Reuters: Regulatory News: PRESS DIGEST-New York Times business news - June 27

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PRESS DIGEST-New York Times business news - June 27 Jun 27th 2013, 05:51 June 27 | Thu Jun 27, 2013 1:51am EDT June 27 (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. * Investigators have uncovered thousands of schemes involving counterfeit or adulterated food, raising fresh questions about regulatory oversight as criminals offer bargain-hunting shoppers cheap versions of everyday products, including counterfeit chocolate and adulterated olive oil, Jacob's Creek wine and even Bollinger Champagne. () * Interest rates have been inching up everywhere, sending America's vast market for municipal bonds, a crucial source of financing for roads, bridges, schools and more, into its steepest decline since the dark days of the financial crisis in 2008. () * Many companies providing support services are cutting employees as work vanishes after federal spending was trimmed by $85 billion on March 1. Contractors say they are trying to make do by picking up other projects where they can, but private sector and state and local government demand has also been weak in recent years.() * Big European banks may be required to raise billions of euros in new capital, making them less risky but potentially putting them at a disadvantage to their American rivals, under guidelines issued Wednesday by an organization that coordinates global bank regulation. () * European Union finance ministers reached a plan early on Thursday that laid out the order in which shareholders, creditors and others would cover losses suffered when banks collapse. () * Sony, hoping to use smartphones to turn around its business, is facing the demands of Japan's cellphone carriers for constant model updates. Its Xperia Z smartphone, which went on sale in February and has not yet hit the U.S. market, is already a has-been in Japan. () * The New York State Court of Appeals issued an advisory opinion on Wednesday that shift supervisors at Starbucks , but not assistant managers with significant authority over other employees, may share in the baristas' tip pool. () * HD Supply and Tremor Video have public offerings planned, but recent jolts in the stock and bond markets have reintroduced some caution into Wall Street. () * As the Supreme Court struck down the Defense of Marriage Act, married gay couples in states that recognize their unions will gain access to more than 1,000 federal benefits like Social Security and family leave rights, but how couples in other states will fare is less clear. () * The Financial Accounting Standards Board on Thursday will propose new rules for insurance accounting that seem likely to increase volatility in reported profits for many insurers and lower reported revenue for rapidly growing companies. () * The former chief executive of the American International Group, Maurice R. Greenberg, can pursue a lawsuit against the United States government over the financial crisis bailout of the insurer, though in narrower form, a judge ruled on Wednesday. () Link this Share this Digg this Email Reprints

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