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.