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The extremist group known as the Islamic State of Iraq and the Levant (ISIS) seized control of the western half of Mosul, Iraq's second largest city on June 6. Three days later, Iraqi security forces retreated, leaving the entire city in the hands of the jihadis. According to the U.N., up to half a million people have fled the city, raising concerns over a new humanitarian crisis. Sebastian Meyer reports from northern Iraq.
In Bid for Botox Maker, Valeant Defends Its Record on ResearchIn rejecting Valeant's latest offer, Allergan trumpeted its research. Valeant, responding on Wednesday, said that most successful pharmaceutical innovation comes from smaller, more nimble competitors.
Lenders Fear Spread of Chinese Commodities Fraud CaseThe authorities are investigating loans based on collateral of metals at a Chinese port, with implications for Western banks and the Chinese credit market.
Japanese Company Joins Siemens in Potential Alstom BidA combined offer from Siemens and Mitsubishi Heavy Industries could alleviate antitrust concerns, but it was unclear how it would allay French worries about the fate of a national champion.
Loeb Backs Management of Auction House Sotheby's After Bruising FightDaniel Loeb signed onto a letter by the auction house's directors backing Sotheby's management team, including the chief executive, who at one point was the target of Mr. Loeb's assault on the company.
Italian Bank Hits Market Turbulence With Share SaleShares of Banca Monte dei Paschi di Siena fell just more than 20 percent on the Milan exchange. The downturn came after an extraordinary run-up as the bank undertook a stock sale.
Alibaba Buys Rest of the Mobile Browser UCWebThe Chinese e-commerce giant, continuing an acquisition spree before its initial public offering, forms closer ties to a potentially important partner in the mobile sector.
Apollo Global Hesitant to Pursue Smaller InvestorsApollo Global is skeptical of raising money from smaller investors for private equity, a sector that traditionally markets to institutions and the ultrawealthy.
Evercore Hires Senior Banker for Energy DealsRandy Crath was most recently at Scotia Waterous, the oil and gas arm of the Canadian financial firm Scotiabank. At Evercore, he will advise oil and gas companies on acquisitions or sales of international exploration and production assets.
Uber-Inspired Handybook Raises $30 Million in Round Led by Revolution GrowthHandybook, which lets users order housecleaning or other home repair services on demand, said on Wednesday that it had raised a funding round that includes Steve Case's firm.
HSBC Sells British Pension Business to Swiss Re UnitUnder the agreement, HSBC Life will sell its corporate and individual pension policies business in Britain and associated annuities business to Admin Re, a unit of Swiss Re.
European Court to Consider Intel FineThe second-highest court in the European Union is to decide on Thursday whether to uphold a fine of 1.1. billion euros, or about $1.5 billion, imposed five years ago against the American chip-making giant Intel by antitrust authorities at the European Commission. The fine against Intel remains the highest single antitrust penalty levied against one company by the authorities in Brussels. The court has wide scope to reduce fines, but it rarely overturns such decisions.
U.S. to Issue Retails Sales Report for MayOn Thursday, the Commerce Department will report the latest data on retail sales in May. After strong gains in February and March and a slower April, economists expect the May figures to show a slight pickup in activity, with overall retail sales increasing by 0.5 percent. Much of that increase is expected to come from strong demand for automobiles, which is running at the highest rate since 2007, and gasoline sales. Excluding those factors, retail sales are estimated to have increased by 0.3 percent in May, in line with the average gain over the last 12 months.