Frustration With P&G Grows

Procter & Gamble lowered its earnings guidance for the current quarter and the 2013 fiscal year, citing softness in developed markets and a negative impact from foreign-exchange rates.

Spanish Aid Plan Flawed, Says IMF

Spain said its banks will need as much as $78.75 billion in new capital, as the IMF warned that the euro-zone plan to aid the country may not work.

Rite Aid's Loss Narrows on Improved Margins

Rite Aid's fiscal first-quarter loss narrowed as the drug-store company saw a continued increase in same-store sales and improved margins.

Dow Slides 250 Points

Global growth worries slammed stocks, driving major benchmarks to their second-biggest losses of the year.

CBS to Launch Sports Radio Network

CBS is launching a sports radio network to compete with ESPN Radio, highlighting broadcasters' latest efforts to monetize lucrative sports content. CBS Sports Radio will be a partnership with Cumulus Media

Weak Hiring Haunts the Recovery

When the U.S. economy began to strengthen earlier this year, companies cut back on layoffs and posted more job openings. What they didn't do was actually step up their hiring. That is coming to haunt the recovery.

Brokerages Cry Foul Over Higher Deposits

Some discount brokerages face a dramatic jump in the cash they have to post to back stock and options trades, forcing a standoff with one of the sector's largest clearers.

Merrill Lynch Fined for Overcharging Customers

The Financial Industry Regulatory Authority fined Bank of America's Merrill Lynch unit $2.8 million for overcharging nearly 95,000 customers $32 million in unwarranted fees, and for failing to provide certain required trade notices.

Oil Plunges 4% in Commodities Rout

Commodities prices continued to slide, sending an alarming signal about the health of the global economy. Oil settled at its lowest level since October.

Abbott Challenges Biotech Drug Copies

Abbott is challenging a provision in the federal health overhaul meant to usher in a new era of affordable medicines.

J&J Nears Settlement With DOJ

Johnson & Johnson and the Justice Department are close to settling probes into off-label marketing of its drugs, and discussing a payment of at least $1.5 billion.

EU Banks' Risk in Eyes of Beholder

Regulators and investors are concerned that some European banks are artificially boosting a key measure of their financial health, their capital ratios, through the way they assign "risk weightings" to assets.

U.S. Home Resales Drop

Sales of previously owned homes in the U.S. fell in May. Separately, the number of Americans filing for jobless benefits was largely unchanged.

SmartMoney Goes Web Only

Dow Jones & Co. said it will stop publishing the print version of SmartMoney, although it will expand the personal-finance magazine's digital platform.

ECB Poised to Ease Collateral Rules

The ECB is poised to relax its collateral rules for central-bank loans in a bid to ease strains on souther European commercial banks.

Regulators Set Foreclosure Compensation

U.S. bank regulators said banks could be forced to pay up to $125,000 per customer to compensate borrowers who were subject to foreclosure-processing errors.

Philip Morris Lowers Earnings Forecast

Philip Morris International cut its full-year earnings estimate for the second time this year to reflect the strengthening U.S. dollar.

Chesapeake Names New Chairman

Chesapeake Energy chose former Conoco Chairman Archie Dunham to head its retooled board of directors, as the embattled natural-gas giant made good on a pledge to change its leadership after intense shareholder pressure.

Cabot-Norit Deal Signals Chemicals M&A Wave

Cabot Corp.'s $1.1 billion acquisition of a Dutch maker of carbons for filtration equipment is expected to mark the onset of a new round of deal activity in the chemicals sector.

Business Contracts in Euro Zone

Business activity in the euro zone contracted sharply in June, a closely watched survey showed, underscoring the currency bloc's deepening economic malaise as it confronts an escalating debt crisis along its southern fringe.