PRESS DIGEST - New York Times business news - March 18
March 18 (Reuters) - The following were the top stories in the New York Times business pages on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.
* Outrage over $165 million in bonuses is likely to lead to intense scrutiny on Wednesday morning as Edward Liddy, the chief executive of American International Group Inc (AIG.N: Cotización), testifies before Congress.
* The World Bank lowered its growth forecast for China to 6.5 percent, reflecting the extent to which the global slowdown is hitting even that nation's relatively well-insulated economy.
* Japan's central bank is keeping its benchmark interest rate unchanged at 0.1 percent but is boosting the purchase of government bonds to pump cash into the financial system.
* Money market funds would promise investors greater safety, but at the price of lower yields, if regulators agreed to a set of changes that the mutual fund industry's leaders will release on Wednesday.
* The Internal Revenue Service said it would allow victims of Bernard Madoff's huge investment fraud to claim a tax deduction related to the bulk of their losses.
* An unexpected rise in housing starts and a more moderate increase in wholesale prices offered some brighter economic news as the Federal Open Market Committee gathered for its scheduled two-day meeting.
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