PRESS DIGEST- New York Times business news - June 18
June 18 (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.
* With a price war underway, Chinese LED manufacturers are taking market share from industry players in the United States, Europe and Japan, the industry pioneers that made crucial technological breakthroughs, and from Taiwan and South Korea, previously the leaders in low-priced LEDs. (nyti.ms/1lxjTeO)
* As President Xi Jinping of China prepares to tackle what may be the biggest cases of official corruption in more than six decades of Communist Party rule, new evidence suggests that he has been pushing his own family to sell hundreds of millions of dollars in investments, reducing his own political vulnerability. (nyti.ms/1jxwbyb)
* Mary Barra, chief executive of General Motors, is expected to tell a House panel on Wednesday that the auto giant is determined to change its culture and prevent another safety crisis similar to its deadly delay in recalling millions of small cars with a defective switch. (nyti.ms/1ygGiB4)
* Just as the federal government reached an agreement on Tuesday with SunTrust Banks over questionable mortgage practices, the government's talks to resolve Citigroup's mortgage issues grew increasingly tense and veered toward a lawsuit. The Justice Department is seeking a $10 billion penalty from Citigroup over its sale of defective mortgage investments, said people briefed on the matter, who spoke on the condition of anonymity because the talks are incomplete. But Citi contends that the amount far exceeds the losses suffered by investors. (nyti.ms/1smZaxX) Continuación...