PRESS DIGEST - Wall Street Journal - July 23

Reuters

July 23 (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.

* Two U.S. appeals courts issued conflicting rulings on subsidies for health coverage purchased on federal insurance exchanges, clouding a major part of Obama's health law. (http://on.wsj.com/1pb81yo)

* The Federal Reserve Bank of New York found that Deutsche Bank AG's U.S. operations suffer from a litany of serious financial reporting problems that the lender has known about for years but not fixed. (http://on.wsj.com/1jUoOXe)

* The U.S. barred flights to Israel's main international airport outside Tel Aviv for at least 24 hours after a rocket from Gaza landed nearby, angering Israel, which said the ban was a boon to Hamas's efforts to isolate the country. (http://on.wsj.com/1mCogQJ)

* The new rules by Securities and Exchange Commission are likely aimed at avoiding a repeat of investor stampede out of the $2.6 trillion industry that threatened to freeze corporate lending during the 2008 financial crisis. According to the plan, "prime" money funds whose shares are held by corporations and large institutional investors will have to abandon a stable $1-a-share price and float in value like other mutual funds. The plan also would allow all funds to temporarily stop investors from redeeming shares in times of market tumult or impose fees on them to do so. (http://on.wsj.com/1udyPmN)

* A group of cosmetics and fragrances workers at a Macy's store in Massachusetts are a big enough lot to try to unionize, the National Labor Relations Board decided in a ruling that could advance organized labor's quest to unionize subsets of workers in varied industries. (http://on.wsj.com/WAEFQe)

* Apple Inc reported a 12 percent profit growth and strong sales of iPhone. It sold about 35.2 million iPhones in the quarter, up 12.7 percent. But Apple struggled for the second consecutive quarter to sell iPads, with unit sales falling 9.2 percent after a 16 percent drop three months earlier. (http://on.wsj.com/UrjgHL)

* CIT Group Inc agreed to buy OneWest Bank NA's parent company for $3.4 billion in the largest full-bank acquisition announced since 2012. The takeover of IMB Holdco LLC, which is OneWest's parent company, will bump CIT's assets up to $67 billion. (http://on.wsj.com/1na529W)

* Blackstone Group has agreed to buy a majority stake in auto-repair shop chain Service King Collision Repair Centers from Carlyle Group LP with a view to fund the company's future growth. The deal values Service King at about $650 million. (http://on.wsj.com/1rzPuPB)

* Dick's Sporting Goods Inc is cutting hundreds of jobs in its golf division as fewer Americans hit the links. A spokeswoman for the PGA of America said more than 400 of its members who were employed as golf instructors at Dick's were notified Tuesday that they would be laid off. (http://on.wsj.com/WCcYHb)

* J.P Morgan Chase & Co is nearing a deal to sell half its stake in the portfolio of its buyout arm, One Equity Partners. J.P. Morgan is in advanced discussions with investment firms Lexington Partners LP and Carlyle Group LP's AlpInvest Partners unit, to sell half of the roughly $4.5 billion in investments One Equity manages for the bank. (http://on.wsj.com/1jUt9K9)

* William Ackman had promised a "death blow" against Herbalife Ltd, Wall Street instead gave new life to the nutritional-supplement company's stock. Ackman on Tuesday sought to prove once and for all his longstanding allegation that Herbalife is a fraud and a pyramid scheme. In a presentation, Ackman unveiled what he described as new evidence supporting his argument that the company is a "criminal enterprise." (http://on.wsj.com/1qzaUwQ) (Compiled by Rishika Sadam in Bangalore)

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