May 24, 2011 / 6:37 AM / in 7 years

PRESS DIGEST - Wall Street Journal - May 24

May 24 (Reuters) - The following were the top stories in The Wall Street Journal on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

* Federal securities regulators are taking a deeper look at the role of big banks in executing currency trades for clients. The Securities and Exchange Commission is examining whether two major banks made proper representations to pension-fund clients about how their currency trades would be handled and priced, according to a person familiar with the matter.

* Liberty Media Corp executives laid out their rationale for their surprise bid for Barnes & Noble Inc , touting the potential of the bookseller’s Nook e-reader and the vast network of retail stores it can use to promote it.

* State College Area School District in Pennsylvania several years ago abandoned plans to build a new high school. This month, it received a notice that it owes $10 million to Royal Bank of Canada for skipping an interest payment on money it never borrowed for a school it didn’t build.

* Sony Corp on Monday said it expects to post a $3.2 billion net loss for the just-ended fiscal year, blaming a $4.4 billion write-off on a certain portion of deferred tax assets in Japan, in what would be the company’s third straight year of red ink.

* The long-awaited $9 billion stock offering from American International Group Inc and the United States Treasury is on track to price late Tuesday despite recent market weakness, people familiar with the matter said.

* Toyota Motor Corp should have some foreigners on its board of directors and should appoint a chief executive over its North American operations to better respond and head off safety and quality problems, an independent panel recommended on Monday.

* Russian Energy Minister Sergei Shmatko said Monday he doesn’t expect BP PLC and OAO Rosneft to be able to revive their landmark strategic alliance after it was blocked by BP’s existing Russian partners, but he said the two oil giants are continuing discussions.

* LinkedIn Corp’s hot IPO debut bodes well for Russian search engine Yandex NV when it lists its shares on the Nasdaq Stock Market Tuesday. Yandex priced its initial public offering late Monday at $25 a share, above its expected range, giving the company a value of more than $8 billion.

* EBay Inc could use some of the $2.4 billion it will receive from the sale of its remaining 30 percent stake in Internet-phone provider Skype SARL to make acquisitions and return money to investors through share buybacks, chief executive John Donahoe said in an interview Monday.

* A deadly factory explosion is putting new scrutiny on the technology industry’s biggest Chinese manufacturer and raising concerns about the supply of tablet computers, laptops and televisions from Apple Inc to Hewlett-Packard Co .

* Wal-Mart Stores Inc has lost two of its top executives in China, potentially complicating the retail giant’s expansion in a key growth market where other foreign companies have also faced challenges recently.

* Chrysler Group LLC will formally announce the repayment of $7.5 billion in bailout loans it received from the United States.

* Time Warner Cable Inc is close to hiring Irene Esteves as its new chief financial officer, according to people familiar with the situation, capping a five-month search at the cable-TV company.

* Intel Corp informed employees Monday that Sean Maloney, one of the company’s best-known senior executives, is moving from Silicon Valley to China to oversee the chip giant’s operations there. (Compiled by Isheeta Sanghi; Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780)

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