PRESS DIGEST - Wall Street Journal - June 25
June 25 |
June 25 (Reuters) - The following were the top stories in the Wall Street Journal on Monday. Reuters has not verified these stories and does not vouch for their accuracy.
* The Muslim Brotherhood's Morsi was declared Egypt's first freely elected president, setting up an uneasy ruling alliance with the military.
* The SEC is examining Standard & Poor's Ratings Services' 11th-hour decision to pull its ratings on a high-profile deal backed by commercial-real-estate loans.
* Maria Dolores de Cospedal, president of the Spanish region of Castilla-La Mancha, is slashing spending to set the stage for future growth, in a euro-zone test of whether austerity can nurse a sick economy back to health.
* Samsung Electronics Co., the world's largest seller of smartphones by units, said it expects its mobile phone business to report better results in the second quarter than it did in the first, partly helped by strong sales of its new Galaxy S III smartphone.
* J.P. Morgan will improve risk management of the unit that racked up more than $2 billion of trading losses, while avoiding big bets on derivative and private-equity investments.
* Anheuser-Busch InBev is close to taking control of Corona Extra beer maker Grupo Modelo, according to people familiar with the matter, in a deal that could be valued at more than $12 billion and consolidate the Belgian brewer's ownership of one of the world's top beer brands.
* Money manager J. Ezra Merkin has agreed to pay about $410 million to settle a civil-fraud lawsuit by New York's attorney general alleging that he funneled billions of dollars to convicted Ponzi schemer Bernard Madoff without investors' knowledge.
* Swedish housewares giant IKEA wants to set up 25 stores in India, a plan that comes as some relief for policy makers trying to boost foreign-investor sentiment.
* An influential federal judge shut down a high-profile patent case involving Apple Inc. and Google Inc.'s Motorola Mobility unit, rejecting their use of a legal weapon at the heart of the current smartphone patent wars.
* While Japan's domestic auto sales are about half their high of 1990, the light cars category is on its way to doubling its market share since then.
* Family films dominated the box office this weekend, with "Brave," the latest film from Walt Disney Co.'s Pixar Animation Studios, capturing the top spot.
* The euro could be held hostage this week by sentiment surrounding a late-week European Union summit, though some investors are already expecting the meeting to be a disappointment.
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