Reuters: Regulatory News: PRESS DIGEST-New York Times business news - Aug 30

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PRESS DIGEST-New York Times business news - Aug 30 Aug 30th 2012, 06:06 Thu Aug 30, 2012 2:06am EDT Aug 30 (Reuters) - The following were the top stories on the New York Times business pages on Thursday. Reuters has not verified these stories and does not vouch for their accuracy. * Global Silicon Valley, a closed-end mutual fund that offers ordinary investors a chance to own stakes in privately held companies, has been hit particularly hard by Facebook's troubles. * Prosecutors say they have unearthed evidence in recent international money-transfer investigations that Chinese banks may have flouted United States sanctions against Iran. * The Commerce Department raised its estimate of growth in the second quarter slightly, but the economy remained weak by historical standards. * More than 130,000 people have benefited - mostly through short sales - in the first stage of relief promised by five banks in settling allegations of foreclosure abuses. * As Japan moves to cut back on nuclear power after the disaster in Fukushima, it is finding that the cost of abandoning its reactors may be too high for some big utilities to shoulder. * Chancellor Angela Merkel and Prime Minister Mario Monti sought to present a united front after meeting on Wednesday, but could not hide their divisions. * A new proposal outlined on Wednesday by the Securities and Exchange Commission would remove a longtime restriction barring hedge funds from marketing themselves in public.

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