PRESS DIGEST - Wall Street Journal - April 16

April 16 Tue Apr 16, 2013 11:57am IST

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April 16 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

* Satellite-TV provider Dish Network Corp made a $25.5 billion bid for Sprint Nextel Corp, an effort to derail the No. 3 U.S. wireless carrier's acquisition by Japan's SoftBank, kicking off an old-fashioned merger brawl that puts two maverick billionaires on a collision course. ()

* Gold posted its biggest one-day percentage drop in 30 years Monday as new signs of a global economic slowdown emerged and fears diminished that central banks' easy-money policies would stoke inflation. ()

* Energy Future Holdings Corp, the struggling Texas power company formerly called TXU Corp, on Monday revealed plans for a potential bankruptcy filing that would eliminate about $32 billion in debt and preserve some of the ownership stakes of its biggest investors. ()

* Recent pipeline ruptures, including one at an Exxon Mobil Corp pipeline that caused a major oil spill in Arkansas last month, are raising fresh questions about the safety of pipes made decades ago using obsolete welding techniques. ()

* Citigroup Inc escaped the mortgage slowdown affecting some rivals thanks to its smaller presence in the U.S. market for home loans and a newfound zeal for keeping a lid on expenses. The third-largest U.S. bank by assets said Monday that its first-quarter net income rose 30 percent to $3.81 billion. ()

* Cash-strapped J.C. Penney Co Inc drew $850 million from a credit line to help fund its day-to-day operations, buying time for new chief executive Myron "Mike" Ullman to reverse sagging sales at the department store operator while it looks for ways to raise additional capital. ()

* The Securities and Exchange Commission leveled civil charges against former Rochdale Securities LLC trader David Miller, who last year also was charged with wire fraud for alleged unauthorized trades in Apple Inc shares. ()

* Foxconn Technology Group has resumed hiring assembly line workers in China after a postholiday freeze, in the latest sign that customer Apple Inc is gearing up for production of a new iPhone. Foxconn is the trade name for Taiwan-based Hon Hai Precision Industry Co. ()

* The Ugandan government and three international oil companies, Tullow Oil Plc, Total SA and Cnooc Ltd, have agreed to build an export pipeline and refinery in the east African country, ending a deadlock that has delayed the development of large oil discoveries on its western border for almost two years. ()

* Baseball team the Chicago Cubs on Monday announced an agreement with the city for a $500 million privately financed renovation of historic Wrigley Field, but property owners who offer fans a view of the action from neighboring rooftops are threatening to throw a monkey wrench into the plans. ()

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