By Paul Taylor and Renee Maltezou BRUSSELS (Reuters) - Euro zone members have given Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe's currency bloc and into economic ruin. "The stark reality is that we have only five days left ... Until now I have avoided talking about deadlines, but tonight I have to say loud and clear that the final deadline ends this week," European Council President Donald Tusk told a news conference. Prime Minister Alexis Tsipras has until Friday to present the proposal, but German Chancellor Angela Merkel said she hoped to have convincing reform commitments from Tsipras on Thursday so she could ask the German parliament to authorize negotiations on a new aid program.
By Karen Freifeld NEW YORK (Reuters) - JPMorgan Chase & Co has agreed to pay at least $125 million to settle probes by U.S. state and federal authorities that the bank sought to improperly collect and sell consumer credit card debt, according to people familiar with the matter. The U.S. Consumer Financial Protection Bureau (CFPB), 47 states and the District of Columbia are expected to announce the settlements as soon as Wednesday, the people said. The states will split some $95 million, while the CFPB will get $30 million, the people said.
Asian shares tumbled on Wednesday and the safe-haven yen rallied as Chinese stocks remained in a tailspin, shaking investors already rattled by Greece's debt crisis. The drop in China extended a savage correction that has clipped 30 percent off Chinese shares since mid-June, threatening a new blow to the country's already slowing economy despite a slew of market support steps from Beijing. MSCI's broadest index of Asia-Pacific shares outside Japan extended its early losses after Chinese shares opened sharply lower, and was last down 2.5 percent.
(Reuters) - Oracle Corp said its copyright infringement lawsuit against software support services company Rimini Street Inc and the smaller rival's Chief Executive Seth Ravin would go to trial in September. Oracle said on Tuesday that it was seeking more than $200 million in damages and an injunction on Rimini's current business model. Oracle had sued Rimini and Ravin in 2010, alleging copyright infringement, computer fraud and related business torts.
Software security company Symantec Corp is in talks to sell its Veritas data storage business to private equity firm Carlyle Group LP , a person familiar with the matter said on Tuesday. Bloomberg News reported earlier that Symantec was nearing a deal to sell Veritas to Carlyle for between $7 billion and $8 billion, citing people with knowledge of the matter.