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.