PRESS DIGEST - New York Times business - Jan 16
Jan 16 (Reuters) - The New York Times reported the following stories on its business pages on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.
* Citigroup Inc (C.N: Cotización) reported a staggering fourth-quarter loss of $9.83 billion and issued a sobering forecast that the housing market and the broader economy still had not bottomed out.
* Citigroup Inc (C.N: Cotización) and Merrill Lynch & Co MER.N said they were raising a combined $19.1 billion from parties that range from government-backed funds in Korea and Kuwait to New Jersey's public pension fund and T. Rowe Price, the big mutual fund company.
* The Federal Reserve's open market committee, headed by Ben Bernanke, is widely expected to cut interest rates by at least half a percentage point when it meets at the end of January. The committee's intent will be to ease credit and help the economy.
* After years of debate, the Food and Drug Administration declared that food from cloned animals and their progeny is safe to eat, clearing the way for milk and meat derived from genetic copies of prized dairy cows, steers and hogs to be sold at the grocery store.
* In its most important securities fraud ruling in years, the Supreme Court placed a huge obstacle before shareholders looking to sue someone after a stock purchase turns sour.
* Long a symbol of power for American car companies, the V-8 engine is sputtering as Detroit's Big Three promote smaller engines and alternative-fuel vehicles.
* The former chief executive of Volkswagen (VOWG.DE: Cotización), Bernd Pischetsrieder, and the chief executive of Audi, Rupert Stadler, reported to a courtroom in a northern German city to testify in a corruption case at Volkswagen involving charges of bribery, illicit sex and company-paid shopping sprees.
* Isaac Mizrahi, the cheap-chic designer who helped create the image of Target Corp (TGT.N: Cotización) as a style destination, defected from the retailer to a more ambitious, and lucrative, role of making over the struggling Liz Claiborne Inc LIZ.N label. Continuación...