PRESS DIGEST- New York Times business news - May 26

May 26 (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.

* Charter Communications Inc is close to buying Time Warner Cable Inc, and a deal could be announced as soon as Tuesday, people close to the talks said. (http://nyti.ms/1J1jMlp)

* Similac's maker, the global health care company Abbott Laboratories, said it would first offer a "non-G.M.O." version of its best-selling Similac Advance, followed by a non-G.M.O. version of Similac Sensitive. Depending on sales, Abbott may offer other formulas free of such ingredients. (http://nyti.ms/1RiWudT)

* The investigation into the rigging of global benchmark interest rates at last yields a trial, which may also prove a measure of British controls on the finance industry. The British authorities have charged Tom Hayes, a 35-year-old former trader from Citigroup and UBS Group AG with eight counts of conspiracy to commit fraud. (http://nyti.ms/1eriFAp)

* A ruling against pension cuts and political divisions have made a dire situation worse for Illinois, as well as Chicago and its schools, which face shortfalls of their own. The shortfalls could potentially mean sharply higher taxes and cuts in spending. (http://nyti.ms/1FMzBeQ)

* The European Court of Justice is expected to issue a preliminary decision over whether Facebook Inc can continue transferring data between Europe and the United States. (http://nyti.ms/1HHark3) (Compiled by Zara Mascarenhas in Bengaluru)

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