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

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PRESS DIGEST-New York Times business news - Sept 12 Sep 12th 2013, 04:35 Sept 12 | Thu Sep 12, 2013 12:35am EDT Sept 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. * Several big life insurers are going to have to set aside a total of at least $4 billion because New York regulators believe they have been manipulating new rules meant to make sure they have adequate reserves to pay out claims. The development stems from contentions by insurance companies that states' regulations are forcing them to hold too much money in reserve. () * Facebook Inc, which has repeatedly tripped over its own feet when changing its privacy practices, has stumbled yet again. The Federal Trade Commission said on Wednesday that it had begun an inquiry into whether the social network's proposed new privacy policies, unveiled two weeks ago, violated a 2011 agreement with regulators. Under that agreement, the social network is required to get the explicit consent of its users before exposing their private information to new audiences. () * With the introduction of a cheaper iPhone on Tuesday, Apple Inc took a step toward catering to China, the world's largest smartphone market and one that is crucial to the company's future. But the cost of the phone - more than $700 in China - will still keep Apple's phones beyond the reach of most Chinese consumers. () * Pandora Media Inc on Wednesday named Brian McAndrews, a technology and digital advertising executive, its chief executive and chairman. He succeeds Joseph Kennedy, who announced his resignation in March after nine years with Pandora, a leading Internet radio service. () * On Wednesday, the three largest record companies - Sony, Universal and Warner, along with ABKCO, an independent that controls many of the Rolling Stones' early music rights - sued Sirius XM Radio Inc in a California court, saying that the satellite service used recordings from before 1972 without permission. () * California's top lawmakers on Wednesday pledged their support for a plan to raise the minimum wage in the state to $10 an hour, which could soon give California workers the highest minimum pay rate in the country. () * William Ackman expanded his campaign against Herbalife Ltd on Wednesday, questioning the independence of its auditor, PricewaterhouseCoopers, and warning of "serious accounting" issues at the company. Ackman, the hedge fund billionaire who runs Pershing Square Capital Management, questioned whether PricewaterhouseCoopers has a conflict of interest because of nonauditing work it performed for Herbalife, the nutritional supplement company. () Link this Share this Digg this Email Reprints

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