PRESS DIGEST-New York Times business news - Oct 10

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

* United States prosecutors sued Wells Fargo & Co on Tuesday, accusing it of lying about the quality of the mortgages it 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 urging the country to stay the course on reforms and budget cuts.

* Wal-Mart Stores Inc kicked Inc out of its 4,000 stores last month when it discontinued Kindle tablets and e-readers. Now, the retailer is poised to use those stores against its online rival once again - this time aiming for the heart of Amazon's retail model.

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

* Jack Welch, the former chief executive of General Electric Co , said Tuesday that he would no longer write for Fortune magazine, after Fortune produced coverage that was critical of his comments last Friday about the Department of Labor's monthly jobs report.

* Chevron Corp , the second-largest American oil company after Exxon Mobil Corp , warned Tuesday that its third-quarter earnings would be "substantially lower" than in the second quarter.

* The Penske Media Corp, a collection of entertainment blogs owned by a son of the auto racing mogul Roger Penske, on Tuesday announced the completion of a $25 million deal to buy Variety from Reed Elsevier, which has owned the trade newspaper since 1987.

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

(Compiled by Bangalore Newsroom)

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