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PRESS DIGEST- New York Times business news - May 26
May 26, 2016 / 6:26 AM / a year ago

PRESS DIGEST- New York Times business news - May 26

May 26 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

- Alibaba Group Holding Ltd, the e-commerce giant, said Wednesday it was under investigation by U.S. securities regulators over its accounting practices, a potential setback for a company long seen as a symbol of China's growing technological might. (nyti.ms/1sAor9J)

- Volkswagen AG is challenging allegations made by the Justice Department over its diesel emissions scandal, questioning the American authorities' jurisdiction and contending that the accusations against it do not justify penalties. (nyti.ms/248JVX1)

- The French pharmaceutical company Sanofi SA said on Wednesday it would seek to replace the board of Medivation Inc after the American drug maker's directors rejected a $9.3 billion takeover offer. (nyti.ms/1qKPi1u)

- Citigroup Inc on Wednesday became the latest big bank accused of trying to manipulate global interest rates, a reminder of Wall Street's wide-ranging abuse of power in these markets. The Commodity Futures Trading Commission, a federal regulator that oversees Wall Street, announced $425 million in penalties against Citigroup, covering two overlapping cases. (nyti.ms/1U90U5Z)

- Takata Corp, the Japanese airbag maker embroiled in a huge recall, has hired the investment bank Lazard and is seeking a cash infusion. The company said it was also seeking to work out a deal with affected automakers on sharing the costs of replacing millions of airbags, a move it said was crucial to "enabling Takata to remain a viable and valued global supplier." (nyti.ms/1XUQnB9) (Compiled by Rishika Sadam in Bengaluru)

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