June 8, 2012 / 6:48 AM / 6 years ago

PRESS DIGEST - Wall Street Journal - June 8

June 8 (Reuters) - The following were the top stories in The Wall Street Journal on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

* The Federal Reserve shocked bankers Thursday by approving a proposal that would force even the smallest lenders to comply with the elaborate international bank capital standards known as Basel III.

* As sluggish global growth prompts central banks to spring into action once again, the U.S. dollar is emerging as the best of a bad bunch of currencies.

* Spain sold more than 2 billion euros ($2.5 billion) in bonds in a closely watched auction Thursday, reflecting rising hopes that the European Union would help recapitalize the struggling Spanish banks that have become the latest flash point in Europe’s debt crisis.

* Former top executives at Bear Stearns Cos, including James Cayne and Alan Greenberg, have agreed to a $275 million settlement of a shareholder lawsuit over the demise of the Wall Street firm four years ago.

* Prosecutors in the insider-trading trial of Rajat Gupta sought to tie together their case for jurors Thursday by condensing a hodgepodge of phone records, trading documents and witness testimony into a concise pattern of events.

* Japan’s economy expanded at a faster pace than initially estimated in the January-March period, the government said Friday, largely on slightly better capital spending.

Japan’s gross domestic product grew a price-adjusted 4.7 percent in annualized terms during the first quarter, according to revised data released by the Cabinet Office. That compares with an initial reading of a 4.1 percent expansion released last month.

* A federal judge in Illinois said he had “tentatively decided” to dismiss patent litigation between Apple Inc and Motorola Mobility, which was recently acquired by Google Inc .

U.S. District Judge Richard Posner canceled a trial in the case, which was set to begin Monday.

* Federal Reserve Chairman Ben Bernanke cited significant risks to the U.S. economic recovery but stopped short of signaling Fed action to combat them, during testimony on Capitol Hill Thursday.

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