Reuters: Regulatory News: PRESS DIGEST-New York Times business news - March 1

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PRESS DIGEST-New York Times business news - March 1 Mar 1st 2013, 06:33 March 1 | Fri Mar 1, 2013 1:33am EST March 1 (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. * U.S. President Obama will formally notify government agencies on Friday that an obscure process known as sequestration is in effect, triggering deep, across-the-board budget cuts that will force federal spending to shrink. * The American economy grew just barely in the last quarter of 2012. Output expanded at an annual rate of 0.1 percent, far below the growth needed to get unemployment back to normal. However, the economy did not shrink, as the Commerce Department estimated in January. * One of Citigroup Inc's internal hedge fund units is spinning off, free from its corporate parent and the restrictions that have come with new banking regulations. * Investment firm Paulson & Company, the largest shareholder in MetroPCS Communications Inc, announced that it would oppose a planned merger with T-Mobile USA, saying the deal would saddle the new company with too much debt. * After spending four years leading the investigations of some of the world's biggest banks, Lanny Breuer plans to leave the U.S. Justice Department on Friday, then interview at law firms. * Daily deals website Groupon Inc reported weak fourth-quarter earnings on Wednesday, and fired its chief executive, Andrew Mason, a day later. * Talks between Best Buy Co Inc and a group comprising its founder and three private equity firms have ended, people briefed on the matter said. By the end, the company's founder, Richard Schulze, had been seeking an enlarged minority stake. Link this Share this Digg this Email Reprints

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