PRESS DIGEST - Wall Street Journal - Jan 2

Wed Jan 2, 2013 12:29pm IST

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Jan 2 - The following are the top stories in the Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

* Congress broke a rancorous stalemate on Tuesday to pass legislation designed to avert the so-called fiscal cliff. But the compromise bill, which blocked most impending tax increases and postponed spending cuts largely by raising taxes on upper-income Americans, left a host of issues unresolved and guaranteed continued budget clashes between the parties. ()

* Apple Inc was hit New Year's Eve by an armed robbery at one of the company's Paris stores, the first major robbery of an Apple store in France. ()

* South Korean steelmaker Posco said it and its partners have agreed to purchase a 15 percent stake in an ArcelorMittal-controlled iron-ore mining company in Canada for $1.1 billion. ()

* Royal Dutch Shell Plc suffered another potential setback in its attempt to drill for oil in U.S. Arctic waters when an offshore rig ran aground after breaking free from tow ships in high seas. ()

* Time Warner Cable Inc, which had warned of its intention to drop little-watched TV channels, agreed to at least temporarily extend carriage of several such channels ahead of the Dec. 31 deadline for renewal. ()

* Intel Corp's effort to develop an Internet-based TV service and associated hardware is taking longer than expected, people familiar with the company's plans say, in part due to delays in reaching content agreements with media companies. ()

* The recovering U.S. auto industry should hit its stride this year as new vehicle offerings, pickup-truck demand and a stable economy push sales above 15 million, automotive forecasting firm Polk predicts. ()

* Manufacturing activity in China expanded at a mild pace in December, a survey of businesses showed, suggesting the economy is rebounding, but fighting headwinds from weak conditions around the world. ()

* India's capital-markets regulator is taking steps to tame what has been one of the world's wildest IPO markets, with plans including forcing companies' founders to reimburse small investors for some losses. ()

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