August 14, 2012 / 6:52 AM / in 6 years

PRESS DIGEST - Wall Street Journal - Aug 14

Aug 14 (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.

* Google Inc said it is acquiring the Frommer’s travel-guide business from publisher John Wiley & Sons Inc in a bid to attract more advertising dollars tied to online-travel bookings and local-business information.

* Apple Inc rested its case against Samsung Electronics Co Ltd following testimony focusing on talks between the companies and calculations for how much Samsung should pay if found to infringe Apple patents.

* Federal regulators are preparing to clear Verizon Wireless’s $3.9 billion deal to acquire airwaves from several cable companies including Comcast Corp according to people close to the negotiations, after the companies reached broad agreement to settle antitrust concerns.

* The head of Focus Media Holding Ltd and other investors are offering to take the Shanghai-based advertising company private in a $3.66 billion deal that would remove it from the skeptical eye of U.S. investors.

* BP Plc said it has agreed to sell its Carson refinery in southern California and related assets to Tesoro Corp for $2.5 billion.

* General Motors Co is bidding for the international arm of Ally Financial Inc, a move to rebuild its own lending operations and reacquire part of a business it sold more than six years ago.

* Bank of America Corp agreed to sell its overseas wealth-management operations to Swiss private-banking specialist Julius Baer Group AG.

* Eastman Kodak Co delayed disclosing the outcome of its patent auction, a few minutes before a deadline to select winning bidders, the company said.

* HSBC Holdings Plc is hiring a former U.S. government official, Robert Werner, who policed U.S. sanctions against narcotics traffickers and terrorists, following allegations that HSBC moved funds for drug cartels and other suspicious groups.

* Toshiba Corp said that it is in talks with multiple parties to sell some of its 67 percent stake in Westinghouse Electric Co, but the Japanese technology conglomerate will keep a majority stake in the United States nuclear power subsidiary.

* Groupon Inc once-torrid daily deals business slowed in its latest quarter, fueling investor concerns about the onetime web commerce star and sending shares to a new low.

* Hedge fund Jana Partners LLC that has shaken up large players from Marathon Petroleum Corp to McGraw-Hill Companies Inc has found its next target: Agrium Inc , a $15 billion Canadian fertilizer company.

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