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". ()
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