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PRESS DIGEST- New York Times business news - May 24
May 24, 2017 / 4:57 AM / 4 months ago

PRESS DIGEST- New York Times business news - May 24

May 24 (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.

- Uber Technologies Inc said Tuesday that it had made a mistake in the way it calculated its commissions, at a cost of tens of millions of dollars to its New York drivers, and the company vowed to correct the practice and make the drivers whole for the lost earnings. nyti.ms/2qNru0j

- Fannie Mae, the government-controlled mortgage finance giant, said on Tuesday that it had stopped selling properties to the firm, Vision Property Management, after conducting a review of the firm's rent-to-own program, which operates in more than a dozen states. nyti.ms/2qNBPcV

- Moody's Investors Service downgraded its credit rating on China's sovereign debt by a notch on Wednesday, saying the steady buildup of debt in the Chinese economy would erode the country's financial strength in the coming years. nyti.ms/2qNv0Io

- Target Corp will pay $18.5 million to 47 states and the District of Columbia as part of a settlement with state attorneys general over a huge security breach that compromised the data of millions of customers. nyti.ms/2qNC4Vn

- Congressional Republicans greeted President Trump's first full budget on Tuesday with open hesitation or outright hostility. But it was not clear that they could come up with an alternative that could win over conservatives and moderates while clearing a path for the tax cuts and policies they have promised for years. nyti.ms/2qNyv1q

- Glencore Plc, the mining and energy giant, said Tuesday that its agriculture business had made an informal takeover approach to the commodity company Bunge Ltd. nyti.ms/2qNAMcX

- The U.S. federal government filed a lawsuit against Fiat Chrysler Automobiles on Tuesday, accusing it of using illegal engine-control software to enable its diesel-powered vehicles to pass emissions tests. nyti.ms/2qNyURu (Compiled by Bengaluru newsroom)

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