combination of cellphone carriers T-Mobile US Inc and Sprint Corp after the companies agreed to a package of concessions.

- Ford Motor Co said it is cutting 7,000 salaried employees, or about 10% of its white-collar workforce, part of Chief Executive Officer Jim Hackett's broader plan to reverse profit declines and catch up to competitors in the fast-changing car business.

- Ascena Retail Group Inc plans to wind down its Dressbarn retail operations, resulting in the closure of about 650 stores, the company said on Monday.

- U.S. Senate Majority Leader Mitch McConnell introduced legislation to increase the minimum age for purchasing tobacco products to 21, joining with Senator Tim Kaine in what he has called one of the Senate's highest priorities.

- Legg Mason Inc confirmed that it reached an agreement with Trian Fund Management LP on the composition of its board, naming Nelson Peltz and Ed Garden as directors.

Compiled by Bengaluru newsroom

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