PRESS DIGEST- New York Times business news - May 13

Tue May 13, 2014 12:43am EDT
 
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May 13 (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.

* With TransCanada's Keystone XL pipeline snarled in a regulatory and legal struggle south of the border, Canadian oil companies are proposing many new and expanded pipelines that would connect the oil sands fields with new markets in China and across the world. The planned projects that would snake east and west as well as south, could break the virtual United States monopoly market for Canadian oil exports. (r.reuters.com/qyg39v)

* A string of departures from the Fed's seven-member board over the last year has left the central bank on the verge of operating with just three governors for the first time in its 100-year history. Three nominees are awaiting Senate confirmation, but so are scores of nominees to other offices. (r.reuters.com/syg39v)

* AT&T is in talks to buy DirecTV for at least $50 billion, and the two sides are actively working toward an announcement. If completed, the deal would give AT&T, the country's second-largest wireless carrier, control of the country's largest satellite television provider, further reshaping the rapidly changing telecommunications and television industries. (r.reuters.com/vyg39v)

* Rejecting an unusual $50 billion unsolicited bid, Allergan , the maker of Botox, said its best days were ahead of it and signaled it would consider making acquisitions of its own as it worked to stay independent. Allergan said the offer by Valeant Pharmaceuticals and William Ackman "substantially undervalues Allergan and is not in the best interests of the company and its stockholders." (r.reuters.com/xyg39v)   Continued...