PRESS DIGEST – New York Times business news – March 17

March 17 (BestGrowthStock) – The following were the top stories in
the New York Times business pages on Wednesday. Reuters has not
verified these stories and does not vouch for their accuracy.

* The Federal Reserve on Tuesday affirmed its plan to stop
buying mortgage-backed securities, expressing a degree of
confidence that it could eliminate that pillar of support
without undermining the nation’s economic recovery.

* The leading drug makers need to move quickly to adapt to
a new world order in which some emerging markets are set to
overtake some established national markets in pharmaceutical
sales, according to a report issued Tuesday.

* Federal regulators on Tuesday made public the details of
their ambitious policy to encourage the spread of high-speed
Internet access. But their 376-page proposal, the National
Broadband Plan, was met with a chorus of questions, even from
the staunchest advocates of its goals.

* Members of Congress from both parties sought on Tuesday
to put more pressure on China to allow an increase in the value
of its currency, saying Beijing’s policy of holding the value
down to give China an edge in export markets was holding back
job creation in the United States.

* Greece received a welcome vote of confidence on Tuesday
from the rating agency Standard & Poor’s for its
deficit-reduction efforts, but the country was still pressing
for details on a new loan rescue package from fellow euro-zone
members, which remain divided over how it might work.

* European Union finance ministers delayed a decision on
new rules for hedge funds Tuesday in a reprieve for Britain,
which fears that onerous regulations could drive the industry
from London.

* Simon Property Group Inc (SPG.N: ) is preparing to raise
its $10 billion offer for General Growth Properties Inc
(GGP.N: ), the bankrupt mall operator, in an effort to overcome a
rival plan proposed by General Growth in concert with
Brookfield Asset Management (BAMa.TO: ), people briefed on the
matter said on Tuesday.

* European public broadcasters are calling on lawmakers to
make it easier to offer their programming over the Internet,
saying cumbersome copyright practices restrict their ability to
develop new digital services and prolong the fragmentation of
the European television landscape.

* In a Hollywood-style heist, thieves cut a hole in the
roof of a warehouse, rappelled inside and scored one of the
biggest hauls of its kind — not diamonds, gold bullion or Old
World art, but about $75 million in antidepressants and other
prescription drugs.

* The Bank of Japan eased monetary policy further on
Wednesday as expected after a drumbeat of government pressure
for fresh action to beat deflation, but the split vote suggests
the board may have had difficulty justifying the move.

* Home building slowed in February as snowstorms stopped
construction in some of the country’s largest markets, a
Commerce Department report indicated Tuesday.

* A former senior trader at Merrill Lynch in London has
been banned for at least five years for deliberately
overvaluing his trading positions to hide his losses, forcing
the bank to take a $456 million write-down.

* Honda Motor Co (7267.T: ) will recall more than 410,000
Odyssey minivans and Element small trucks because of braking
system problems that could make it tougher to stop the vehicle
if not repaired.

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PRESS DIGEST – New York Times business news – March 17