TESCO REPLACES CEO AS TRADING WEAKENS
Tesco said that Dave Lewis would replace Philip Clarke as chief
executive. The U.K. supermarket chain said that trading in recent
weeks had been challenging and profit in the first half would be
below expectations.
ALLERGAN TO CUT 13% OF WORK FORCE
Allergan outlined plans to cut 13% of its work force, part of a
restructuring plan intended to save $475 million next year as the
Botox maker continues to look to stave off an unsolicited bid from
Valeant Pharmaceuticals International.
CAMPBELL SOUP SAYS SALES GROWTH WON'T MEET TARGETS
Campbell Soup warned that its sales growth for the upcoming
fiscal year would likely fall below its long-term targets and the
packaged food company may need to continue reshaping its portfolio
to meet its goals.
HALLIBURTON NAMES NEW PRESIDENT, PROFIT UP 20%
Halliburton gave Chief Operating Officer Jeff Miller the added
title of president and said he would join the company's board as it
beefs up its executive ranks. Halliburton also reported its
second-quarter profit rose 20%.
SEVERSTAL TO SELL NORTH AMERICAN UNITS
Russian steel manufacturer OAO Severstal, has sold its U.S.
subsidiaries to two American firms for a combined $2.34 billion,
the company said.
PHILIPS TO BOOST EARNINGS
Dutch electronics maker Philips NV said that net profit fell 23%
during the second quarter, but said earnings should improve in the
second half of the year.
BLACKBERRY NAMES MARTY BEARD CHIEF OPERATING OFFICER
BlackBerry CEO John Chen is expanding his executive team, naming
Marty Beard as chief operating officer. The Canadian smartphone
maker hasn't had anyone in the position since a management shake-up
last November.
CATERPILLAR SAYS 'MORE LIKELY THAN NOT' TO WIN TAX CASE
Caterpillar believes it is "more likely than not" to persuade
U.S. tax authorities that it complied with tax rules in pursuing a
strategy that shifts profits to a Swiss subsidiary, the company
said in a securities filing.
WAL-MART INVESTS IN INDIAN WHOLESALE BUSINESS
Wal-Mart Stores is investing more than $100 million in its
wholesale-store network in India, even though government
restrictions have convinced it not to build its own big-box stores
in Asia's third-largest economy.
YUM BRANDS, MCDONALD'S HALT CHINA MEAT PURCHASES
Yum Brands and McDonald's suspended meat purchases in China from
a Shanghai-based, U.S.-owned supplier that is under investigation
in the country for allegedly selling expired chicken and beef.
SABIC CHIEF OPTIMISTIC ON GLOBAL PETROCHEMICAL DEMAND
Saudi Basic Industries, or Sabic, said that the outlook for
global petrochemical demand is positive and there is scope for an
uptick in prices.
ANGLO AMERICAN PLATINUM TO SELL ASSETS
Anglo American Platinum, the world's biggest platinum producer,
said that it plans to sell some of its mines as it announced profit
in the first half of the year plunged, after it lost production due
to a five-month-long strike.
JULIUS BAER STRIKES DEAL WITH BANK LEUMI
Julius Baer Group said its assets under management rose 8% in
the first half of this year and announced plans to take over
Israeli lender Bank Leumi's Swiss private banking operation.
BARCLAYS DARK POOL DREW EARLY ALARMS
Trading firms and employees raised concerns about high-speed
traders at Barclays' dark pool months before the New York attorney
general alleged in June that the firm lied about the extent of
predatory trading activity on the electronic trading venue,
according to people familiar with the firms.
U.K.'S SERIOUS FRAUD OFFICE PROBES POSSIBLE FOREX RIGGING
The U.K.'s Serious Fraud Office is gathering information about
possible rigging of the foreign exchange market, the latest sign of
the seriousness of the global probe into currencies trading.
ACTIVIST INVESTOR PUSHES EMC TO BREAK UP
Elliott Management has taken a stake of more than $1 billion in
EMC and plans to push the data-storage giant to break itself apart,
according to people familiar with the matter.