PRESS DIGEST – New York Times business news – May 5

May 5 (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.

* In merging with UAL Corp’s (UAUA.O: ) United Airlines,
Continental Airlines Inc (CAL.N: ) gains a bigger flight network
that would leave its rivals in New York — Delta Air Lines
(DAL.N: ) and AMR Corp’s (AMR.N: ) American Airlines — struggling
to catch up.

* Mayor Richard M. Daley and other politicians stood with
the leaders of United and Continental airlines in downtown
Chicago on Tuesday, proudly underscoring plans that the
proposed merged airline — to be the largest in the world —
will have its headquarters here.

* Leaders of the Senate Banking Committee said Tuesday that
they had reached an agreement to limit the likelihood that big
banks would be bailed out by taxpayers. But liberal Democrats
said they also would push aggressively for an array of
proposals that could force some of the nation’s biggest banks
to reduce their size.

* The economic challenges facing the European Union
unsettled investors around the globe on Tuesday as hundreds of
demonstrators took to the streets in Greece, unfurling banners
over the Acropolis to protest the government’s new austerity
measures.

* CNN and CBS Corp (CBS.N: ), two suitors with a long history
of courtship, have engaged in direct talks in recent weeks
about more extensive combinations of their news resources,
according to several executives who have been briefed on the
discussions.

* Citing new test data, the auto industry says the federal
government’s plan to raise the amount of ethanol mixed into
gasoline will damage cars and increase the amount of pollution
they emit.

* The Food and Drug Administration on Tuesday declined to
approve a drug from InterMune Inc (ITMN.O: ) that would have been
the first treatment for a fatal lung disease that afflicts
about 100,000 Am

* The Johnson & Johnson (JNJ.N: ) unit that voluntarily
recalled certain lots of children’s liquid Tylenol and Motrin
over the weekend had numerous and wide-ranging quality control
problems at the plant that made the products, according to a
federal inspection report released Tuesday.

* Interactive Data Corp (IDC.N: ), a financial market data
provider whose largest stakeholder is Pearson (PSON.L: ) of
Britain, confirmed on Tuesday that it would sell itself to the
private equity firms Warburg Pincus and Silver Lake for $3.4
billion.

* On Tuesday, UBS AG (UBSN.VX: ), the Swiss banking giant,
surprised investors with better-than-expected first-quarter
earnings. The bank had net income of 2.2 billion Swiss francs,
or $2 billion, its highest quarterly profit in almost three
years, mainly because of a recovery of debt trading.

Investment

PRESS DIGEST – New York Times business news – May 5