WSJ.com: US Business

DOJ Opens Review of Telecoms

Mon, 06 Jul 2009 12:50:47 EDT

The Justice Department has begun an initial review to determine whether large U.S. telecom companies such as AT&T and Verizon have abused the market power they've amassed in recent years.

GM Asset Sale Gets Judge's Nod

Mon, 06 Jul 2009 12:44:45 EDT

A federal judge approved the sale of GM's assets to a new government-run company, removing a key hurdle to the auto maker's plan to exit bankruptcy.

Rio to Raise $1.2 Billion in Asset Sale

Mon, 06 Jul 2009 08:43:24 EDT

Bemis has agreed to acquire the U.S. packaging business of mining company Rio Tinto for $1.2 billion in cash and stock.

BA Cabin Crew Rejects Pay Cuts

Mon, 06 Jul 2009 11:38:28 EDT

The British flag carrier's cabin crew rejected job cuts and pay freezes proposed by the airline.

EMC Raises Data Domain Offer

Mon, 06 Jul 2009 08:59:54 EDT

EMC raised its takeover bid for Data Domain to $2.2 billion, again upping the stakes in its battle with rival bidder NetApp.

GM Choice of Plant Site Stirs Questions

Mon, 06 Jul 2009 04:27:09 EDT

The federal government's role in GM's recovery has raised concerns about the automaker's choice of Orion, Mich. as the site for a new factory.

Beijing Auto in Running for GM's Opel

Mon, 06 Jul 2009 13:05:30 EDT

GM considers Beijing Automotive a "formidable bidder" for its Adam Opel unit, whose offer could threaten front-runner Magna.

Best Buy to Sell Green Vehicles

Mon, 06 Jul 2009 12:55:21 EDT

Best Buy, known as a vendor of giant televisions, is veering in a new direction by selling electric-powered scooters, bicycles and Segway transporters.

Pepsi to Invest $1 Billion in Russia

Mon, 06 Jul 2009 07:01:39 EDT

PepsiCo and Pepsi Bottling Group plan to invest $1 billion in Russia over three years to expand their manufacturing and distribution network in the country.

Five Chrysler Directors Are Named

Mon, 06 Jul 2009 10:39:55 EDT

Chrysler, seeking to rebuild after its exit from bankruptcy court, named five new directors to its board, finalizing the composition of the nine-member panel.

CIC Fund Appoints Advisory Board

Mon, 06 Jul 2009 04:33:02 EDT

China Investment Corp. appointed an international advisory board of economic and investment experts.

Head of French Hedge Fund CFM Dies

Mon, 06 Jul 2009 09:57:11 EDT

Jean-Pierre Aguilar, the head of one of France's largest hedge funds, died in a gliding accident over the weekend.

Citi Names New Asia Chiefs

Mon, 06 Jul 2009 00:01:02 EDT

Citigroup named Stephen Bird and Shirish Apte as Asia-Pacific chief executives. The appointment of two experienced emerging market managers comes as the bank increasingly moves its focus overseas.

SocGen Sees Small Quarterly Profit

Mon, 06 Jul 2009 10:50:11 EDT

The French bank said it will likely post a small profit, despite an expected hit on revenue as the value of its portfolio of credit default swaps declined and the value of its debt increased.

Midsize Law Firms Pick Up Clients

Mon, 06 Jul 2009 04:27:09 EDT

To cut costs during the recession, U.S. businesses increasingly are handing work to less expensive small and midsize law firms.

BT Delays Use of Phorm Service

Mon, 06 Jul 2009 11:04:35 EDT

BT Group said it has no immediate plans to roll out Web-tracking and targeted-advertising services from Phorm, sending the small firm's shares tumbling.

U.K. Regulator Plans Bigger Fines

Mon, 06 Jul 2009 10:54:22 EDT

The Financial Services Authority wants to set a minimum fine of £100,000 in market-abuse cases, with other fines doubling or even trebling.

BAE Chief Looks Beyond Pentagon

Mon, 06 Jul 2009 09:01:03 EDT

The U.S. arm of BAE Systems is aiming to broaden its businesses into efforts to improve economic and political stability in war-torn or dysfunctional countries.

Slump Alters Mix at Chip Trade Show

Mon, 06 Jul 2009 05:58:53 EDT

A severe slump for suppliers to the chip industry is expected to cast a shadow over a big trade show in San Francisco this month.

Regis Plans Stock, Note Sale

Mon, 06 Jul 2009 10:35:47 EDT

Hair-care company Regis plans to offer 11.5 million shares, $125 million in five-year convertible senior notes and amended credit pacts to repay debt.

Cofco, Hopu Invest in Mengniu

Mon, 06 Jul 2009 04:05:40 EDT

China's Cofco and private equity firm Hopu Investment Management are teaming up to invest around $780 million for a 20% stake in China Mengniu Dairy.

Madoff Kickbacks Alleged in Austria

Sun, 05 Jul 2009 20:28:31 EDT

U.S., U.K. and Austrian prosecutors are investigating a former fund manager they believe was paid more than $40 million in kickbacks to funnel billions of dollars of investments to Madoff.

China Again Objects to Carbon Tariffs

Mon, 06 Jul 2009 05:58:53 EDT

China reiterated its opposition to carbon tariff policies and said they could provoke a trade war, ratcheting up the rhetoric as lawmakers in the U.S. consider legislation to reduce greenhouse gases.

Judge in Pang Case Rules for SEC

Mon, 06 Jul 2009 05:58:53 EDT

A federal judge ordered the appointment of a permanent receiver over Danny Pang's companies and ruled that there was sufficient evidence of fraud to justify a continued freeze of his assets.

BA to Trim Capacity

Sat, 04 Jul 2009 02:31:50 EDT

British Airways reported that passenger traffic declined in June, prompting the carrier to further reduce summer and winter capacity.

Stanford Customers Sue Insurance Brokers

Fri, 03 Jul 2009 14:09:12 EDT

Two law firms representing Latin American customers of Stanford Financial have filed a class-action suit against U.K. insurance broker Willis, contending that it shoulders partial responsibility for investors' losses.

Justice Probes Google Deal

Mon, 06 Jul 2009 05:58:53 EDT

The Justice Department confirmed that it is investigating a settlement between Google and authors and publishers due to antitrust concerns.

Monier Falls Into Lenders' Control

Mon, 06 Jul 2009 11:05:33 EDT

Buyout firm PAI Partners lost control of Monier, in the latest example of the wave of failed buyouts sweeping the industry and turning lenders into owners.

Siemens Settles With World Bank

Mon, 06 Jul 2009 05:58:53 EDT

Siemens agreed to forgo bidding on World Bank projects and pay more than $100 million toward anticorruption campaigns as part of efforts to settle a bribery scandal.

J&J Pays $1.5 Billion for Elan Stake

Sat, 04 Jul 2009 04:52:26 EDT

J&J will buy an 18.4% stake in Irish biotech company Elan, in a bid to crack the potentially lucrative Alzheimer's market.