PRESS DIGEST - New York Times business news - April 18
April 18 (Reuters) - The following were the top stories in the New York Times business pages on Friday. Reuters has not verified these stories and does not vouch for their accuracy.
* Shrinking of hours and pay for millions of workers appears to be a bigger contributor to the economic decline than loss of jobs and the risk of layoffs.
* Internet search giant Google Inc (GOOG.O: Cotización) reported better-than-expected financial results for the first three months of the year, igniting a huge rally in the company shares.
* Iceland's long economic boom has ended in a painful bust, with a collapsing currency, rising inflation, double-digit interest rates and predictions of its first recession since 1992.
* In a shake-up that reflects the end of an era, Sony BMG Music said that the longtime industry executive Clive Davis would relinquish daily control of his label, the RCA Music Group.
* The chairman of the Samsung Group, Lee Kun-hee, has been indicted on charges of evading taxes on billions of dollars that he hid in stock accounts under the names of his aides, a special prosecutor announced.
* Societe Generale (SOGN.PA: Cotización), the French bank that was rocked by a multibillion-dollar rogue trading scandal, said Daniel Bouton would step aside as chief executive but would remain nonexecutive chairman as part of a management reorganization.
* Federal regulators plan to announce a legal settlement with executives of Fannie Mae FNM.N over their roles in an accounting scandal that surfaced in 2004.
* The Bank of England and the British government are considering actions that would mirror steps taken by the United States Fed to restore liquidity to the money markets. Continuación...