PRESS DIGEST - Wall Street Journal - July 31

July 31 (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.

* In the trans-Atlantic rivalry for banking supremacy, U.S. banks are preparing to pounce, with executives touting the gloom emanating from their European counterparts as a big opportunity to press their newfound advantage. (http://on.wsj.com/1MxAyL6)

* Accident investigators appeared tantalizingly close to determining whether a piece of plane debris belongs to Malaysia Airlines Flight 370, but still faced a long and complex process in trying to solve one of the world's greatest aviation mysteries. (http://on.wsj.com/1eEPWHK)

* Diageo and other global spirits companies are expanding across Africa, targeting even the poorest consumers with liquor made locally and sold cheaply. The global spirits industry sees Africa as the final frontier - a potentially huge market that is largely untapped. (http://on.wsj.com/1I6daRR)

* Comcast Corp struck a deal with Verizon Communications Inc in 2011 giving it the right to sell wireless service using the carrier's network at set terms and pricing. But as the company again explores a wireless offering, the deal is looking dated. (http://on.wsj.com/1Ub8BLi)

* Cargill's Black River Asset Management plans to shutter four of its hedge funds and return more than $1 billion to investors over the next several months, the latest agricultural giant to reassess its investment ambitions. (http://on.wsj.com/1IO7aR7)

* The U.S. economy emerged from its winter lull with a moderate spring rebound, but the historically sluggish expansion is looking even more sluggish as it enters year seven. (http://on.wsj.com/1ODCb8K)

* Despite a government crackdown on extremists in Pakistan, one group operates openly in Karachi and elsewhere and is believed to serve as a recruiting ground for militants. (http://on.wsj.com/1DefGq4)

(Compiled by Supriya Kurane in Bengaluru)

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