Aug 1 (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.
* New instruments called phasor measurement units are being installed as diagnostic tools to try to prevent another huge power failure like the one that cut off electricity for 50 million people from the Northeast to the Midwest in 2003. (http://link.reuters.com/faz99t)
* The Federal Reserve said its purchase of $85 billion a month in securities would continue, citing the weak rate of growth during the first half of the year, but maintained its forecast that 'economic growth will pick up from its recent pace' in the coming months, driving job creation. (http://link.reuters.com/haz99t)
* A special committee of Dell Inc's board said on Wednesday that it would be willing to accept the latest takeover bid, worth $13.75 a share, by its founder, if he dropped his demand for a change to the voting rules. (http://link.reuters.com/jaz99t)
* Washington district court judge Richard Leon ruled that the U.S. Federal Reserve had failed to follow Congress's wishes in setting the cap on debit card fees. If the ruling stands, the Federal Reserve may have to place a lower limit on the so-called interchange fees, which could further reduce the revenue that financial firms reap from debit cards. The question is whether consumers will see any savings. (http://link.reuters.com/maz99t)
* Facebook Inc's shares finally broke above the $38 price set in the company's messy IPO 14 months ago. That's largely thanks to Chief Executive Mark Zuckerberg making the social network's platform work on smartphones and tablets, even as his tech rivals mostly flounder at the task. (http://link.reuters.com/naz99t)
* William Ackman's firm, Pershing Square Capital Management, is likely to follow a well-worn path taken by both investors and his own fund in seeking to shake up the management and strategy at Air Products and Chemicals. Now, Air Products faces a modern form of the hostile takeover, the activist investor. (http://link.reuters.com/paz99t)
* The federal government's lawsuit against Fabrice Tourre, a former Goldman Sachs trader accused of misleading investors in a mortgage security six years ago, went to a jury on Wednesday, setting up the end to one of the most prominent cases to arise from the financial crisis. (http://link.reuters.com/raz99t)
* President Barack Obama nominated Sarah Bloom Raskin to be deputy Treasury secretary; if confirmed by the Senate, Raskin, a Federal Reserve governor and a former state banking regulator, would be the highest-ranking woman to serve in the Treasury. (http://link.reuters.com/saz99t)
(Compiled by Vijay Vishwas in Bangalore) Keywords: PRESS DIGEST NYT/
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