New York financier Leon Black was the mystery buyer of a $47.9 million Raphael drawing auctioned by Sotheby's London last December, according to several people familiar with the matter.

Chrysler agreed to recall about 1.56 million Jeeps to address consumer concerns, documents released on Wednesday indicated, even as it denied the vehicles have defects that render them unsafe to passengers in rear-end collisions.

General Motors is sticking to a goal of quadrupling its share of the Chinese market for luxury vehicles by the end of this decade even as it acknowledged a slowdown in the market and increasing risks there.

Chrysler said it would recall 1.56 million Jeeps to strengthen the vehicles, reversing course after initially rejecting a regulator's request for a larger recall after a study found a high rate of fire after collisions.

A Milan court has convicted the designers Domenico Dolce and Stefano Gabbana of tax evasion. The court sentenced them both to one year and eight months in jail.

The fashion company is seeking to cancel derivative transactions through which its rival built up a stake.

Brazil's securities regulator has expressed concerns about how JBS, the world's largest meat packer, uses derivatives.

Airliner cockpit panels by decade's end could resemble giant iPads, as the current dizzying array of knobs and switches gives way to touch screens.

Eastman Kodak reached a deal, subject to bankruptcy-court approval, that would allow it to repay some creditors in cash instead of equity in the company.