PRESS DIGEST – New York Times business news – May 7

May 7 (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.

* A bad day in the stock market turned into one of the most
terrifying moments in Wall Street history on Thursday with a
brief 1,000-point plunge that recalled the panic of 2008.

* The glitch that sent markets tumbling Thursday was years
in the making, driven by the rise of computers that transformed
stock trading more in the last 20 years than in the previous
200.

* The European Central Bank disappointed investors hoping
for decisive action on Thursday to contain the euro zone’s
increasingly virulent debt crisis, pushing the euro to another
low for the year.

* The Greek Parliament passed a package of tough austerity
measures on Thursday, trying to stave off economic collapse and
help prevent debt contagion from spreading.

* European banks continue to offer euro-based loans in
Hungary and Romania despite the risk in the two countries,
which were bailed out last year.

* Even as China has set ambitious goals for itself in
clean-energy production and reduction of global warming gases,
the country’s surging demand for power from oil and coal has
led to the largest six-month increase in the tonnage of human
generated greenhouse gases ever by a single country.

* The Senate on Thursday rejected an effort by liberal
Democrats to break up some of the biggest banks, defeating an
amendment to financial regulatory legislation that would have
imposed new limits on the size and scope of financial
companies.

* The American International Group (AIG.N: ) is turning to
Citigroup Inc (C.N: ) and Bank of America Corp (BAC.N: ) to replace
Goldman Sachs Group Inc (GS.N: ) as the main corporate adviser as
the insurer reorganizes.

* A crisis for Toyota Motor Corp (7203.T: ) has become a
catalyst for regulatory change with support from the White
House, both political parties and the industry. For the first
time since Firestone tires were exploding on Ford (F.N: )
Explorers a decade ago, Congress on Thursday began working on
legislation that would impose far-reaching safety standards on
the auto industry, including some steps that advocates have
been seeking for years.

* Lawmakers requested information on Thursday from
regulators about Johnson & Johnson’s (JNJ.N: ) recall of
Children’s Tylenol and other over-the-counter pediatric
medicines, saying the company’s repeated recalls “point to a
major problem” with production.

* Genzyme Corp (GENZ.O: ), facing a proxy challenge from the
billionaire investor Carl C. Icahn, said it would buy back $2
billion in stock and sell or spin off three units that were not
part of its main business in rare-disease drugs.

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PRESS DIGEST – New York Times business news – May 7