PRESS DIGEST – New York Times business news – July 23

July 23 (BestGrowthStock) – The following were the top stories in
The New York Times business pages on Friday. Reuters has not
verified these stories and does not vouch for their accuracy.

* In a report to be released on Friday, Kenneth R.
Feinberg, the Obama administration’s special master for
executive compensation, is expected to name 17 financial
companies, including Citigroup Inc (C.N: ) and Goldman Sachs
Group Inc (GS.N: ), that made questionable payouts totaling $1.58
billion immediately after accepting billions of dollars of
taxpayer aid.

* Even as the petroleum industry continues drilling in the
Gulf of Mexico at considerable expense and risk, a single field
in Central Asia, known as the Tengiz, stands ready to produce
two-thirds as much oil each day as the entire gulf does, with
less danger to the environment.

* Dell Inc (DELL.O: ), several former executives, and its
founder, Michael S. Dell, agreed Thursday to pay more than $100
million in penalties to settle charges of disclosure accounting
fraud filed by the Securities and Exchange Commission. The SEC
accused Dell of misleading investors by using money it had
received from Intel Corp (INTC.O: ) to pad its quarterly earnings

* The Federal Reserve provided most of the money for new
mortgages in the United States last year, effectively lending
more than $1 trillion to American homeowners.

* Sergio Marchionne of Fiat SpA (FIA.MI: ) is pushing workers
to be more devoted to their jobs, mirroring a larger effort by
the government to invoke austerity measures.

* A day after signaling that he had no immediate plans to
take further steps to prop up the economy, the Federal Reserve
chairman said Thursday that he was prepared to do so if the
outlook worsened.

* Bill Weir was named a co-anchor of ABC News’s “Nightline”
on Thursday, replacing Martin Bashir, who is taking a job at
the rival NBC News.

* The literary agent Andrew Wylie announced on Wednesday
that he had started his own publishing venture and would
produce e-book editions available exclusively on Inc
(AMZN.O: ) for 20 titles, including those by Philip Roth and
Vladimir Nabokov, prompting Random House to cut ties with his

* General Motors Co [GM.UL] said on Thursday that it had
agreed to buy a financing company, AmeriCredit Corp (ACF.N: ),
for $3.5 billion so it can lease more vehicles and increase
sales to consumers with lower credit ratings.

* New York State is suing Bank of America Corp (BAC.N: ) and
its Merrill Lynch & Co unit over the companies’ merger and
Merrill’s subprime mortgage issues.

* Microsoft Corp (MSFT.O: ) rumbled to record sales in its
last quarter with its Windows and Office franchises performing
like faithful old friends. About 175 million licenses of Window
7 have been sold since the product was released last year,
making it the fastest selling version of Windows.

* As investors anxiously awaited the results of official
European bank stress tests due Friday, grumbling emerged from
the private sector about the methodology and whether healthier
banks would inadvertently be penalized by comparison with
weaker institutions.

* BP Plc’s (BP.L: ) partners in the blown-out Macondo well in
the Gulf of Mexico distanced themselves from the oil giant in a
Senate subcommittee hearing on Thursday, though their arguments
encountered a skeptical audience.

* The effort to advance a major climate change bill through
the Senate this summer collapsed Thursday even as President
Obama signed into law another top Democratic priority — a bill
to restore unemployment benefits for millions of Americans who
have been out of work for six months or more.

* The Hungarian Parliament passed a controversial tax on
banks Thursday, defying warnings from the country’s
international creditors that the levy would hamper growth,
dampen investor confidence and do little to balance the budget
in the long term.

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PRESS DIGEST – New York Times business news – July 23