September 10, 2008 / 7:01 AM / 10 years ago

PRESS DIGEST - New York Times business news - Sept 10

Sept 10 (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.

* Only days after the Bush administration assumed control of the nation’s two largest mortgage finance companies, Wall Street was gripped by fears that another big financial institution, the investment bank Lehman Brothers Holdings Inc LEH.N, might founder - and that this time, the government might not come to the rescue.

* Senators Barack Obama and John McCain each cite the mess at Fannie Mae FNM.N and Freddie Mac FRE.N as a consequence of lobbying, but each has ties of his own.

* Senator Barack Obama and two other prominent Democrats urged federal housing regulators to cut the golden parachutes of the ousted leaders of Fannie Mae and Freddie Mac.

* In an unexpected decision made after a six-hour meeting that lasted well into the night, the OPEC oil cartel said it would reduce its oil production by about half a million barrels a day in a bid to stem a rapid decline in oil prices in recent weeks.

* Resolving an investigation into whether they misled consumers, seven student loan companies have agreed to follow a code of conduct for their marketing, the New York attorney general’s office said on Tuesday.

* The iPhone may be Apple Inc’s (AAPL.O) most talked-about product, but on Tuesday Apple focused attention on its most dominant franchise: the iPod and the iTunes music and video store.

* Is the Justice Department preparing to challenge a high-profile advertising partnership between Google Inc (GOOG.O) and Yahoo Inc YHOO.O? That was the question being debated from Washington to Silicon Valley on Tuesday, after the Justice Department, which has been reviewing the partnership for several weeks, hired Sanford Litvack, a veteran antitrust lawyer, to help assess the evidence gathered by its lawyers.

* The New York attorney general’s office said Tuesday that it was opening an investigation into the way that Arbitron Inc ARB.N, which measures audiences for radio stations, is deploying devices called personal people meters.

* Plans by the carmaker Renault (RENA.PA) to cut about 6,000 jobs through buyouts met with resistance Tuesday, as a union called a one-day protest strike.

* Inventories at wholesalers increased in July twice as fast as forecast, led by gains in stockpiles of automobiles, machinery and petroleum as sales fell.

* Reynolds American Inc RAI.N and its tobacco unit, R. J. Reynolds, said on Tuesday that they would cut about 570 jobs, or 10 percent of their American work force.

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