PRESS DIGEST – New York Times business news – Oct 21

Oct 21 (BestGrowthStock) – The following were the top stories in
The New York Times business pages on Thursday. Reuters has not
verified these stories and does not vouch for their accuracy.

* With so many economies struggling, it suddenly seems as
if it is every nation for itself in the currency markets.
Policy makers the world over are worried that economic rivals
are trying to turn exchange rates to their advantage, and
considering how they should respond to preserve jobs and growth
at home.

* Courts are expected to be flooded with cases as
homeowners fight lenders trying to foreclose without proper
mortgage records. While even critics of the big lenders
acknowledge that the vast majority of foreclosures involve
homeowners who have not paid their mortgages, they argue that
the borrowers are entitled to due legal process.

* With a surge in lawsuits against law firms specializing
in foreclosures, a case in Mississippi is casting light on
another aspect of the mortgage mess — the connection between
Wall Street private equity firms and those law firms, often
known as foreclosure mills. Several private equity firms or
entities they control have stakes in the business operations of
some of the busiest foreclosure law firms.

* Administration officials renewed efforts on Wednesday to
ease concerns about the integrity of the foreclosure process,
saying that no evidence had emerged so far of any problems that
threatened the health of the financial system.

* The Chinese economy continued to expand at a rapid clip
during the third quarter, demonstrating that government
measures aimed at reining in growth have not choked off
expansion. China’s gross domestic product grew 9.6 percent from
the same period a year earlier, the National Bureau of
Statistics said on Thursday.

* The municipal bonds that help finance a major portion of
the nation’s water supply may be riskier than investors realize
because their credit ratings do not adequately reflect the
growing risks of water shortages and legal battles over water
supplies, according to a new study.

* Wells Fargo & Co (WFC.N: ) said its earnings in the third
quarter rose 7 percent, after a good showing by its retail
franchise and the Wachovia Corporation branches it acquired.

* Toyota Motor Corp (7203.T: ) will repair about 1.53 million
Avalon and other vehicles globally for problems with the brake
master cylinder seal and fuel pump wiring.

* Apple Inc (Read more about Apple stock future.) (AAPL.O: ) has taken technologies like the
multitouch user interface from the iPhone and the iPad and put
them in its new MacBook Air laptops and operating system.

PRESS DIGEST – New York Times business news – Oct 21