Friday October 23, 08:11 AM
PRESS DIGEST - Wall Street Journal - Oct 23
Oct 23 (Reuters) - The following were the top stories in The Wall Street Journal on Friday. Reuters has not verified these stories and does not vouch for their accuracy.
* In a one-two punch at the pay culture of banks and Wall Street firms blamed for the financial crisis, the U.S. government announced plans to aggressively regulate compensation at thousands of lenders and impose steep pay cuts at seven companies that received billions in federal aid.
* U.S. Federal officials are working to sort out whether pilots of a Northwest Airlines (NWACQ.PK - news) flight dozed off or were simply distracted Wednesday night when they fell out of contact with air-traffic controllers for more than an hour and overshot their destination by 150 miles.
* Companies in the United States are moving to plug leaks and contain the damage from sweeping insider-trading allegations disclosed last week.
* A booksellers trade group is asking the U.S. Justice Department to probe the book price war that's broken out among big discounters to see if it constitutes predatory pricing.
* In a sign the holiday period could be good to online retailers, Amazon.com Inc posted a 69 percent increase in third-quarter profit and offered a rosy outlook for the current quarter.
* Calpers is reviewing its business with Apollo Management, an unusual move due to their close ties and some of the issues raised.
* American Express Co, a barometer of affluent consumer and corporate spending patterns, reported better-than-expected earnings and expressed confidence that the recession is ending even as credit-card delinquencies and defaults remain at unusually high levels.
* Nokia Corp, the world's biggest cellphone maker, leveled patent-infringement charges against Apple Inc (NASDAQ: AAPL - news) , whose iPhone is the hottest product in the smart-phone category.
* U.S. Federal agents arrested more than 300 people in a two-day sweep of the methamphetamine-trafficking operations of Mexico's La Familia drug cartel, a fast-growing group the government said has reached deep into the U.S.
* The Obama administration, alarmed over employment forecasts, is searching for ways to boost job growth without adding to the federal budget deficit.
* The tipster who investigators say touched off one of the largest insider-trading cases in recent years is the aunt of a friend of a former Moody's Investors Service analyst who allegedly passed information to her, according to the analyst.
* The second-largest investor in Macquarie Infrastructure Group has sold its stake ahead of the global toll-road operator's expected move to sever its relationship with investment banking parent Macquarie Group.
* CIT Group Inc has reached a tentative deal with Goldman Sachs Group Inc over a disputed 'make whole' payment on a $3 billion loan the investment bank had extended to the lender last year, according to people familiar with the matter.
* Caterpillar Inc (NYSE: CAT - news) said Douglas Oberhelman, president of its engine and services business, would succeed Chairman and Chief Executive James Owens next year. Keywords: PRESS DIGEST/WSJ
(Compiled by Ramya Dilip; Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780)
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