Exxon Sees Big Shale-Oil Potential in Siberia

Exxon Mobil is starting work with Russia's Rosneft in assessing what could be massive reserves of shale oil in Western Siberia, the U.S. oil giant's chief executive said Tuesday.

Australia Trims Rates

Australia's central bank cut its benchmark rate by a quarter of a percentage point—to 3.5%—a level not seen since 2009 but still among the highest of any major economy.

Nationstar Expands in Mortgage Servicing as Big Banks Exit

Nationstar has agreed to acquire roughly $10.4 billion in residential-mortgage-servicing rights from Bank of America as the mortgage servicer looks to seize more share from traditional banks scaling back in the business.

Freescale Names New CEO

Freescale Semiconductor tapped Texas Instruments executive Gregg Lowe to be its president and chief executive, ending a search that began in April.

Judge Restricts Trades of LightSquared Debt, Equity

A bankruptcy judge sided with LightSquared in a hard-fought battle with its biggest lenders over their right to trade debt in the troubled high-speed wireless network venture.

Ex-UniCredit CEO, 19 Others to Stand Trial

Italian bank UniCredit's former chief executive and 19 other bank officials will stand trial for their involvement in "Brontos," a complex financial instrument that investigators say was designed to avoid taxes.

H-P Launches Salvo Against Oracle

An H-P lawyer accused Oracle of breach of contract, as a trial between the Silicon Valley partners-turned-rivals got under way.

Euro-Zone Producer-Price Inflation Eases

Euro-zone producer-price inflation eased back again in April compared with a year earlier, a further sign that inflationary pressures are subsiding and giving the European Central Bank more scope to help boost growth.

In Facebook, Options Traders Look to Earnings

Bears looking to profit from a further fall in Facebook took the long view Monday, buying contracts that are liable to pay off if poor earnings this summer add to the company's run of bad news.

Google Readies New Local-Ad Assault

Google is preparing to launch its largest-ever assault on the roughly $20 billion market for local business advertising.

Oversight of J.P. Morgan Probed

A federal agency that oversees J.P. Morgan Chase is taking heat over how much it knew about risk-taking in the part of the bank that suffered more than $2 billion in trading losses.

Chinese Online Retailer Probes Breach

Chinese online retailer Yihaodian, which is backed by Wal-Mart, is probing a possible security breach, in what appeared to be the latest attempt to steal consumer data in China's growing e-commerce sector.

CBS's Outdoor Ad Business Could Fetch Up to $6 Billion

Bankers are gauging interest in CBS's outdoor advertising business, which the media company hopes could fetch as much as $6 billion.

Wal-Mart Vote Reflects Discontent

Wal-Mart shareholders showed discontent with management amid allegations of a bribery scandal with more than 15% of those voting against re-electing the retailer's former CEO to the board.

Japan Auto Group Sees Yen as Hurdle

The chairman of the Japan Automobile Manufacturers Association said the strengthening of the yen is the biggest challenge currently facing the industry.

Fletcher Fallout: Louisiana Auditor Criticizes Pension Funds

The Louisiana state legislative auditor has issued a report criticizing investment practices of three public pension systems that together invested $100 million in a Fletcher Asset Management fund, which a court recently ordered liquidated.

Chesapeake Board Revamp Curbs CEO's Power

Under pressure from shareholders, Chesapeake Energy is replacing more than half of its board with new directors, a move that limits the power of its controversial co-founder.

THE GUPTA TRIAL: Blankfein Says Board's Topics Are Confidential

Topics discussed at Goldman Sachs board meetings are strictly confidential, the investment bank's chief executive, Lloyd Blankfein, told jurors at Rajat Gupta's insider-trading trial.

EBS Meets New Rival: Its Best Customers

Last week, a group of five banks, including Deutsche Bank and Barclays, said they plan to start a rival currency system.

Germany Pushes EU Bank Oversight

German Chancellor Angela Merkel on Monday suggested that European Union leaders consider putting the largest banks in the 27-nation bloc under direct European supervision, opening the door to more centralized oversight of the region's financial sector.