PRESS DIGEST - Wall Street Journal, Financial Times

PRESS DIGEST - Wall Street Journal - Feb 22
Wed, Feb 22 02:01 AM EST

Feb 22 (Reuters) - The following were the top stories in The Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

* The Obama administration will propose lowering the top income-tax rate for corporations to 28 percent from 35 percent, but would raise overall tax revenue by eliminating dozens of deductions in an effort to restructure corporate taxes.

* The Consumer Financial Protection Bureau said it will target bank overdraft fees, aiming to help consumers avoid unexpected charges.

* Greece's bailout and debt deal will leave it with a huge debt burden and presents implementation challenges that may derail the program and prevent a return to growth.

* Citigroup is facing a multibillion-dollar write-down as it begins unwinding its minority investment in the Morgan Stanley Smith Barney brokerage.

* Johnson & Johnson picked Alex Gorsky to be its next chief executive. He will take over from longtime leader William Weldon in April.

* A federal judge dismissed a foreign bribery case against 16 business people arrested in a sting involving a phony military contract as the Justice Department quit the case after two trial setbacks.

* Beer heavyweights including Anheuser-Busch InBev NV , on the hunt for assets in faster-growing markets, are examining a possible purchase of the owner of Czech lager Staropramen in a deal that could be valued at as much as $3 billion, according to people familiar with the matter.

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PRESS DIGEST - Financial Times - Feb 22
Tue, Feb 21 22:47 PM EST

Financial Times

WELLS FARGO TO BUY ENERGY LOAN PORTFOLIO

Wells Fargo has agreed to buy an energy loan portfolio from BNP Paribas with a historical value of $11 billion.

BC PARTNERS RAISES 6.5 BLN EUROS FOR NEW DEALS

London-based buy-out firm BC Partners has completed one of the largest private equity capital raisings since the global financial crisis by collecting 6.5 billion euros ($8.62 billion)for its latest European fund.

GREEK RACE TO UNLOCK BAILOUT

The Greek government is racing to complete a lengthy checklist of reforms demanded by international lenders before the end of February to unlock a 130 billion euros bailout agreed in the early hours of Tuesday after months of high-stakes bargaining.

UK POLICE INVESTIGATE THREADNEEDLE ROGUE TRADE ATTEMPT

Police in London are investigating a suspected $150 million trading fraud attempted by a former trader at the British investment house Threadneedle.

UK'S OSBORNE URGED TO CUT TAXES ON BUSINESS

British finance minister George Osborne has come under renewed pressure from some members of Britain's ruling Conservative Party to cut business taxes and simplify labour laws in next month's budget.

WELDON TO STEP DOWN AS J&J CHIEF

William Weldon will retire as chief executive of Johnson & Johnson, marking an end to a tenure that has been marred by an embarrassing string of product recalls.

SINGER CHURCH SET TO SETTLE HACKING CASE

Singer Charlotte Church is on the verge of settling her phone-hacking case against the News of the World, raising the prospect that Rupert Murdoch's newspaper group will face no High Court trial over the scandal, it emerged on Tuesday.

M&B HOMES IN ON CHIEF EXECUTIVE

Mitchells & Butlers has drawn up a shortlist of three candidates to be chief executive after the job was spurned by three high-profile industry executives amid concerns at the influence wielded by the pub group's dominant shareholder, Joe Lewis.

MAZDA PLANS $2.1 BILLION CAPITAL RAISING

Mazda, the Japanese carmaker, is planning to raise about 170 billion yen ($2.1 billion) in capital to expand its production network overseas, according to people familiar with the matter.