Wells Fargo reports slight profit rise, says economy improving

Reuters: Wells Fargo & Co., the largest U.S. mortgage lender, reported a 3 percent rise in quarterly profits and said it was seeing a number of signs that the U.S. economy was improving. The company said businesses including capital markets, corporate banking, commercial real estate, debit card and personal lines and loans had perked up in the second quarter compared with the first.


FTC sues Amazon over in-app purchases made by kids

Los Angeles Times: The U.S. Federal Trade Commission is suing Amazon.com Inc., alleging that the online retailer unlawfully billed parents millions of dollars for mobile in-app purchases accidentally made by their children. The federal complaint, which was filed in Washington's District Court on Thursday, asks for a court order requiring Amazon to refund customers for unauthorized charges and to ban the company from billing parents for in-app charges made by children without their consent.


Crumbs works to save cupcake empire after chain shutdown

Bloomberg: Crumbs Bake Shop Inc., the cupcake chain that abruptly shuttered its stores this week, is working on a plan to save the business. The company is in talks with "various interested parties" as Crumbs plans its next steps, CEO Edward Slezak said yesterday in a statement. The deal may hinge on CNBC personality Marcus Lemonis, who has formed an investment group to supply Crumbs with financing en route to a possible acquisition, according to his cable-TV network.