January 15, 2009 / 5:31 AM / 9 years ago

PRESS DIGEST - New York Times business news - Jan 15

Jan 15 (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.

* Casting a pall over one of the world’s most closely watched companies, Steven Jobs, chief executive of Apple Inc (AAPL.O), said he was taking a leave of absence because of health concerns.

* Bank of America Corp (BAC.N), struggling with mounting losses at Merrill Lynch, would be the second bank after Citigroup Inc (C.N) to receive an additional lifeline from the government.

* Eli Lilly and Co (LLY.N), the drug company, is expected to agree to pay $1.4 billion to settle criminal and civil charges that it illegally marketed its blockbuster antipsychotic drug Zyprexa for unauthorized use in patients particularly vulnerable to its risky side effects.

* Citigroup Inc (C.N) wants to sell unprofitable businesses and troublesome assets, but investors wonder whether other companies will have the will or the means to buy them.

    * Energy companies, conglomerates and financial stocks were hit especially hard as the markets had their worst day in weeks on Wednesday.

    * Nortel Networks NT.TO, the Canadian telecom equipment maker, filed for bankruptcy protection from creditors, but analysts said its troubles might be too severe for it to recover and survive.

    * Treasury nominee Timothy Geithner and his accountant appear to have made an honest mistake concerning a confusing part of tax law, according to several tax experts.

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