TOP STORIES 
 
UBER CROSSES $50 BILLION VALUATION 

Uber has closed a new round of funding that values the five-year-old ride-hailing company at close to $51 billion, reaching the mark faster than Facebook did.

FED'S BULLARD: 'IN GOOD SHAPE' TO RAISE RATES IN SEPTEMBER 

Federal Reserve Bank of St. Louis President James Bullard says economic data seen since central bankers gathered this week are bolstering the case for raising short-term rates when officials meet in September.

OIL SHARES WEIGH ON DOW 

Oil majors pulled the Dow Jones Industrial Average lower in afternoon trading Friday after a report indicated an increase in U.S. oil drilling.

U.S. LABOR COSTS RISE AT SLOWEST PACE IN THREE DECADES 

U.S. labor costs rose at the slowest pace in at least three decades in the spring, a sign of persistently sluggish wage growth that could weigh on the Federal Reserve's decision to raise short-term interest rates.

UPS TO BUY COYOTE LOGISTICS FOR $1.8 BILLION 

UPS said it agreed to buy shipping-services provider Coyote Logistics for $1.8 billion as delivery giants seek new ways to grow in a rapidly changing global economic and technological environment.

EXXON MOBIL EARNINGS CUT IN HALF 

Exxon Mobil the biggest and richest U.S. oil company, reported a 52% drop in profit for its second quarter, even as lower crude prices drove its refining earnings higher.

CHEVRON'S PROFIT PLUNGES ON IMPAIRMENTS 

Chevron's profit tumbled in the second quarter as the oil company took over $2 billion in impairments and charges to suspend projects amid lower crude-oil prices.

OIL PRICES FALL AS U.S. RIG COUNT RISES 

Oil prices fell to new multi-month lows Friday as data showed U.S. producers put more drilling rigs to work despite a lingering world-wide glut.

END-JULY CONSUMER SENTIMENT UNEXPECTEDLY SLIPS TO 93.1 

Consumers remain uncertain about the economy in July, according to data released Friday.

STEEP LOSSES HIT CARLYLE COMMODITY HEDGE-FUND FIRM 

Private-equity firm Carlyle Group has split with the founders of its Vermillion commodity hedge-fund firm after its flagship fund shrank from $2 billion to less than $50 million in assets.

BANK OF AMERICA GIVES DETAILS ON VOTE ABOUT MOYNIHAN'S ROLE 

Bank of America gave more details about its plans for letting shareholders have a say about whether Chief Executive Brian Moynihan can keep his chairman title.

GM GRANTS EXECUTIVE STOCK OPTIONS 

General Motors Co. handed out its first stock options since emerging from bankruptcy in 2009, awarding grants to about 300 top executives based on their ability to deliver shareholder returns in line with industry peers and other factors.

VALUEACT TAKES MORE THAN 5% STAKE IN ROLLS-ROYCE 

Activist investor ValueAct has taken a more than 5% stake in Rolls-Royce Holdings PLC after the British engine maker suffered a series of profit warnings that has weighed on its stock.

GREECE'S TSIPRAS CALLED FOR EURO-EXIT CONTINGENCY PLAN 

Greece's Prime Minister Alexis Tsipras said he didn't want to take his country out of the euro but did ask his former finance minister to make a contingency plan in case an exit was forced on it.

RUSSIA CUTS INTEREST RATES AGAIN 

The Bank of Russia cut interest rates for the fifth time this year, citing economic risks, but declined to commit on further monetary easing.

CANADA'S GROSS DOMESTIC PRODUCT SHRINKS 0.2% IN MAY FROM APRIL 

Canada's economy shrank for a fifth straight month in May, weighed down by weak output in manufacturing, oil and gas extraction and wholesale trade.

BOMBARDIER TRANSPORTATION PREPARES IPO IN FRANKFURT 

Bombardier Inc.'s Berlin-based rail unit is preparing to float a minority stake by year-end, as it seeks more financial flexibility and a role in industry consolidation, the unit's chief operating officer, Lutz Bertling, said.

ARCELORMITTAL SAYS IT NEEDS A BETTER LABOR PACT IN U.S. 

ArcelorMittal, the world's biggest steelmaker, said it needs to raise health-care premiums for its U.S. workers and retirees and freeze or cut pay for some employees.

MARINES SAY COSTLY F-35 JET FIGHTER IS FINALLY READY 

The U.S. Marine Corps said Lockheed's F-35 Joint Strike Fighter is finally ready for combat, a milestone for the world's most expensive weapons program.

PETROBRAS TIGHTENS CONTROLS IN WAKE OF PRICE-FIXING SCANDAL 

Brazil's giant state-run oil firm said Friday it is tightening its supplier controls and working to limit individual managers' power in the wake of a massive corruption scandal.

 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
Heard on the Street 
EXXON'S M&A EDGE OVER CHEVRON AMID LOW OIL PRICES 
 

Big Oil's resiliency is strained amid low oil prices, but Exxon could yet capitalize via acquisitions.

 
Briefly Blog 
5 THINGS TO WATCH ON THE ECONOMIC CALENDAR 
 

The first week of August brings important data readings that are sure to catch the notice of Federal Reserve officials.