PRESS DIGEST-New York Times business news - Oct 10

Oct 10 (Reuters) - The following are the top stories on theNew York Times business pages on Wednesday. Reuters has notverified these stories and does not vouch for their accuracy.

* United States prosecutors sued Wells Fargo & Co onTuesday, accusing it of lying about the quality of the mortgagesit handled under a federal housing program.

* Venturing into the most hostile territory in Europe,Chancellor Angela Merkel of Germany visited Athens on Tuesday,telling Greeks that she understood their suffering but urgingthe country to stay the course on reforms and budget cuts.

* Wal-Mart Stores Inc kicked Amazon.com Incout of its 4,000 stores last month when it discontinued Kindletablets and e-readers. Now, the retailer is poised to use thosestores against its online rival once again - this time aimingfor the heart of Amazon's retail model.

* Stanley Black & Decker agreed on Tuesday to sellits hardware and home improvement unit to Spectrum BrandsHoldings for $1.4 billion in cash, as the company workedto whittle down its product portfolio.

* Jack Welch, the former chief executive of General ElectricCo , said Tuesday that he would no longer write forFortune magazine, after Fortune produced coverage that wascritical of his comments last Friday about the Department ofLabor's monthly jobs report.

* Chevron Corp , the second-largest American oilcompany after Exxon Mobil Corp , warned Tuesday that itsthird-quarter earnings would be "substantially lower" than inthe second quarter.

* The Penske Media Corp, a collection of entertainment blogsowned by a son of the auto racing mogul Roger Penske, on Tuesdayannounced the completion of a $25 million deal to buy Varietyfrom Reed Elsevier, which has owned the trade newspaper since1987.

* The financial industry in New York has slashed jobs by thethousands over the last two years. For those who remain, annualcompensation in total is at near-record levels, according to areport released Tuesday by the New York State comptroller.

(Compiled by Bangalore Newsroom)

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