Chesapeake Says Two Wells Yield 'Significant' Oil

Chesapeake Energy said two new wells that it drilled in an oil and natural-gas play in the Texas Panhandle and west Oklahoma are producing a significant amount of oil for the cash-strapped company.

MF's Bank Returns $600 Million

J.P. Morgan Chase has returned roughly $600 million that was ensnared at the bank when MF Global collapsed in October.

Euro-Zone Data Deepen Gloom

A further decline in euro-zone manufacturing and a record jobless rate of 11% suggest that the region's economy will continue to flounder.

GM to Shut Line at Ontario Plant

General Motors plans to shut down a vehicle assembly line at its Oshawa, Ont., plant next year, leaving just a small fraction of what was once a massive manufacturing presence there.

State Takes Fresh Crack at Mortgages

Fannie Mae and Freddie Mac will participate in a Nevada program that cuts loan balances for certain homeowners who are current on their mortgages and owe more than their houses are worth in what could be a model for other hard-hit states.

Explosive Questions Barred in Gupta Trial

A protégé of former Goldman Sachs director Rajat Gupta took the stand in Mr. Gupta's insider-trading trial, but prosecutors were precluded from asking him some of their most potentially explosive questions.

Court Approves Dynegy Settlement With Creditors

Dynegy Inc. said a settlement agreement between subsidiary Dynegy Holdings LLC and its creditors was approved by a U.S. bankruptcy court.

Safety-Kleen Owners Hire Adviser for a Sale

The owners of oil recycler and industrial-parts cleaner Safety-Kleen plan to offer the company for sale while also laying the groundwork for an IPO.

Tablets to Take Stage at Trade Show

Asia's major PC makers will showcase tablet computers and laptop PCs that run on a preview version of Microsoft's Windows 8 at the Computex trade show in Taipei next week.

Indonesia's Bakries Seek Time to Handle Debts

Indonesia's billionaire Bakrie family has asked for more time to decide what to do about its $440 million loan from a group of international lenders.

Japan Auto Sales Rise

Japan's domestic sales of new cars, trucks and buses rose 66% from a year earlier in May, increasing for the ninth-straight month as government subsidies boosted sales of fuel-efficient vehicles.

WebMD Names New CEO

WebMD named Cavan M. Redmond chief executive, ending a search that began in January after the abrupt resignation of the health-information provider's former chief.

Canada GDP Grows 1.9%

Canada's first-quarter growth was well below the central bank's forecast, expanding at an annualized rate of 1.9%.

Sands China Gives Up Appeal

A Las Vegas Sands unit said it has abandoned attempts to win the rights to Macau land in which the casino operator has already invested more than $100 million, thwarting its expansion plans there.

Phone-Hack Claims Could Hit 500

Lawyers for News Corp. and phone-hacking victims estimated that the company could ultimately face about 500 civil claims related to illegal voice-mail interception.

Formula One Delays IPO

Motor-sport franchise Formula One is delaying its $2.5 billion share sale as choppy markets hit equity fund raising efforts of companies globally.

Jain Takes the Reins at Deutsche

The new co-CEO at Deutsche Bank was born in India, educated in America and is now based in London. He's expected to shake up Germany's biggest bank.

Slow Growth Amid Sluggish Job Gains

U.S. GDP growth slowed more than initially thought in the first quarter, while corporate profits picked up. Separately, two labor-market measures—ADP private payrolls and jobless claims—indicated continued sluggish job growth.

Canada's CGI to Buy IT Rival Logica

Canadian information-technology services provider CGI agreed to buy embattled Anglo-Dutch rival Logica for $2.6 billion as it seeks to expand its global footprint.

Bite Taken Out of 'Dim Sum' Market

The nascent market in Hong Kong for yuan-denominated bonds, known as "dim sum" bonds, has hit the brakes in recent months. Trading volumes have fallen as investors fret over European turmoil, and new issues of the securities have slowed.