June 25 The following were the top stories in
the Wall Street Journal on Monday. Reuters has not verified
these stories and does not vouch for their accuracy.
* The Muslim Brotherhood's Morsi was declared Egypt's first
freely elected president, setting up an uneasy ruling alliance
with the military.
* The SEC is examining Standard & Poor's Ratings Services'
11th-hour decision to pull its ratings on a high-profile deal
backed by commercial-real-estate loans.
* Maria Dolores de Cospedal, president of the Spanish region
of Castilla-La Mancha, is slashing spending to set the stage for
future growth, in a euro-zone test of whether austerity can
nurse a sick economy back to health.
* Samsung Electronics Co., the world's largest seller of
smartphones by units, said it expects its mobile phone business
to report better results in the second quarter than it did in
the first, partly helped by strong sales of its new Galaxy S III
* J.P. Morgan will improve risk management of the unit that
racked up more than $2 billion of trading losses, while avoiding
big bets on derivative and private-equity investments.
* Anheuser-Busch InBev is close to taking control of Corona
Extra beer maker Grupo Modelo, according to people familiar with
the matter, in a deal that could be valued at more than $12
billion and consolidate the Belgian brewer's ownership of one of
the world's top beer brands.
* Money manager J. Ezra Merkin has agreed to pay about $410
million to settle a civil-fraud lawsuit by New York's attorney
general alleging that he funneled billions of dollars to
convicted Ponzi schemer Bernard Madoff without investors'
* Swedish housewares giant IKEA wants to set up 25 stores in
India, a plan that comes as some relief for policy makers trying
to boost foreign-investor sentiment.
* An influential federal judge shut down a high-profile
patent case involving Apple Inc. and Google Inc.'s Motorola
Mobility unit, rejecting their use of a legal weapon at the
heart of the current smartphone patent wars.
* While Japan's domestic auto sales are about half their
high of 1990, the light cars category is on its way to doubling
its market share since then.
* Family films dominated the box office this weekend, with
"Brave," the latest film from Walt Disney Co.'s Pixar Animation
Studios, capturing the top spot.
* The euro could be held hostage this week by sentiment
surrounding a late-week European Union summit, though some
investors are already expecting the meeting to be a