January 21, 2009 / 5:27 AM / 10 years ago

PRESS DIGEST - New York Times business news - Jan 21

Jan 21 (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.

* Even before they have settled into their new jobs, President Obama’s economic team faces an acute crisis in the nation’s banking system that has no easy answers and that they are not yet prepared to address.

* Fiat FIA.MI said it would take a 35 percent stake in Chrysler, giving it the ability to market its cars through Chrysler’s dealership network. Chrysler will have access to Fiat’s technology.

* IBM (IBM.N) reported a solid 12 percent gain in net income for the fourth quarter, bucking the trend of steep declines for many technology companies amid the economic downturn and surprising Wall Street.

* The parent company of Clear Channel Communications, struggling in the advertising downturn, announced that it was eliminating 1,850 positions, or about 9 percent of its staff. The dismissals were effective immediately.

* Heartland Payment Systems Inc HPY.N said the system it used to process Visa, MasterCard, American Express and Discover Card transactions was breached last year.

* Google Inc (GOOG.O) said it would end a two-year-old program to sell ads in newspapers because the effort, called Google Print Ads, had failed to live up to its expectations.

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