May 7, 2009 / 5:19 AM / 10 years ago

PRESS DIGEST - New York Times business news - May 7

May 7 (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.

* Stress tests to be released Thursday suggest some banks still need money. But additional funds won’t necessarily come from the government.

* If approved by workers, a package of wage, benefit and job security concessions will head off the threatened closing of the largest newspaper in Boston.

* The Obama administration’s initiative to compare the effectiveness of medical treatments is drawing criticism from medical products companies, some doctors and others.

* What started as an investigation by the New York attorney general, Andrew Cuomo, into the state comptroller’s office — where Mr. Cuomo says favors were being exchanged for contracts to invest pension money — has mushroomed into a broad look at more than 100 firms by attorneys general in at least 30 other states.

* Discussions between Fiat FIA.MI and General Motors Corp (GM.N) are broadening to include not only a sale of GM’s Opel unit, but other GM operations as well, in exchange for a stake in the Italian automaker.

* As recently as 2007, Chrysler had 32 different models. By next year, that number could drop to as low as 13, according to industry analysts, as the company jettisons slow-selling models to make room in its dealerships for new Fiat FIA.MI models.

* News Corp (NWSA.O), which also owns several newspapers, reported $7.4 billion in revenue in the first three months of this year, down from $8.8 billion in the same period last year.

* U.S. President Barack Obama will unveil nearly $17 billion in additional budget cuts for the coming fiscal year to showcase what a top adviser called a “constant” effort to find savings at a time when the government’s costs for bailouts, health care and wars are mounting far faster.

* The high-end antiques market is thriving as wealthy buyers seek to invest in artwork and furniture rather than stocks or real estate.

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