June 13, 2013 / 5:26 AM / in 5 years

PRESS DIGEST - Wall Street Journal - June 13

June 13 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

* Japanese stocks tumbled 6 percent, dropping into bear territory, as markets across Asia fell amid signs of slowing global growth and jitters over the possible winding down of U.S. monetary stimulus. ()

* Indian tire maker Apollo Tyres Ltd agreed to acquire Cooper Tire & Rubber Co in a deal valued at about $2.5 billion that is the largest U.S. acquisition by an Indian company. ()

* In their BMC Software Inc purchase, Bain Capital LLC, Golden Gate Capital and their co-investors will contribute only 18 percent from their own cash, the lowest of any buyout with loans exceeding $500 million since 2008.


* Lululemon Athletica Inc’s chairman sold $50 million worth of stock in the firm through a prearranged trading plan just days before shares slid on the unexpected news the CEO would depart. ()

* Royal Bank of Scotland Group said Chief Executive Stephen Hester will step down later this year, a move sought by the lender’s board as it seeks to end five tumultuous years of government ownership. ()

* U.S. regulators are grilling banks over lending standards and warning them about mounting risks in business loans.


* Facebook Inc is rolling out hashtags on its social network in an effort to play a greater role in real-time public conversations dominated by rival Twitter.


* GlaxoSmithKline Plc is investigating allegations from an anonymous tipster that its sales staff in China was involved in widespread bribery of doctors to prescribe drugs, in some cases for unauthorized uses.


* Pfizer Inc and Takeda have reached a $2.15 billion settlement with Teva and Sun Pharmaceutical for patent-infringement damages resulting from their launches of generic Protonix in the U.S.


* Procter & Gamble is reviewing the way it provides financial forecasts to Wall Street, a move aimed at avoiding stock-price swings when its numbers don’t line up with market expectations. ()

* Clear Channel Communications will start paying classic rock band Fleetwood Mac a sliver of the broadcaster’s radio-advertising revenue in exchange for the right to use the band’s newest music on the company’s online services.


* French authorities placed France Télécom Chief Executive Stéphane Richard under formal investigation for his alleged role in an arbitration ruling that gave a financial award to a prominent French businessman five years ago.


* ESPN is pulling the plug on its ESPN 3D channel by the end of the year, citing viewers’ “low adoption” of the format.

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