October 23, 2007 / 7:18 AM / 12 years ago

PRESS DIGEST - New York Times business - Oct 23

Oct 23 (Reuters) - The New York Times reported the following stories on its business pages on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

* Microsoft Corp (MSFT.O) has given up its nine-year fight against antitrust regulators in Europe, saying that it would share technical information with rivals on terms the software giant had long resisted. European regulators hailed the deal as a breakthrough that should create more competition.

* The sharp increase of beef recalls involving E. coli raises questions about whether the Agriculture Department has given the meat industry too much leeway to police itself.

* U.S. House Democrats introduced legislation on Monday that would for the first time let homeowners sue Wall Street firms for relief from mortgages that the borrowers never had a realistic chance of repaying. The measure is expected to generate intense opposition from the financial services industry.

* Bear Stearns Cos BSC.N and China’s largest investment bank Citic Securities Co (600030.SS) announced a partnership on Monday, with Citic investing $1 billion in Bear for a 6 percent stake and Bear taking a similar position in Citic. Although Bear investors want to see the firm increase its international exposure, there is uncertainty as to whether the Citic deal will contribute to earnings.

* A 47-year-old German law, the only roadblock that stands between Porsche (PSHG_p.DE) and its long-sought goal of taking over Volkswagen (VOWG.DE), is likely to be swept away. The European Court of Justice is expected to strike down the so-called Volkswagen Law, created by Germany’s government to protect the automaker from an unwanted takeover.

* Apple Inc (AAPL.O) reported earnings on Monday that beat analysts’ expectations on record sales of its Macintosh computers, showing that Apple is climbing back into the league of dominant computer makers.

* The fate of the tentative agreement between the United Automobile Workers union and Chrysler LLC is still hanging in the balance amid concerns over job security. Top officials from U.A.W. union are lobbying members hard for approval because a rejection would send them back to the bargaining table.

* The private equity firm Kohlberg Kravis Roberts & Co LP [KKR.UL] and Goldman Sachs Group Inc (GS.N) agreed to end their $8 billion buyout of Harman International Industries Inc HAR.N and instead buy $400 million in bonds of the company. The settlement ends a dispute over the deal that threatened to wind up in court, as several other proposed buyouts recently have.

* Energy experts urged nations to move swiftly away from the use of coal and other fuels that are the main source of climate-warming greenhouse gases and to provide new options for the two billion people who still mostly cook in the dark on wood or dung fires.

* Halliburton Co (HAL.N) is gearing up for increased oil field services work in the Middle East, Asia and Latin America in the coming quarters, though pricing declines for some services in North America remain a concern, the company’s chief executive said Monday.

* Bank of America (BAC.N) said on Monday that its head of global structured products left on Friday, a day after the bank reported a poor quarter for its corporate and investment banking unit.

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