August 13, 2019 / 5:30 AM / 4 months ago

PRESS DIGEST- Wall Street Journal - Aug 13

Aug 13 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

- Verizon Communications Inc. has agreed to sell its blogging website Tumblr to the owner of popular online-publishing tool, unloading for a nominal amount a site that once fetched a purchase price of more than $1 billion.

- Federal Reserve officials are weighing whether to use a tool that could reduce the risk of a credit crunch in a downturn. The tool is known as the countercyclical capital buffer which allows the Fed to require banks to hold more loss-absorbing capital should the economy show signs of overheating, or to keep less of it during bad economic times.

- General Motors Co and Volkswagen AG are concentrating their investment on fully electric cars, viewing hybrids-which save fuel by combining a gasoline engine with an electric motor-as only a bridge to meeting tougher tailpipe-emissions requirements, particularly in China and Europe.

- Rite Aid Corp appointed Heyward Donigan as chief executive officer, saying her experience leading health-care companies would help the pharmacy chain confront competition that has hurt sales and prompted job cuts.

- Yum Brands Inc named Chief Operating Officer David Gibbs its next CEO as the parent company to KFC, Pizza Hut and Taco Bell works to open more restaurants and expand delivery.

- Sanchez Energy Corp filed for bankruptcy protection after struggling with slumping energy prices, volatile markets and a dispute with Blackstone Group Inc.

- Atlanta-based United Parcel Service said Brian Newman, currently executive vice president for finance and operations in Latin America for beverage maker PepsiCo Inc will become chief financial officer, effective September 16. ($1 = 0.8288 pounds) (Compiled by Bengaluru newsroom)

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