PRESS DIGEST - Wall Street Journal - March 5

Tue Mar 5, 2013 1:45am EST
 
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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.   Continued...