Murdoch is open to offer $75 billion for Time Warner
Bloomberg: Twenty-First Century Fox Inc.is willing to pay more than $85 a share for Time Warner Inc., according to a person with knowledge of the matter, a signRupert Murdoch is undeterred after being rebuffed in an initial offer for the media company. Time Warner shares soared. Fox estimates that the combined company could achieve as much as $1.5 billion in cost savings through the elimination of overlapping back office, human resources, sales and information technology operations
Litigation costs hit Bank of America's quarterly profit
Reuters: Bank of America Corp. reported a 43 percent drop in second-quarter profits, falling short of Wall Street estimates, as revenue from mortgages fell and litigation costs soared. The second-largest U.S. bank said on Wednesday that earnings attributable to shareholders fell to $2.04 billion, or 19 cents per share, in the three months ended June 30 from $3.58 billion, or 32 cents per share, a year earlier.
BMW to recall 1.6 million cars worldwide for airbag concerns
Reuters: German automaker BMW intends to recall around 1.6 million cars worldwide to replace passenger-side front airbags due to potential problems involving rupturing inflators, BMW said in a statement on Wednesday. The recall affects 3-Series vehicles produced between May 1999 and August 2006.