WSJ.com: US Business

Wynn Board Forcibly Buys Out Founder

Mon, 20 Feb 2012 01:21:54 EST

Steve Wynn's former ally Kazuo Okada fired back at Wynn Resorts, saying he would take legal action after the company's board accused him of making improper payments and forcibly bought out his 20% stake in the company at a steep discount.

Wal-Mart Ups Stake in China E-Commerce

Sun, 19 Feb 2012 22:22:13 EST

Wal-Mart Stores said it plans to buy a majority stake in Chinese e-commerce company Yihaodian, a move to boost its online efforts as consumers there flock to the Internet to shop.

Lend Lease Net Profit Down 3.8%

Sun, 19 Feb 2012 23:00:31 EST

Lend Lease Group said first-half net profit fell 3.8% on year to US$233.1 million, a result which Chief Executive Steve McCann described as "solid" in difficult market conditions.

'Colbert Report' to Resume Airing

Sun, 19 Feb 2012 15:00:31 EST

Stephen Colbert's satirical comedy is expected to resume airing new episodes on Monday night, ending an unscheduled hiatus last week, Viacom's Comedy Central cable channel said.

Kingfisher Air's Accounts Frozen Again

Sun, 19 Feb 2012 22:16:04 EST

India's tax authorities have once again frozen the bank accounts of Kingfisher Airlines, due to the cash-strapped airline's inability to clear its unpaid service taxes.

BlueScope Steel Loss Widens Sharply

Sun, 19 Feb 2012 22:55:03 EST

BlueScope Steel reported a first-half net loss of US$567.3 million, saying it expects the next six months to show the benefits of a turnaround following more than 1,000 jobs cuts and its exit from export markets.

UPS Makes Grab for Europe Rival

Sun, 19 Feb 2012 20:22:31 EST

United Parcel Service launched a bold bet to expand in Europe with an unsolicited bid worth about $6.4 billion for Dutch package shipper TNT Express, which UPS and rival FedEx have long coveted.

Journal Reporters Win Polk Awards

Sun, 19 Feb 2012 22:06:16 EST

A group of reporters from The Wall Street Journal were among the winners of the George Polk Awards for special achievement in journalism in 2011.

Nabucco Pipeline May Be Downsized

Sun, 19 Feb 2012 16:48:06 EST

The Nabucco consortium has proposed a much smaller project than the originally planned pipeline to carry Caspian natural gas to Europe, bowing to the reality of low gas amounts available at the moment in the region.

Japan, China to Align Aid Stance

Sun, 19 Feb 2012 16:37:59 EST

Japan and China will work to coordinate their positions on any request from the International Monetary Fund for additional funding to deal with the European sovereign-debt crisis.

Falcone's Telecom Troubles Mount

Sat, 18 Feb 2012 04:09:14 EST

As troubles grew for Harbinger hedge-fund manager Philip Falcone, he held a conference-call with investors but offered no details on how he planned to overcome a regulatory setback for LightSquared Inc.

Google's Schmidt Sells $1.5 Billion in Stock

Fri, 17 Feb 2012 21:09:41 EST

Google Executive Chairman Eric Schmidt is selling stock currently worth about $1.45 billion as part of a trading plan.

Lawmakers Target Google's Tracking

Sun, 19 Feb 2012 14:58:50 EST

Three congressmen called on the FTC to investigate Google, after the Journal reported the Web giant was bypassing privacy settings.

India Tax Body Seeks Review of Vodafone Ruling

Sun, 19 Feb 2012 09:50:45 EST

Vodafone Group confirmed that India's income tax department has filed a petition with the Supreme Court seeking a review of a verdict which concluded that the U.K. company isn't liable to pay taxes on a deal it struck to enter the country in 2007.

J&J Recalls Infants' Tylenol

Fri, 17 Feb 2012 19:25:53 EST

Johnson & Johnson recalled its entire U.S. supply of infants' Tylenol due to a design flaw that hasn't caused harm but sets back the health-products giant's efforts to regain sales following a string of earlier recalls.

