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.