PRESS DIGEST – New York Times business news – Oct 15

Oct 15 (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.

* Bank stocks fell as analysts said the political furor
over foreclosures could translate into billions in costs. Major
institutions like Bank of America Corp (BAC.N: ), JPMorgan Chase
and Co (JPM.N: ) and GMAC Mortgage have halted foreclosures in
many states, and have not said when they would resume. As a
result, foreclosed homes will remain on the bank’s books while
racking up thousands of dollars a month in extra costs.

* Talks over settling at least part of the securities fraud
lawsuit filed by the U.S. Securities and Exchange Commission
against three former executives of the Countrywide Financial
Corporation have intensified, two people involved with the case
said.

* About two months before two new plug-in cars go on sale
in the United States, the federal government is struggling with
how to rate the fuel economy of mass-market plug-in vehicles.
How the Environmental Protection Agency rates the two cars, the
Chevrolet Volt and Nissan Leaf, could have a big influence on
consumers’ perceptions of vehicles that run on electricity.

* As the right-leaning British government prepares to
impose some of the deepest spending cuts in a generation, it is
doing so with the full throated support of London’s financial
elite.

* Google Inc (Read more about Google Stock Analysis)’s (GOOG.O: ) better-than-expected performance in
the third quarter included $2.17 billion in net income on $7.29
billion in revenue.

* Voters in some communities have approved measures that
bar city officials from favoring unions in construction
contracts.

* The United States trade deficit widened in August, with
the politically charged imbalance with China reaching its
highest mark on record, according to government figures
released Thursday. The trade deficit in August increased 8.8
percent, to $46.3 billion, while the Producer Price Index rose
0.4 percent in September.

PRESS DIGEST – New York Times business news – Oct 15