January 7, 2016 / 6:28 AM / 3 years ago

PRESS DIGEST- New York Times business news - Jan 7

Jan 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 global Brent oil benchmark price fell to below $35 a barrel, the lowest level since the depths of the 2008 economic downturn, helping to push stock markets lower.(nyti.ms/22M3Ddp)

- Stocks sank on Thursday morning after the Chinese central bank lowered the reference rate for the renminbi to its lowest point in almost six years. Trading was halted for the day on China’s stock market for the second time this week, after the main index in Shanghai tumbled more than 7 percent.(nyti.ms/1S5j78o)

- Macys Inc said on Wednesday that it would eliminate about 4,500 jobs, or about 3 percent of its work force, in a major restructuring drive. It said slumping holiday season sales had hurt its bottom line. (nyti.ms/1SBoiw0)

- TransCanada Corp said on Wednesday that it would seek $15 billion in damages over the Obama administration’s decision to cancel the company’s Keystone XL pipeline project. The company is taking the unusual step of suing through the North American Free Trade Agreement, calling the decision “arbitrary and unjustified.” (nyti.ms/1MUKwSw)

- A prominent hedge fund that has long criticized Yahoo Inc’s management, Starboard Value, on Wednesday called for changes to the web pioneer’s board and management to go along with a shift in the company’s strategy. Otherwise, the investment firm wrote, it may try to run its own slate of directors. (nyti.ms/22M4hrd)

Compiled by Sneha Johny in Bengaluru

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