March 27, 2008 / 7:13 AM / 11 years ago

PRESS DIGEST - New York Times business news - March 27

March 27 (Reuters) - The following were the top stories in The New York Times business pages on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.

* A sweeping investigation into failed subprime lender New Century Financial Corp NEWCQ.PK found that its accounting firm, KPMG LLP [KPMG.UL], enabled its “improper and imprudent practices.”

* Lulled by good times, millions of Americans borrowed — sometimes heavily — against the roofs over their heads. Now the bill is coming due. As the U.S. housing market spirals downward, home equity loans, which turn home sweet home into cash sweet cash, are becoming the next flash point in the mortgage crisis.

* Minoru Mori, Japan’s most prolific developer, will finish the world’s tallest building in May and plans to build or help build 10 more huge complexes in downtown Tokyo.

* Senators are demanding information about how the U.S. Federal Reserve arranged the $30 billion shotgun marriage of JPMorgan Chase & Co (JPM.N) and Bear Stearns Cos BSC.N.

* Under pressure from investor Carl Icahn, Motorola Inc MOT.N spun off its mobile phone unit, as it struggled to come up with new products to replace the highly successful Razr.

* The prospect of a pending Supreme Court case that could sweep away many lawsuits against drug companies loomed over Alaska’s $15 million settlement with Eli Lilly and Co (LLY.N).

* India’s Tata Motors Ltd (TAMO.BO) is buying Ford Motor Co’s (F.N) high-end brands, Jaguar and Land Rover, for $2.3 billion — about half what Ford paid for the brands when it bought them.

* Jay Lauf, the successful publisher of Wired magazine, will leave Conde Nast Publications to become vice president and publisher of The Atlantic, the magazine announced.

* Citigroup Inc (C.N) said it would pay $1.66 billion to the Enron Bankruptcy Estate, which represented Enron creditors caught up in one of the biggest corporate scandals.

* A misdirected e-mail message has set the stage for a suit accusing six banks that agreed to finance Clear Channel Communications Inc’s (CCU.N) $19.5 billion buyout of reneging on their commitments.

* The dollar’s declining value is a high-profile symptom of America’s economic slowdown, analysts say. It’s also a sure sign of tougher economic times ahead in Asia.

* Few officials or economists expect Europe to escape the effects of a downturn in the United States, but Europe’s broader economy is demonstrating startling resilience.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below