May 18, 2015 / 4:43 AM / 3 years ago

PRESS DIGEST- New York Times business news - May 18

May 18 (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.

* Apple confirmed on Sunday that it had purchased Coherent Navigation, a Bay Area global positioning company, further bolstering Apple's location technology and services. (

* The average hedge fund has underperformed in a bull market, returning 3 percent last year compared with a 13.7 percent gain for the Standard and Poor's 500-stock index. Managers complain that it has become harder to make money and that regulation has raised costs. (

* Cerberus Capital Management, a $20 billion investment firm, will let its investors sell their stakes in Remington Outdoor, formerly the Freedom Group, and move the rifle maker out of its funds and into a special financial vehicle. (

* In February, the Federal Aviation Administration proposed new rules that would allow people to fly small unmanned aircraft for commercial reasons. If the regulations are approved, after what could be a lengthy period of public comment and evaluation, there will be implications across the country: Drones could be used by construction workers, firefighters, filmmakers and others. (

* Ebay's classified ad website Kijiji, a flop in the United States, is doing well in Canada with more than 12 million monthly visitors and is used by 42 percent of Canadians. ( (Compiled by Mirza Mohammed Ali Khan in Bengaluru)

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