March 5, 2013 / 6:48 AM / in 5 years

PRESS DIGEST - Wall Street Journal - March 5

March 5 (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.

* Switzerland’s oldest bank Wegelin & Co was ordered to pay a total of $74 million to the U.S. government in the first-ever criminal sentence for a foreign bank accused of violating U.S. tax laws.

* William Johnson, chief executive of H.J. Heinz Co, could walk away from the ketchup giant with more than $200 million if he leaves when its new owners take control.

* The regulator overseeing Fannie Mae and Freddie Mac announced Monday one of the most concrete efforts to date for building a new infrastructure that could ultimately replace the government-controlled mortgage companies.

* China set a growth target of around 7.5 percent for this year as it kicked off a meeting to finalize its leadership transition, reflecting how Beijing is turning away from breakneck growth based on exports in favor of a broader economy driven by spending at home.

* Bruce Karpati, a top Securities and Exchange Commission lawyer who oversees enforcement of hedge funds and mutual funds, is in talks to leave the regulator for a fund-compliance job with Prudential Financial Inc, the insurance and asset-management firm, according to people with knowledge of the discussions.

* Royal Dutch Shell Plc will build plants in Louisiana, America and Canada to produce liquefied natural gas as a fuel for heavy trucks and large ships, the company said Tuesday.

* Cyprus’s newly elected government is bargaining for a 17 billion euro ($22 billion) bailout from its euro-zone peers. But the little island won’t get a cent until it wrestles with a long-standing issue: money laundering.

* Nigeria’s oil industry is at a crisis point because the theft of oil from pipelines and the pollution it causes are reaching intolerable levels, costing the country and oil companies billions of dollars a year, the head of Royal Dutch Shell Plc’s Nigerian operations said.

* The chief of Boeing Co’s commercial unit says the return of its flagship 787 Dreamliner to service hinges on U.S. Federal Aviation Administration approval of the plane maker’s proposal to modify the jet’s errant lithium-ion batteries.

* General Motors Co’s decision to quash a sale of its Adam Opel AG unit three years ago and keep the ailing business was correct, Vice Chairman Stephen Girsky said Monday. Girsky also said a turnaround plan at Opel, which caused most of GM’s $1.8 billion loss in Europe in 2012, is beginning to make progress.

* Marriott International Inc on Tuesday is expected to unveil its designs for Moxy, a new hotel brand it is developing with a subsidiary of Inter IKEA Group, the parent company of the IKEA furniture brand.

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