August 25, 2014 / 4:58 AM / 3 years ago

PRESS DIGEST- New York Times business news - Aug 25

5 Min Read

Aug 25 (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.

* Companies like Box Inc IPO-BOX.N, Dropbox and Hightail pioneered a new kind of internet service that allows people and companies to store all kinds of electronic files in an easy-to-use online locker. But as often happens, the much bigger companies like Amazon.com Inc and Google Inc liked the idea so much they decided to do the same thing, at a much lower price. To tackle the price issue, Box is trying to cater to special data storage needs, Hightail is trying to do something similar for customers like law firms, and Dropbox is trying to make sure that its consumer-minded service stays easier to use than what the big guys provide. (nyti.ms/1tJr3g8)

* Burger King Worldwide Inc may be home of the Whopper. But the fast-food chain may soon start calling Canada its new corporate residence. The restaurant operator said on Sunday that it is in talks to buy Tim Hortons Inc, the Canadian donut-and-coffee chain, in a potential deal that would create one of the world's biggest fast-food chains. (nyti.ms/1qEV2D7)

* The Swiss drug maker Roche Holding AG agreed on Sunday to buy InterMune Inc, which sells a drug to treat a deadly lung disease, for $8.3 billion, as pharmaceutical companies continue to seek new products to bolster their offerings. (nyti.ms/1zpCn2L)

* Goldman Sachs Group Inc is paying its largest bill yet to resolve a government lawsuit related to the financial crisis. The bank said on Friday that it had agreed to buy back $3.15 billion in mortgage bonds from Federal Home Loan Mortgage Corp and Federal National Mortgage Association to end a lawsuit filed in 2011 by the Federal Housing Finance Agency, the federal regulator that oversees the two mortgage companies. The agency estimates that Goldman is paying $1.2 billion more than the bonds are now worth. (nyti.ms/VK6epu)

* Richard Handler, the chief executive of the Leucadia National Corp, will join the board of a new hedge fund company, Folger Hill Asset Management LLC, run by a former executive of SAC Capital Advisors, according to a regulatory filing on Friday. (nyti.ms/VNnGt6)

* Vogue is expected to unveil a new website on Wednesday, its latest attempt to reflect the magazine's ethos online. Both the editor-in-chief, Anna Wintour, and the creative director for digital, Sally Singer, acknowledge that Vogue's site has yet to fulfill its potential and hope that this revamping represents a deeper change in what it offers web and mobile readers. (nyti.ms/1mFXDvr)

* The German government has approved the sale of the utility RWE AG's oil and natural gas subsidiary, RWE Dea, to a team of Russian investors, the company confirmed on Friday. (nyti.ms/1pWPbfZ)

* The City of Chicago and two California counties are challenging the drug industry's way of doing business, contending in two separate lawsuits that "aggressive marketing" by five companies has fueled an epidemic of addiction and cost taxpayers millions of dollars in insurance claims and other health care costs. The lawsuits assert that drug makers urged doctors to prescribe the drugs far beyond their traditional use to treat extreme conditions, such as acute pain after surgery or injury or cancer pain, while underplaying the high risk of addiction. (nyti.ms/1zpJdFs)

* Medicare, which has been assigning hotel-style ratings to nearly every nursing home in the country for the last five years, has assigned a five-star rating to Rosewood Post-Acute Rehab, a nursing home in this Sacramento suburb. But an examination of the rating system by The New York Times has found that Rosewood and many other top-ranked nursing homes have been given a seal of approval that is based on incomplete information and that can seriously mislead consumers, investors and others about conditions at the homes. (nyti.ms/1zpP8dw)

* Now Motif Investing, a new online broker backed by JPMorgan Chase & Co, has started a product that lets investors buy stock in 25 companies viewed as potential inversion targets. (nyti.ms/1smRlnD)

Compiled by Rishika Sadam in Bangalore

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