April 22, 2008 / 6:36 AM / 11 years ago

PRESS DIGEST - New York Times business news - April 22

April 22 (Reuters) - The following were the top stories in the New York Times business pages on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

* The managing editor at The Wall Street Journal, Marcus Brauchli, is expected to submit his resignation after less than a year in the post.

* Wild swings in crop futures are damaging mechanisms that are supposed to cushion the jolts of farming.

* Federal regulators are expected to unveil an accelerated schedule for auto companies to work toward a fuel-efficiency goal of 35 miles a gallon by 2020 for their vehicle fleets.

* Gasoline prices surpassed $3.50 a gallon nationwide for the first time and oil jumped to a record as the long rise of energy prices showed little signs of abating.

* The Tribune Co TXA.N has reached agreement in principle to sell the Long Island newspaper for about $580 million, according to a source familiar with the matter.

* The bill for the credit mess keeps rising. Bank of America Corp (BAC.N) raised its loss reserves, and Citigroup (C.N) sought investors as banks’ credit problems dragged on.

* Samsung Group Chairman Lee Kun-hee, indicted on tax evasion charges, announced that he would step down after 20 years of leadership.

* Five of the six major airlines in the United States plan to start charging coach passengers as much as $25 next month to check a second bag, the latest move in their quest to offset high fuel prices.

* Western banks have stocked up on assets in fast-growing Asian economies, but the current credit crisis has some analysts suggesting they should now be selling them.

* Swiss banking giant UBS UBSN.VX, which has written off more debt from the subprime crisis than any other bank, conceded in a report that a blind drive for revenue led it to take more risks than it should have.

* A contaminated blood thinner from China has been found in drug supplies in 11 countries, and federal officials said Monday they had discovered a clear link between the contaminant and severe reactions now associated with 81 deaths in the United States.

* The Bank of England said it would let banks swap mortgage-backed securities valued at about $100 billion for government bonds.

* Betting that audiences are hungry for nature documentaries, the Walt Disney Co (DIS.N) has created a new production banner to deliver two nature films a year starting in 2009.

* With so much of the publishing industry shifting to the Web, magazine executives are trying to use their print products as a tactical advantage with advertisers.

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