September 26, 2008 / 5:47 AM / 10 years ago

PRESS DIGEST - New York Times business news - Sept 26

Sept 26 (Reuters) - The following were the top stories in The New York Times business pages on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

* Partisan presidential politics appeared to trample what had been exceedingly delicate Congressional negotiations over the $700 billion bailout package.

* The government on Thursday made the largest bank seizure in American history, taking over Washington Mutual Inc (WM.N) and selling pieces of it to JPMorgan Chase & Co (JPM.N).

* Without a mechanism to shed the bad loans on their books, financial institutions and lenders may continue to hoard their dollars and starve the economy of capital.

* Wall Street’s woes are hurting General Electric Co (GE.N), raising fresh concerns that the impact of the financial turmoil will be severe on business profits and the wider economy.

* Even companies far from Wall Street find themselves in a tightening bind as loans grow scarce and the economy struggles.

* Spending by businesses on major items fell in August after three monthly increases, reinforcing the sense that businesses are nervous about making long-term investments amid the downturn.

* Machinists at Boeing Co (BA.N) will become eligible on Saturday to collect their first strike pay in a walkout that shows no sign of ending soon. There have been no negotiations between the aircraft manufacturer and the International Association of Machinists and Aerospace Workers since the strike began on Sept. 6.

* Alitalia AZPIa.MI staggered back from the brink of collapse when the last of its four major unions agreed to a rescue plan, causing an investor group to revive a 1 billion euro offer.

* General Motors Corp (GM.N) said it would invest $370 million in a plant to build its most fuel-efficient engines ever.

* A federal appeals court heard oral arguments about whether former Qwest Communications International Inc Q.N Chief Executive Joseph Nacchio should receive a new trial in an insider-trading case.

* A group of microfinancing organizations will announce a code of conduct meant to reaffirm the principles of microlending and set microlenders apart from consumer lenders entering the market.

* European Union lawmakers proposed tougher-than-expected emissions goals for car makers, dealing a blow to the German automobile industry.

* President Nicolas Sarkozy of France called for an overhaul of the world’s financial system, arguing that an era of unregulated markets was over.

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