May 12 (Reuters) - Following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
* Representative Bill Shuster, a Pennsylvania Republican and the chairman of the House Transportation and Infrastructure Committee, and his staff are drafting legislation to strip the nation's 15,000 civilian controllers and more than 230 air-traffic facilities from the Federal Aviation Administration, possibly putting them under the control of a nonprofit corporation, people familiar with the plan say. (http://on.wsj.com/1zWMliJ)
* As banks scaled back lending during the financial crisis, the bond market bloomed in Asia. Now, as global interest rates begin to rise, the days of easy financing appear to be over. With growth slowing in Asia, bond investors have become more demanding, seeking higher interest rates and better terms for the debt. (http://on.wsj.com/1JDvam6)
* McDonald's Corp unveiled plans to simplify its drive-through menu and revamp its midprice offerings as it seeks to turn around its struggling U.S. operations. (http://on.wsj.com/1zWO8UV)
* The U.S. government on Monday conditionally approved Royal Dutch Shell Plc's plans to drill in the Arctic Ocean this summer, removing the biggest remaining obstacle before the company can explore for oil and natural gas in the Arctic's frigid, isolated waters. (http://on.wsj.com/1KXZhpg)
* Morgan Stanley struck a deal to sell its oil-trading and storage business to Castleton Commodities International LLC, bringing the bank closer to unloading a unit that has attracted heightened regulatory scrutiny. (http://on.wsj.com/1Pfnkpt)
(Compiled by Mansi Goenka in Bengaluru)