US President Barack Obama would nominate the Vice Chairwoman of the Federal Reserve to replace outgoing chairman Ben Bernanke whose term ends in January next year.

Jos. A. Bank had approached Men's Wearhouse for a possible merger although the type of tie-up was not clearly stated, reported the Wall Street Journal.

Under its new CEO Doug Lawler, Chesapeake Energy Corp had cut down around 1200 jobs to reduce company spending and lift profit.

JP Morgan Chase & Co, the biggest bank in the US, would cut lending to some businesses as risks confronted the bank's reputation, said a report from the Wall Street Journal.

KFC parent company Yum Brands Inc said that the delay in sales recovery in China would take longer than expected, said Reuters.

As reported by Dow Jones, Celesio shares increase after McKesson interest in buyout becomes public. After a report that the McKesson Corp was in discussions with Celesio AG majority shareholder Franz Haniel & Cie GmbH as to a possible buyout, share values of the German drug wholesaler rose to their highest in seventeen years.

Tele2 Russia and Rostelecom set to merge after an agreement was formalized to create the fourth largest mobile operator in Russia.

Lululemon Athletica, a yogawear manufacturer, had been looking into expansion as it sees the overseas market to have a promising growth, said a Reuters report.

Should Vodafone buy out its minority shareholders in its Indian subsidiary, it would be the first foreign telecommunications firm to do so after the new rules were implemented.

S. Scott Parel was introduced as the newest member of Sidley Austin LLP and partner for global private equity and M&A.