PRESS DIGEST- New York Times business news - May 15
May 15 (Reuters) - 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.
* The ruble has risen so robustly that the Russian central bank on Thursday reversed a long-running policy of propping it up. Under a new plan, the central bank will buy foreign currencies to replenish its reserves, a move that will effectively weaken the ruble. (nyti.ms/1cCod9V)
* A firm calling itself PTG Capital Partners disclosed on Thursday in a regulatory filing that it had offered to buy cosmetics company Avon Products for $18.75 a share. The filing, from what was supposedly a British investment firm, caused an immediate sensation after news wire services flashed headlines of the offer to their trading customers. Shares of Avon, which had opened the day's trading at $6.71, jumped by more than $1. (nyti.ms/1K9pwLL)
* Bank of America Merill Lynch has set up a group to help companies raise money through private fund-raising, the investment bank announced in an internal memorandum on Thursday. The banks said Sachin Aggarwal and Warren Fixmer will lead the team. (nyti.ms/1bTs6qm)
* Pandora Media Inc will have to pay Broadcast Music Inc 2.5 percent of its revenue, a United States district court in Manhattan ruled, on Thursday. (nyti.ms/1IBFM81)
* In the latest volley in the music world's digital price war, Rdio, which competes with both Spotify and Pandora, has introduced a limited subscription version at $4 a month - significantly lower than the industry's $10 default price. (nyti.ms/1K9r7Bq)
(Compiled by Mirza Mohammed Ali Khan in Bengaluru)
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