Russia's Severstal Sells U.S. Units

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Russian steel manufacturer Severstal has sold its U.S. subsidiaries to two American firms for a combined $2.34 billion.

Yahoo Buys Mobile App Flurry

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Yahoo is acquiring mobile app analytics provider Flurry for more than $200 million in a bid to boost advertising revenue from smartphones.

Tesco Replaces CEO

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Tesco said Chief Executive Philip Clarke would leave the company in October to be replaced by Unilever executive Dave Lewis, as the U.K.'s largest retailer issued a new profit warning.

Sterling Trust Could Face Default if Clippers Aren't Sold, CFO Says

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The family trust that owns the Los Angeles Clippers is in danger of defaulting on loans if a planned sale of the NBA team doesn't go through, an executive testified Monday.

Julius Baer in Deal With Bank Leumi

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Julius Baer said its assets under management rose 8% in the first half of this year, and announced plans to take over Israeli lender Bank Leumi's Swiss private banking operation.

Apple Orders Massive Number of Bigger iPhones

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Apple is preparing for its largest initial production run of iPhones this year, betting that 4.7- and 5.5-inch screens will lure consumers now attracted to similar phones from Samsung and others.

Netflix Profit More Than Doubles

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Netflix said earnings more than doubled as it added 1.7 million subscribers world-wide, but it cautioned that a more aggressive international expansion would hurt profits in the third quarter.

When Bigger Isn't Better for Banks

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Most chief executives want their companies to grow. Joseph Ficalora isn't so sure.

Mobile-Ad Spending Leaps

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Spending on mobile ads is expected to jump 83% this year, but given how much time Americans spend on their devices, mobile-ad spending could be much higher.

Allergan to Cut 13% of Workforce

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Allergan outlined plans to cut 13% of its workforce, part of a restructuring plan intended to save $475 million as the Botox maker looks to stave off an unsolicited $53 billion takeover bid from Valeant.

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