PRESS DIGEST-New York Times business news - Oct 2
Oct 2 (Reuters) - The following are the top stories on the New York Times business pages on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.
* New York's attorney general, under the aegis of a federal mortgage task force, filed a civil suit against Bear Stearns, now part of JPMorgan Chase & Co , asserting that it defrauded investors who purchased mortgage securities.
* American Express Co will reimburse $85 million to about 250,000 customers to resolve accusations that the company violated federal law in its marketing, billing and debt collection practices, the company and the government said Monday.
* Greece's government submitted its 2013 draft budget on Monday, outlining enormous spending cuts as the country's foreign lenders returned to resume talks over a broader austerity package in exchange for the rescue money the country needs to meet expenses.
* CrÃ©dit Agricole , the big French bank, said Monday it had begun exclusive talks to sell its Greek unit, Emporiki, to Alpha Bank for a symbolic one euro.
* Unemployment in the euro zone hovered at a record 11.4 percent in August, according to data released on Monday, underscoring the pain inflicted by the slowing world economy and the financial problems plaguing many of the countries that share the euro.
* Softbank Corp , the cellphone service provider that brought Apple Inc's iPhone to Japan, said on Monday that it would buy a smaller rival, eAccess Ltd , for about $2.3 billion in stock, in the face of intensifying competition.
* Two of the largest economies in the world, China and Japan, presented fresh data on Monday that underscored the persistent economic drag on the global economy despite the efforts of policy makers and central bankers around the world.
* The U.S. Postal Service sank deeper into debt on Monday after the agency defaulted on a $5.6 billion payment due at the end of September, the second time it has missed a deadline this year to set aside money for its future retiree health benefits.
(Compiled by Bangalore Newsroom)
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