September 28, 2012 / 6:18 AM / in 5 years

PRESS DIGEST-New York Times business news - Sept 28

Sept 28 (Reuters) - The following are the top stories on the New York Times business pages on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

* British authorities are set to announce significant changes to the interest rate at the heart of a recent manipulation scandal as they aim to improve the accuracy and reliability of the benchmark.

* The Spanish government on Thursday presented a draft budget for 2013 with a package of tax increases and spending cuts that it said would guarantee the country could meet deficit-cutting targets agreed to with the rest of the euro zone.

* The European Union inched closer to a trans-Atlantic trade war on Thursday, saying that it would ask the World Trade Organization for the right to impose up to $12 billion in annual trade sanctions against the United States in retaliation for subsidies to Boeing Co that Brussels says give the plane maker an unfair advantage over its European rival, Airbus.

* A closely watched measure of consumer confidence surged to its highest level since February, even as job growth and the overall economy in the United States weakened.

* Treasury Secretary Timothy Geithner on Thursday urged the regulatory team that he leads to push ahead with new rules aimed at money market funds, which manage $2.6 trillion.

* Research in Motion Ltd, the troubled manufacturer of the once-dominant BlackBerry smartphone, reported another sizable quarterly loss on Thursday, but a smaller one than the previous quarter. However, the company continues to face a difficult future as it struggles to get a new phone out the door.

* Nike Inc reported on Thursday that its fiscal first-quarter net income fell 12 percent as stronger sales of its clothing and footwear brands were offset by increased costs and advertising spending.

* Greece, heavily in debt and desperate to track down money, is asking British authorities about investments by Greeks in expensive real estate.

* The optimistic view at the Paris Motor Show on Thursday was that auto sales were so bad that they could not possibly get any worse.

But even if there is a slight recovery in 2013, as some predict, it is dawning on industry executives that it could be years before sales return to the levels of 2007, when they peaked just before the financial crisis.

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