May 4, 2017 / 4:21 AM / a year ago

PRESS DIGEST- New York Times business news - May 4

May 4 (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.

- Apple Inc, the world's most valuable public company, said it planned to dedicate resources to American job creation with a $1 billion fund to invest in advanced manufacturing in the United States. The company said it would announce the first investment from its new fund later this month.

- On Wednesday afternoon, Facebook Inc reported another quarter of huge growth, with nearly 2 billion people actively using the service. Revenue was up 49 percent in the first quarter compared with a year ago.

- Electric-car maker Tesla Inc said on Wednesday that its losses had widened in the first quarter, but that sales and revenues had grown rapidly as the company prepared for the critical launch of a mass-market model.

- Staff members at The Sydney Morning Herald and The Age, among the most powerful voices in the Australian news media, began a weeklong strike on Wednesday over job cuts at Fairfax Media Ltd.

- With its creditors at its heels and its coffers depleted, Puerto Rico sought what is essentially bankruptcy relief in federal court on Wednesday, the first time in history that an American state or territory had taken the extraordinary measure.

- House Republican leaders planned to hold a showdown vote Thursday on their bill to repeal and replace large portions of the Affordable Care Act after adding $8 billion to the measure to help cover insurance costs for people with pre-existing conditions. (Compiled by Shalini Nagarajan in Bengaluru)

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