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PRESS DIGEST - Wall Street Journal - July 30

Reuters

July 30 (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.

* Facebook Inc offered fresh evidence of its allure to deep-pocketed big brands, as it and Google Inc increasingly take the lion's share of the fast-growing mobile advertising market. The social networking company posted a 39 percent increase in quarterly revenue, nearly three-fourths of which came from advertising on mobile devices. (http://on.wsj.com/1Jw3zGa)

* A few weeks after Hillary Clinton was sworn in as secretary of state in early 2009, she was summoned to Geneva by her Swiss counterpart to discuss an urgent matter. The Internal Revenue Service was suing UBS AG to get the identities of Americans with secret accounts. (http://on.wsj.com/1JSFiG8)

* Investigators were trying to determine the provenance of a piece of airplane debris - said by aviation experts to be consistent with the design of the Malaysia Airlines jet that went missing more than a year ago - that washed ashore on an island near Madagascar. (http://on.wsj.com/1ShvRd0)

* The health-insurance industry is being reshaped, in part because of efforts by Aetna Inc's Mark Bertolini, who has struck a $34 billion deal for Humana Inc, and Anthem Inc's Joseph Swedish, whose company is seeking to acquire Cigna Corp for $48 billion. (http://on.wsj.com/1gomkQQ)

* Giant oil companies are weathering the oil slump better than the average shale driller, but even their famous stability is at times being surpassed by much smaller companies that own some of the choicest U.S. oil-and-gas fields. (http://on.wsj.com/1ODiVId)

* Cybercriminals are exploiting publicly available information and weaknesses in corporate email systems to trick small businesses into transferring large sums of money into fraudulent bank accounts, in schemes known as "corporate account takeover" or "business email fraud." (http://on.wsj.com/1gomsQn)

* Federal Reserve officials face a conflict as they plan to start raising interest rates later this year: There has been a lot of progress in their goal for U.S. job growth, but little in their objective of modestly rising consumer prices. (http://on.wsj.com/1LYNB9w) (Compiled by Supriya Kurane in Bengaluru)