U.S. Markets closed

PRESS DIGEST- New York Times business news - March 14

March 14 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

* A new review of federal crash data shows that 303 people died after the air bags failed to deploy on two of the General Motors Co models that were recalled last month. ()

* Four years after the Deepwater Horizon rig explosion, BP is being welcomed back to seek new oil leases in the Gulf of Mexico. The U.S. government lifted a 2012 ban that was imposed after the Environmental Protection Agency concluded that BP had not fully corrected problems that led to the well blowout in 2010 that killed 11 rig workers, spilled millions of gallons of oil and contaminated hundreds of miles of beaches. ()

* Sotheby's, the auction house fending off attacks by the activist billionaire Daniel Loeb, dug in its heels on Thursday by rejecting his proposal for new board members and instead selected two others. ()

* Liberty Media Corp, the company controlled by John Malone, announced late Thursday that it had abandoned its plan to buy the shares of Sirius XM Holdings Inc that it did not already own as part of a move to set up two tracking stocks to house the company's assets. ()

* Olam International Ltd, a Singapore agricultural commodities company that has been targeted by the short seller Carson Block, said on Friday that it had received a cash buyout offer led by Temasek Holdings, a Singapore government investment firm valuing it at more than $4 billion. ()

* U.S. Securities and Exchange Commission said on Thursday that Lions Gate Entertainment Corp had agreed to admit wrongdoing and pay a $7.5 million penalty for its actions in fending off a takeover by Carl Icahn. ()

* Moody's cut Royal Bank of Scotland Group Plc's long-term debt rating a notch on Thursday in light of the potential difficulties of the British lender's turnaround plan.

* Gleacher & Co Inc, the troubled investment bank that had tried unsuccessfully to sell itself, announced on Thursday that it planned to liquidate its assets, closing up shop after 24 years. ()

* General Electric Co on Thursday took the next step to reduce the size of its North American retail finance unit, filing to spin off its GE Capital division in an initial public offering. ()

* The president of the European Central Bank, Mario Draghi, said on Thursday that euro zone banks faced a period of "creative destruction" that would be healthy for the economy, and he praised the banks that were moving more aggressively to deal with their problems. ()