PRESS DIGEST - Wall Street Journal - Oct 21

Reuters

Oct 21 (Reuters) - The following are the top stories in theWall Street Journal. Reuters has not verified these stories anddoes not vouch for their accuracy.

* JPMorgan Chase & Co reached a tentative deal thisweekend to pay $13 billion to end a number of civilinvestigations into its sale of mortgage securities before the2008 financial crisis, but a separate and potentially moreserious criminal probe into the bank and its executives willcontinue. ()

* Cracks are showing in the Democratic coalition as the nextround of budget talks gets under way, hurting the chances forprogress toward a broad deal that changes the tax code andsignificantly narrows future deficits. ()

* U.S. candy makers are expanding production in othercountries as federal price supports and a global glut of thesweet stuff give an ever-greater advantage to foreign rivals. ()

* Sotheby's and Christie's are invading the turf ofhigh-end art galleries, as a boom in the contemporary art marketand pressures in the auction business disrupt what had long beena symbiotic relationship. ()

* Despite the market disruptions Washington's mess causedover the past few weeks, analysts who have studied past marketbehavior say that the current backdrop - moderate economicgrowth with low inflation and strong central bank backing - isexcellent for stocks. ()

* As rivals scale back their research-and-developmentspending to appease investors, Chief Executive John Lechleitersays Eli Lilly & Co is staying the course, despite thedrug maker's relatively large R&D budget. ()

* Raoul Weill, the former No. 3 official at UBS,has been arrested in Italy based on an Interpol notice requestedby U.S. authorities, according to a U.S. official. The UnitedStates plans to seek his extradition from Italy to face chargesof helping conceal billions of dollars from U.S. taxauthorities. ()

* Manufacturing of new business jets isn't likely to recoverto pre-recession levels for at least another decade, accordingto a closely watched forecast that trimmed the number ofaircraft deliveries over the next 10 years by about 8 percentfrom the year-earlier projection. ()

* In the next few weeks, the Chinese government is expectedto release the results of an ambitious effort to calculate aseemingly simple figure: just how much the country's localgovernments have borrowed from banks and investors in the pastfew years. ()

* The planned merger of Office Depot Inc andOfficeMax Inc is on track to receive antitrust clearancefrom the Federal Trade Commission after a lengthy governmentreview, according to people familiar with the matter. ()

* AT&T Inc plans to lease a portfolio of cell towers,and sell some others, to Crown Castle International Corp for about $4.85 billion as the telecom giant cashes in onconsolidation among tower operators and seeks to spend its moneyelsewhere. ()

* Level 3 Communications Inc said it fixed anInternet service outage that left users from Brooklyn toPhiladelphia with slow to nonexistent service for nearly 24hours Saturday after equipment at a New York-area network hubbroke down. ()

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