TOP STORIES 
 
EXXON MOBIL EARNINGS CUT IN HALF 

Exxon Mobil the biggest and richest U.S. oil company, reported a 52% drop in profit for its second quarter, even as lower crude prices drove its refining earnings higher.

U.S. LABOR COSTS RISE AT SLOWEST PACE IN THREE DECADES 

U.S. labor costs rose at the slowest pace in at least three decades in the spring, a sign of persistently sluggish wage growth that could weigh on the Federal Reserve's decision to raise short-term interest rates.

GLOBAL STOCKS SLIGHTLY HIGHER 

Global stocks rose slightly Friday as paltry growth in U.S. wages cast some doubt over whether the Federal Reserve would raise interest rates in the coming months.

EU PROBES FEDEX-TNT DEAL 

The European Commission has opened an in-depth competition investigation into FedEx's $4.8 billion deal to buy TNT Express.

CHEVRON'S PROFIT PLUNGES ON IMPAIRMENTS 

Chevron's profit tumbled in the second quarter as the oil company took over $2 billion in impairments and charges to suspend projects amid lower crude-oil prices.

STEEP LOSSES HIT CARLYLE COMMODITY HEDGE-FUND FIRM 

Private-equity firm Carlyle Group has split with the founders of its Vermillion commodity hedge-fund firm after its flagship fund shrank from $2 billion to less than $50 million in assets.

END-JULY CONSUMER SENTIMENT UNEXPECTEDLY SLIPS TO 93.1 

Consumers remain uncertain about the economy in July, according to data released Friday.

LITVINENKO DEATH FROM POISONING INQUIRY CONCLUDES 

A monthslong inquiry into the 2006 death from poisoning of former Russian spy Alexander Litvinenko concluded Friday after a parade of witnesses provided evidence that British police said "points unwaveringly" at two men working at the behest of the Russian state.

RUSSIA CUTS INTEREST RATES AGAIN 

The Bank of Russia cut interest rates for the fifth time this year, citing economic risks, but declined to commit on further monetary easing.

NOT GUILTY PLEA ENTERED FOR CHARLESTON CHURCH SHOOTING SUSPECT 

A federal magistrate entered not guilty pleas on 33 federal charges, including for hate crimes, for a white man accused of gunning down nine parishioners at a black church in Charleston.

BOMBARDIER TRANSPORTATION PREPARES IPO IN FRANKFURT 

Bombardier Inc.'s Berlin-based rail unit is preparing to float a minority stake by year-end, as it seeks more financial flexibility and a role in industry consolidation, the unit's chief operating officer, Lutz Bertling, said.

CANADA'S GROSS DOMESTIC PRODUCT SHRINKS 0.2% IN MAY FROM APRIL 

Canada's economy shrank for a fifth straight month in May, weighed down by weak output in manufacturing, oil and gas extraction and wholesale trade.

CRITICAL BAHA MAR RESORT HEARING POSTPONED 

A judge in the Bahamas agreed to delay a critical decision about the future of the $3.5 billion stalled resort project Baha Mar.

GREECE'S TSIPRAS CALLED FOR GREXIT CONTINGENCY PLAN 

Greece's Prime Minister Alexis Tsipras said he didn't want to take his country out of the euro but did ask his former finance minister to make a contingency plan in case an exit was forced on it.

MITSUBISHI UFJ JOINS CRUSADE ON CROSS-SHAREHOLDING 

Mitsubishi UFJ Financial Group, Japan's largest bank by assets, said it may sell billions of dollars of stock it owns in allied companies as the government puts pressure on cross-shareholding.

BANK OF AMERICA GIVES DETAILS ON VOTE ABOUT MOYNIHAN'S ROLE 

Bank of America gave more details about its plans for letting shareholders have a say about whether Chief Executive Brian Moynihan can keep his chairman title.

VALUEACT TAKES MORE THAN 5% STAKE IN ROLLS-ROYCE 

Activist investor ValueAct has taken a more than 5% stake in Rolls-Royce Holdings PLC after the British engine maker suffered a series of profit warnings that has weighed on its stock.

PHILLIPS 66'S EARNINGS RISE ON REFINING STRENGTH 

Phillips 66 said its earnings increased 17% in the June quarter, boosted by strength in its refining segment.

TRANSCANADA'S PROFIT RISES 

TransCanada reported better-than-expected earnings and revenue for the second quarter, which it attributed to strong results from its three key businesses.

ARCELORMITTAL PLANS U.S., SOUTH AFRICA RESTRUCTURING 

ArcelorMittal talking with labor unions about restructuring its U.S. and South African steel operations, which have suffered from anemic steel demand and increased steel import pressure.

 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
World News 
PROBE OF SUSPECTED MH370 DEBRIS MAY TAKE DAYS 
 

A piece of airplane debris that washed up on the remote Indian Ocean island of Ré union was to be sent to France on Friday, but authorities there cautioned it would be at least days before investigators come to any conclusion about whether it is part of Malaysia Airlines Flight 370.

 
Markets Main 
RIOTS TO RICHES: CHINA'S WILD MARKET SWINGS 
 

After nearly 25 years of turbulent action that has elated and infuriated investors, China's stock markets remain much as they were when they opened in 1990. Beijing calls the shots.