New York financier Leon Black was the mystery buyer of a $47.9 million Raphael drawing auctioned by Sotheby's, according to people familiar with the matter. But he hasn't been able to take the piece from the U.K.

The trial of Finmeccanica's former chief executive began, in which he faces fraud and corruption charges for allegedly overseeing the use of bribes to win a helicopter contract in India.

Norwegian oil giant Statoil ASA said it made a big discovery of light oil offshore Newfoundland.

Lenovo gets over 80% of its revenue from PCs, but amid a decline in the computer market it's seeking to increase its smartphone sales outside China.

Microsoft was recently in advanced discussions with Nokia about a purchase of its device business, in a marriage that could have reshaped the mobile-phone industry.

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 regulator said the meatpacker is by far the largest user of derivatives among nonfinancial companies in Brazil.

Alcatel-Lucent plans to rework its balance sheet and significantly tighten its focus to a handful of core businesses, in an effort to return the telecommunications-equipment maker to profitability, the company said.

The Verrazano-Narrows Bridge was a feat of American engineering when it was built across New York's harbor in the 1960s. Now, it's being repaired with steel made in China.

A hearing this week on whether to substantially reduce former Enron CEO Jeffrey Skilling's 24-year prison sentence comes amid a growing debate about the rules for punishing white-collar criminals.