Reuters: Bankruptcy News: PRESS DIGEST-New York Times business news - Aug 19

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PRESS DIGEST-New York Times business news - Aug 19 Aug 19th 2013, 05:30 Mon Aug 19, 2013 1:30am EDT Aug 19 (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. * Unions, creditors and retirees are expected to file formal objections to Detroit's eligibility for bankruptcy protection before a Monday deadline, the opening of a legal fight over whether the largest municipal bankruptcy in the nation's history should proceed. () * The Obama administration has poured billions of dollars into expanding the reach of the Internet, and nearly 98 percent of American homes now have access to some form of high-speed broadband. However, persistent digital inequality - caused by the inability to afford Internet service, lack of interest or a lack of computer literacy - is deepening racial and economic disparities in the United States, experts say. () * Federal authorities have opened a bribery investigation into whether JPMorgan Chase & Co hired the children of powerful Chinese officials to help the bank win lucrative business in the booming nation, according to a confidential United States government document. () * Baidu Inc's $1.9 billion acquisition of 91 Wireless, an operator of mobile application stores has already sharpened a rivalry among China's digital powerhouses, but the deal could also bring more order to China's messy world of mobile apps. The move should help Baidu regain ground against two other Chinese Internet giants - Alibaba and Tencent - which were quicker to add mobile capabilities. () * Al Jazeera America, the most ambitious American television news venture since Fox News Channel, will join cable and satellite lineups on Tuesday afternoon and will go against the grain of seemingly every trend in television news. Ehab Al Shihabi, the channel's acting chief executive said there will be less opinion, less yelling and fewer celebrity sightings. () * Investors responsible for more than $2 trillion recently gathered at a resort in the Canadian Rockies, far from the news media and, more important, far from Wall Street. The group holding the gathering, the Institutional Investors Roundtable, is part of a much broader push by the world's biggest pension and sovereign wealth funds to reduce their reliance on the Wall Street firms that used to manage almost all their money. () Link this Share this Digg this Email Reprints

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