China Agrees to Increased Access for U.S. Films

Sat, 18 Feb 2012 01:44:25 EST

China and the U.S. reached a deal that would make it easier and more profitable for Hollywood studios to show their films in China.

Egypt Eyed as Possible Source of Fake Avastin

Fri, 17 Feb 2012 20:13:16 EST

Authorities are investigating whether counterfeit packs of the cancer drug Avastin found on the U.S. market came from an Egyptian supplier.

Time Warner Cable, MSG To End Blackout

Fri, 17 Feb 2012 21:04:59 EST

Time Warner Cable and Madison Square Garden reached an agreement Friday to restore MSG sports programming to households in the New York area and others serviced by the cable-television provider.

Caterpillar to Build Georgia Plant

Sat, 18 Feb 2012 13:10:04 EST

Caterpillar said it chose a site near Athens, Ga., for a new $200 million factory that will employ 1,400 people and make construction equipment now produced in Japan.

New Charges Against Megaupload

Sat, 18 Feb 2012 05:58:07 EST

A Virginia grand jury filed additional criminal charges against Megaupload, the online file sharing site that U.S. authorities shut down in January and charged with copyright theft.

Groupon Acquires Start-Up Hyperpublic

Fri, 17 Feb 2012 19:28:51 EST

Groupon has acquired Hyperpublic, snapping up the two-year-old location-based technology start-up amid a growth spurt at the daily deals service.

DreamWorks Strikes China Deal

Sun, 19 Feb 2012 14:22:58 EST

DreamWorks Animation SKG has struck a deal to set up a production studio in Shanghai as a joint venture with two Chinese media entities and the investment arm of the Shanghai municipal government.

Amazon Acquires Blocks in Seattle

Fri, 17 Feb 2012 20:26:46 EST

Amazon is buying property in central Seattle with plans to construct about 3 million square feet of office space, a move that could have the company owning its headquarters for the first time amid big expansion.

Goldman, Advent to Buy TransUnion

Fri, 17 Feb 2012 20:09:44 EST

Growing demand by investors for risky debt paved the way for the $3 billion buyout of credit-reporting company TransUnion, the biggest private-equity-backed buyout this year.

Mitsui Unit Settles With U.S. on Deepwater Spill

Sat, 18 Feb 2012 04:15:04 EST

The U.S. Department of Justice, Coast Guard and Environmental Protection Agency have settled civil claims with a division of Japanese conglomerate Mitsui & Co. for its role in the April 2010 Deepwater Horizon accident.

Avon Hires New Chief For China

Fri, 17 Feb 2012 20:39:36 EST

Avon has named John Lin president of its China business, as the company works to boost sales in the country amid U.S. government investigations into possible bribery of foreign officials there last decade.

Price of iPad's Name: $55,000 to $2 Billion

Sun, 19 Feb 2012 13:28:03 EST

Apple agreed in 2009 to pay Chinese computer-display maker Proview about $55,000 for the iPad trademark in a number of countries, documents show—but Proview insists China wasn't included.

Murdoch Sets New Sun Paper On Sunday

Fri, 17 Feb 2012 20:32:23 EST

Rupert Murdoch said News Corp. will soon launch a Sunday edition of its London tabloid the Sun, a move that came as he faced the paper's staff amid anger over handling of a police probe.

China's Foxconn Raises Salaries

Sat, 18 Feb 2012 04:12:09 EST

One of Apple's biggest manufacturing partners in China said it raised the basic salary of assembly line workers in China as it works to retain talent and improve working conditions.

Starboard Raises Stake in AOL to 5.1%

Fri, 17 Feb 2012 16:40:26 EST

Activist fund Starboard Value raised its stake in AOL to 5.1% and said it may seek representation on the online media company's board.

First Solar-Exelon Deal Clears Hurdle

Fri, 17 Feb 2012 13:47:50 EST

First Solar received Los Angeles County approvals it needs to build a large solar farm and complete a $1.36 billion deal with Exelon.