October 7, 2014 / 5:38 AM / in 4 years

PRESS DIGEST- New York Times business news - Oct 7

Oct 7 (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.

* The Justice Department is preparing a fresh round of attacks on the world's biggest banks, again questioning Wall Street's role in a broad array of financial markets. The Justice Department has widened its focus to include a criminal investigation into banks that set an important benchmark for interest rate derivatives, a previously unreported development that coincides with international regulators proposing overhauls to the rate-setting process. (nyti.ms/1uuZHNz)

* Henry Paulson, who was Treasury secretary when the government rescued the American International Group, said on Monday that a bankruptcy of the insurance giant would have been "catastrophic" for the economy, but acknowledged that the terms of the government's bailout were "punitive." (nyti.ms/1EmVyzs)

* In the latest move, Blockchain, a Bitcoin wallet provider and software developer, is expected to announce on Tuesday that it has closed a roughly $30.5 million fund-raising round, led by Lightspeed Venture Partners and Wicklow Capital. The investment, raised from Blockchain's first round of outside financing, is one of the biggest in the digital currency industry to date.(nyti.ms/1xYMPlx)

* Postmedia Network Canada Corp will buy Quebecor Inc's Sun Media newspaper assets for C$301 million ($269.62 million) for the group, which includes The Toronto Sun and The London Free Press. (nyti.ms/1nbk41b)

* Electra Private Equity said on Monday that its shareholders had rejected a bid by activist investor Edward Bramson for two seats on the firm's board. The rejection came after a spirited back-and-forth between Electra, a British private equity firm, and Sherborne Investors Management, Mr. Bramson's New York-based investment vehicle, in the weeks ahead of Monday's shareholder meeting. (nyti.ms/1uvugmh)

* Thrive, which has invested in popular start-ups like Instagram and Warby Parker, plans to announce on Monday that it has raised a new $400 million fund, its third since its founding four years ago. Money for the new fund came from existing investors like Princeton University and the Wellcome Trust, as well as new mostly not-for-profit institutional investors. (nyti.ms/1rewoJ4)

* Late Monday in New York, Rio Tinto, the British-Australian mining giant, said it had been approached by its smaller rival Glencore Plc about a $150 billion merger, but declined to pursue a deal. (nyti.ms/1pJWLac)

* A week after California enacted a landmark law restricting the ways education technology companies can use the information they collect about elementary through high school students, a group of leading industry players is pledging to adopt similar data protections nationwide. The 14 companies include Microsoft Corp ; Houghton Mifflin Harcourt, the educational publishing house; Amplify, a developer of digital curriculums; and Edmodo, an online network for schools that allows teachers to assign homework and measure students' progress. (nyti.ms/1yIX52s)

1 US dollar = 1.1164 Canadian dollar Compiled by Rama Venkat Raman in Bangalore

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