China central bank
promises more aid
China's central bank said it will keep money-market rates at a "reasonable" level and that seasonal forces that have driven them up will fade. The statement was the first public confirmation of central bank action to ease a cash squeeze that sent China's overnight repurchase rate to a record last week.
Carnival Corp., the cruise operator beset by missteps at sea this year, said Micky Arison will step down as CEO after 34 years. He will remain chairman. The 63-year-old Arison, Carnival's largest shareholder, will hand the job on July 3 to Arnold Donald, a director for 12 years. Arison said he suggested splitting the chairman and CEO roles to align the world's largest cruise operator with best practices.
OK Softbank deal
Sprint Nextel Corp.'s shareholders approved SoftBank Corp.'s acquisition of the bulk of the wireless carrier company. Softbank had been competing with Dish Network Corp. since April to acquire Sprint. Sprint opted for Softbank's $21.6 billion offer for 78 percent of the company, versus Dish's $25.5 billion bid for all of Sprint.
on autos rising
Banks are increasingly extending auto-loan financing to borrowers with less-than-sterling credit, a trend that's contributing to a higher rate of missed loan payments. The rate of payments late by 60 days or more rose to 0.88 percent in the first three months of the year, credit reporting agency TransUnion said. That's up from 0.82 percent in the first quarter last year, but down from 1 percent in the last three months of 2012.
2 tobacco products
The Food and Drug Administration is taking a small step to whittle away a backlog of 4,000 tobacco product applications, some of which have lingered for more than two years. It approved applications for two kinds of cigarettes sold by Lorillard Inc. A 2009 law gave the FDA authority to regulate tobacco.
jump 16 percent
Drugstore chain Walgreen said its third quarter earnings jumped 16 percent from the same quarter last year, when a business split hurt its performance. It earned $624 million, or 65 cents per share, in the quarter ended in May, up from $537 million, or 62 cents per share, a year ago. Revenue rose to $18.31 billion.