PRESS DIGEST - Wall Street Journal - Dec 12

Reuters

Dec 12 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

* Stanley Fischer, widely seen as a dean among the world's top central bankers, is President Barack Obama's choice to become second-in-command at the Federal Reserve, according to people familiar with the matter. ()

* Private-equity firm Centerbridge Partners LP reached a tentative deal to buy LightSquared Inc out of bankruptcy proceedings, said people familiar with the matter, potentially upstaging a bid by Dish Network Corp to take over the wireless-telecommunications firm. ()

* Just days before the latest "Hobbit" movie hits theaters on Friday, it has landed in court. Independent movie moguls Harvey and Bob Weinstein, along with their former company Miramax LLC, sued Time Warner Inc's Warner Bros late Tuesday for a share of the proceeds from the coming second and third "Hobbit" movies. ()

* Avon Products Inc is pulling the plug on a $125 million software overhaul that has been in the works for four years after a test of the system in Canada drove away many of the salespeople who fuel the door-to-door cosmetics company's revenue. ()

* Top Google Inc executives for six years flew their private jet fleet on discounted fuel purchased from the federal government that they weren't entitled to buy, according to a new inspector general review released Wednesday. ()

* Japan overtook the United States to become the world's No. 1 country in app store revenue, thanks to an explosion in growth of smartphone and tablet games. Japanese consumers spent roughly 10 percent more than U.S. consumers did on all apps found on smartphones and tablets in October, according to app tracker App Annie. ()

* PokerStars' ambitions to re-enter the U.S. market suffered a major setback Wednesday when New Jersey gambling regulators, citing the company's legal woes, said that it would not receive a license to operate online poker in the state for at least two years. ()

* After a years-long decline in Barnes & Noble Inc's stock price, even the company's chairman, Leonard Riggio, is taking a loss on at least a portion of his shareholding. Riggio disclosed on Wednesday that he sold 2 million shares a day earlier, realizing a loss of about $40 million. ()

* Fortis Inc has signed a deal to acquire UNS Energy Corp for about $2.5 billion, as the Canadian utility moves to boost exposure within the U.S. by acquiring a firm with a presence in the U.S. Southwest. ()

* Boeing Co's largest union presented a preliminary contract proposal to the aerospace giant to secure manufacturing of the planned 777X jetliner in Washington state, marking a fresh start to negotiations after the union overwhelmingly rejected a Boeing offer last month. ()

* Kontagent and Medium Entertainment, two closely held companies that create tools for mobile game makers to improve their products, are merging businesses in an effort to offer a fuller set of products to customers. ()

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