PRESS DIGEST - New York Times business - Oct 15
Oct 15 (Reuters) - The following were stories on the New York Times business page on Monday. Reuters has not verified these stories and does not vouch for their accuracy.
* Medtronic Inc (MDT.N: Cotización), the largest maker of implanted heart devices in the U.S., said it was urging doctors to stop using a crucial component in the most recent models of its defibrillator, a device that shocks faltering hearts back into normal rhythm, because it was prone to a defect that has caused malfunctions in hundreds of patients and may have contributed to five deaths.
* Citigroup (C.N: Cotización), Bank of America (BAC.N: Cotización) and JPMorgan Chase (JPM.N: Cotización) plan to create a $75 billion to $100 billion fund to buy bonds and other debt at a time when many investors are avoiding them.
* Student lender Sallie Mae SLM.N raised the stakes in its battle with its would-be buyers by requesting an expedited trial in Delaware. The move may put even more pressure on the buying group, which includes J. C. Flowers, JP Morgan Chase & Co (JPM.N: Cotización) and the Bank of America Corp (BAC.N: Cotización), either to complete the transaction or reach a compromise.
* Six banks will start selling today at least $11 billion in debt to finance the buyout of the Texas energy giant TXU Corp to two private equity firms. Analysts, bankers and investors see the offering as the biggest test yet of the high-yield credit market, which nearly shut down this summer.
* Procter & Gamble Co (PG.N: Cotización), the company that brought soap operas to radio, then television, is trying the same strategy online with a new show, Crescent Heights, intended to reach young viewers where they watch the most, on their PCs and cellphones.
* The Virgin Group, which has big aspirations in financial services, is starting small in the United States. It is scheduled to open a lending business, Virgin Money USA, intended to make loans easier among family members and friends.
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