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PRESS DIGEST - Wall Street Journal - Oct 21

Oct 21 (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.

* JPMorgan Chase & Co reached a tentative deal this weekend to pay $13 billion to end a number of civil investigations into its sale of mortgage securities before the 2008 financial crisis, but a separate and potentially more serious criminal probe into the bank and its executives will continue. ()

* Cracks are showing in the Democratic coalition as the next round of budget talks gets under way, hurting the chances for progress toward a broad deal that changes the tax code and significantly narrows future deficits. ()

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

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

* Despite the market disruptions Washington's mess caused over the past few weeks, analysts who have studied past market behavior say that the current backdrop - moderate economic growth with low inflation and strong central bank backing - is excellent for stocks. ()

* As rivals scale back their research-and-development spending to appease investors, Chief Executive John Lechleiter says Eli Lilly & Co is staying the course, despite the drug 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 requested by U.S. authorities, according to a U.S. official. The United States plans to seek his extradition from Italy to face charges of helping conceal billions of dollars from U.S. tax authorities. ()

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

* In the next few weeks, the Chinese government is expected to release the results of an ambitious effort to calculate a seemingly simple figure: just how much the country's local governments have borrowed from banks and investors in the past few years. ()

* The planned merger of Office Depot Inc and OfficeMax Inc is on track to receive antitrust clearance from the Federal Trade Commission after a lengthy government review, 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 on consolidation among tower operators and seeks to spend its money elsewhere. ()

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