PRESS DIGEST - Wall Street Journal - Oct 28

Reuters

Oct 28 (Reuters) - The following are the top stories in theWall Street Journal. Reuters has not verified these stories anddoes not vouch for their accuracy.

* The National Security Agency ended a program used to spyon German Chancellor Angela Merkel and a number of other worldleaders after an internal Obama administration review startedthis summer revealed to the White House the existence of theoperation, U.S. officials said. ()

* As it becomes clear that no single leader oversaw the U.S.health law's online exchange, the accounts of more than a dozencurrent and former officials show how a disjointed bureaucracyled to the site's disastrous Oct. 1 launch. ()

* JPMorgan sidestepped many of the subprime-mortgageproblems that bedeviled rivals during the financial crisis. Butnow its own behavior during the housing boom is coming underclose examination. ()

* Three bond-fund managers won big from making the same bet:buying Greek government bonds at the height of the euro zonedebt crisis and holding on. Investors' perception of Greece hasturned around sharply in recent months. Some Greekgovernment-bond prices have more than quadrupled from theirnadir in June 2012, as fears of a Greek exit from the euro zonereceded. ()

* During the financial downturn in 2008-2009 Citibank India,like many other banks in the country, struggled with high baddebt on credit cards and personal loans issued in the go-goyears. The bank has since sought to be more cautious about whomit lends to. Now, the bank, a unit of Citigroup Inc, isbracing for another set of challenges: new rules from the Indiancentral bank will require foreign banks to lend a greaterportion of their money to agriculture-related activities andsmall businesses, which can be costly and unprofitable. ()

* The Federal Reserve has struggled to communicate clearlyabout its plans for winding down its $85 billion-a-monthbond-buying program. Some Fed officials think they'd have aneasier time if they established a rule to determine when and howto trim the purchases. ()

* A growing number of Western brands in China are creatingonline stores to reach more consumers, adopting a formula thatChinese e-commerce company Alibaba Group Holding Ltd hasexploited with much success. ()

* When Chrysler reports third-quarter results,investors will be looking for fresh data to feed calculations ofwhat the company could be worth if it goes ahead with an initialpublic offering. ()

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