BANK OF AMERICA REACHES $16.65 BILLION SETTLEMENT
Bank of America will pay $16.65 billion to settle the
government's accusations it sold flawed mortgage securities in the
run up to the financial crisis, the largest settlement ever reached
between the U.S. and a single company. Shares rise 1%.
FAMILY DOLLAR REJECTS DOLLAR GENERAL BID
Family Dollar Stores rejected a $9 billion takeover offer from
rival Dollar General, pointing to antitrust concerns and reaffirmed
its support for its deal with smaller rival Dollar Tree.
DOLLAR TREE'S SALES TOP EXPECTATIONS
Dollar Tree, which became mired in a bidding war for rival
Family Dollar Stores earlier this week, reported its fiscal
second-quarter sales exceeded expectations, but its profit declined
as margins slipped.
RUSSIA STEPS UP THE PRESSURE ON MCDONALD'S
Russian authorities stepped up their pressure on McDonald's,
saying that they were inspecting restaurants across the country for
alleged sanitary violations one day after they closed down three
outlets in Moscow.
SEARS POSTS LOSS AS REVENUE, MARGINS DECLINE
Sears Holdings, the struggling store operator that was once a
prominent fixture of the U.S. retail landscape, posted a $573
million loss in its fiscal second-quarter, as revenue and margins
declined.
INDIA'S SOLAR POWER PLANS STALLED
India's plans for setting up the world's largest solar power
station has been hit by political wrangling over whether it can use
the proposed land that is home to migratory birds and meant for
salt production.
SINOPEC IN TALKS OVER RETAIL UNIT
China Petroleum & Chemical, or Sinopec, is in talks with
numerous Chinese companies, including Tencent Holdings, about
either selling a stake or forming alliances in its
gas-station-to-convenience store business.
COOLPAD EYES EXPANSION, CONSIDERS ACQUISITIONS
After overtaking Samsung Electronics to become the third-largest
smartphone maker in China, Coolpad, a brand little known outside of
the country, is now setting its sights overseas.
LEXUS CUTS PRICES FOR SPARE PARTS IN CHINA
Toyota Motor Corp.'s luxury brand Lexus announced a 26% cut on
the price of spare parts in China, joining other foreign car makers
in appeasing Chinese regulators amid an antitrust
investigation,
TREASURY WINE RESULT TAKES HEAT OUT OF BID BATTLE
Australia's Treasury Wine Estates--enmeshed in a takeover battle
led by two private-equity firms--hit the bottom end of its annual
earnings guidance, easing pressure on the suitors to raise their
evenly matched $3.14 billion offers.
ASCIANO CEO SAYS DEEPENING TALKS OVER PORTS STAKE SALE
Australian freight group Asciano is deepening talks to sell part
of its ports and logistics business, although stressed it isn't
under any financial pressure to finalize a deal.
ORIGIN ENERGY PULLS SHARE ISSUE
Origin Energy Ltd. surprised investors by dropping plans for a 1
billion Australian dollar share issue in favor of a European debt
raising.