PRESS DIGEST – New York Times business news – Jan 28

Jan 28 (BestGrowthStock) – The following were the top stories in
the New York Times business pages on Thursday. Reuters has not
verified these stories and does not vouch for their accuracy.

* After months of feverish speculation, Steven Jobs
introduced Wednesday what Apple Inc (Read more about Apple stock future.) (AAPL.O: ) hopes will be the
coolest device on the planet: a slender tablet computer called
the iPad.

* The pedal flaw in some Toyota Motor Corp (7203.T: )
vehicles has created an opening for competing car companies
like General Motors Co [GM.UL], which began offering deals
specifically to Toyota owners.

* The Federal Reserve decided not to rock the boat on
Wednesday. At its first meeting of the year, which came on the
eve of a Senate vote that will determine whether Ben Bernanke
can continue as Fed chairman, the central bank’s policy-setting
committee voted to keep short-term interest rates near zero.

* Timothy Geithner, the Treasury secretary, defended the
bailout of the American International Group Inc (AIG.N: ) again
on Wednesday to a group of representatives who would not buy
his explanations.

* The Securities and Exchange Commission said on Wednesday
for the first time that public companies should warn investors
of any serious risks that global warming might pose to their
businesses.

* The Swiss government on Wednesday backed off an agreement
with the United States that required it to hand over the names
of wealthy American clients of the Swiss bank UBS (UBSN.VX: ) who
were suspected of tax evasion.

* Mark Kurland, a former senior executive at a hedge fund
based in New York who was accused of insider trading in the
Galleon Group case, pleaded guilty on Wednesday to two counts
of securities fraud.

* A bankruptcy judge on Wednesday approved a $45.6 million
incentive program for top executives and managers of the
Tribune Co (TRBCQ.PK: ), overruling objections by a union and the
bankruptcy trustee that the payout was too high and
unwarranted.

* Technical snags threaten to delay Rupert Murdoch’s plan
to create a metropolitan edition of The Wall Street Journal and
go head-to-head locally with The New York Times, according to
several people briefed on the matter.

* Levels of radioactive tritium have risen rapidly in
recent weeks in the groundwater surrounding Vermont’s sole
nuclear power plant, leading both longtime supporters and foes
of the reactor to question whether it will be allowed to keep
operating.

* With the stock market in Seoul rebounding strongly from
the global economic downturn, South Korean companies could
raise as much as $11 billion this year by selling their shares
to the public for the first time – including Samsung Life
Insurance, the biggest insurer in the country.

* Boeing Co (BA.N: ) posted a bigger-than-expected
fourth-quarter profit (Read more your timing to make a profit.) on Wednesday and said testing of its two
newest planes was on track.

* American newspapers have relied on government subsidies
since Washington’s day, but that support has dropped sharply in
the last four decades, according to a report to be released
Thursday by the University of Southern California.

* McClatchy Co (MNI.N: ), publisher of The Miami Herald and
29 other daily newspapers, posted a quarterly profit on
Wednesday, reversing a year-earlier loss, and announced a plan
that will extend a deadline for debt payments, prompting a 12
percent gain in its share price.

* Shares in Rusal (0486.HK: ), the aluminum giant controlled
by the Russian oligarch Oleg Deripaska, plunged nearly 11
percent Wednesday in their trading debut in Hong Kong, weighed
down by global markets’ recent slump.

* Sales of new homes unexpectedly fell 7.6 percent last
month, capping the industry’s weakest year on record.

* Caterpillar Inc (CAT.N: ), the heavy equipment maker, said
on Wednesday that fourth-quarter profit (Read more your timing to make a profit.) fell as demand remained
weak but that it expected sales to rebound in 2010 as the
economy improved and dealers replaced inventory.

* The agribusiness company Bunge Ltd (BG.N: ) said Wednesday
that it was selling its fertilizer nutrient assets in Brazil to
the mining giant Vale (VALE5.SA: ) for $3.8 billion.

* Japan’s exports rose more than expected in December from
a year earlier, the first increase since the global financial
crisis blew up in late 2008 and a sign that solid growth in
Asia could help Japan avoid another recession.

* General Dynamics Corp (GD.N: ) said Wednesday its
fourth-quarter earnings edged up as strong demand for
defense-related products outweighed weaker sales of business
jets.

* ConocoPhillips (COP.N: ) said Wednesday it earned $1.2
billion in the fourth quarter as profits from oil production
made up for huge losses in the company’s refining business.

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PRESS DIGEST – New York Times business news – Jan 28