Reuters: Regulatory News: PRESS DIGEST-New York Times business news - July 12

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PRESS DIGEST-New York Times business news - July 12 Jul 12th 2013, 05:20 July 12 | Fri Jul 12, 2013 1:20am EDT July 12 (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. * Microsoft Corp is creating four new divisions and reassigning nearly every senior executive as it tries to create timely products that consumers want. () * BP Plc told a federal appeals court that a claims administrator misinterpreted the terms of a multibillion-dollar settlement reached last year. () * The Chinese government said employees of British drug giant GlaxoSmithKline Plc had used bribes, taken kickbacks and committed other crimes to bolster drug sales. () * Elizabeth Duke, a Federal Reserve governor who has helped to overhaul the Fed's approach to financial regulation, said on Thursday that she would step down at the end of August. () * Senators Elizabeth Warren and John McCain introduced an aggressive piece of legislation that intends to take the financial industry back to an era when there was a strict divide between traditional banking and speculative activities. The bill, which is also sponsored by two other senators, is named the 21st Century Glass-Steagall Act. () * The rise of personalized medicine has spurred giant pharmaceutical companies to home in on small biotechnology firms. () * Sixteen Democratic senators are asking regulators to examine the use of ATM-style cards to pay hourly employees. Across the country, a growing number of companies are doing away with paper paychecks and, in some instances, direct deposit, to offer prepaid cards.() * Valiant Capital Management, a San Francisco-based hedge fund, and Aberdare Ventures have jointly acquired a 45 percent stake in a pharmacy benefits company, ePharma, for an estimated 169 million reais ($74.6 million). () * A federal judge ruled that jurors in the civil trial of Fabrice Tourre, the former Goldman Sachs trader, can hear about an e-mail that references the nickname "Fabulous Fab". () Link this Share this Digg this Email Reprints

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