Press Digest: New York Times business news - June 27

Crumbs Bake Shop

27/06/2014 05:17

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. 
     
    ** Senate investigators are widening the scope of the 
inquiry into General Motors Co's  GM.N  decade-long failure to 
recall cars with a defective ignition switch to also focus on 
the supplier that made the flawed part. (http://nyti.ms/1lTtA5Z) 
     
    ** BNP Paribas SA  BNPP.PA  is set to plead guilty to 
criminal charges and pay an $8.9 billion penalty to state and 
federal authorities, according to people briefed on the case. 
The move would be the culmination of a widespread investigation 
into the French bank for transferring billions of dollars on 
behalf of Sudan and other countries blacklisted by the United 
States. (http://nyti.ms/1nO2Twz) 
     
    ** Alibaba Group Holding Ltd  IPO-ALIB.N , the Chinese 
Internet commerce giant, disclosed in an amended prospectus on 
Thursday that it planned to list on the Big Board, under the 
ticker symbol "BABA". The choice is a big victory for the New 
York Stock Exchange, which had competed with the Nasdaq stock 
market for what is expected to be one of the biggest initial 
public offerings in years. (http://nyti.ms/1rE4fOo) 
     
    ** Germany said on Thursday that it would cancel a contract 
with Verizon Communications Inc  VZ.N , part of the fallout from 
continuing revelations by Edward J. Snowden, a former National 
Security Agency contractor, who says that American intelligence 
agencies had routine access to global data provided by telecom 
companies. (http://nyti.ms/VsCKgs) 
     
    ** Shares of GoPro Inc  GPRO.O  opened at $28.65, about 19.4 
percent above the initial public offering price. The offering 
priced at $24 a share, at the top of the expected range. The 
stock price continued to rise after trading, to $33 a share 
before falling back a bit. It ended the day at $31.34, up nearly 
31 percent from the offering price. (http://nyti.ms/TD3Hwy) 
     
    ** Crafts retailer Michaels Cos Inc  MIK.O  is ready to make 
its public markets debut. Shares of Michaels were priced on 
Thursday evening at $17 each, the bottom of an expected range, 
according to two people briefed on the matter. (http://nyti.ms/1iLUSvO) 
     
    ** Crumbs Bake Shop Inc  CRMB.O  said in a filing with the 
Securities and Exchange Commission on Thursday that the Nasdaq 
stock market had denied its request to keep its common stock 
listed on the exchange. According to the filing, Nasdaq will 
suspend trading of the company's stock on July 1. (http://nyti.ms/UOjn0R) 
     
    ** Relational Investors, the big activist investment firm, 
plans to push for the breakup of yet another company. The firm 
plans to disclose on Thursday that it took an 8.5 percent stake 
in the Manitowoc Co Inc  MTW.N  with the aim of dividing the 
industrial company in two, according to people briefed on the 
matter. (http://nyti.ms/1pokAth) 
 
 (Compiled by Anannya Pramanick in Bangalore) 
 ((anannya.pramanick@thomsonreuters.com)(within U.S. +1 646 223 
8780, outside U.S. +91 80 6749 3143; Reuters Messaging: 
anannya.pramanick.thomsonreuters.com@reuters.net)) 
 
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