Wall Street Journal - US Business News

FDA staff said a proposed sleep drug from Merck was effective, but questioned the safety of the product's higher doses. Merck is seeking FDA approval of a drug called suvorexant to treat insomnia. The product will be reviewed Wednesday by an FDA advisory committee.

Plains Exploration & Production's shareholders Monday approved a $6.5 billion merger with Freeport-McMoRan Copper & Gold, overcoming earlier pressure to reject the deal.

Campbell Soup posted higher earnings as its U.S. soup sales rose 14%, the largest quarterly gain in nearly five years.

Next month, iShares, the largest ETF provider by assets, will do something it hasn't done in more than a decade: close one of its 290 ETFs. Experts say that highlights the complications that arise when funds drop out.

John Malone's international cable business, Liberty Global, has put its Chellomedia TV-channel business up for sale. The business could fetch between $800 million and $1 billion.

Russia's slowing economy is leading to a flood of Russian diesel flowing to Europe, which could force a new round of European refinery closures.

Pharmaceutical investor Royalty Pharma raised its multibillion-dollar takeover bid for Elan, increasing pressure on the drug maker to rebuild its business and secure its independence.

Dell sent another letter to Carl Icahn and Southeastern Asset Management seeking more information about their takeover proposal, reiterating that it can't engage in talks before determining whether the proposal is credible.

Analysts say it is too close to call the outcome of Tuesday's crucial J.P. Morgan shareholder vote that could result in the separation of the bank's chairman and chief executive positions.

Deborah Turness was named president of NBC News, as expected. The 46-year-old is the first woman to lead a U.S. broadcast news division.

General Electric said GE Capital's board approved a $6.5 billion dividend payment to the conglomerate, which reflects 30% of the financial arm's planned 2013 earnings.

What's underneath the hood of the latest Xbox videogame console represents a multiyear odyssey of trying to figure out how to keep the machine "cool."

Chesapeake Energy tapped Robert Douglas Lawler, a 46-year-old executive at Anadarko Petroleum, to succeed Chesapeake co-founder Aubrey McClendon as CEO of the nation's second-largest natural-gas producer.

U.K.-listed miner Kazakhmys, the largest shareholder in Eurasian Natural Resources Corp., said it would be willing to consider an offer for ENRC, marking its first response since ENRC rejected an initial $2.2 billion offer.

Stephen King has no plans for a digital edition of his new book, "Joyland," hoping to get more people to shop for it in a physical bookstore.

France's Danone and China Mengniu Dairy struck a deal to expand yogurt production in China. Danone will have a 20% stake in the venture and buy an an indirect 4% stake in Mengniu.

While rising labor costs have become almost routine for global mining firms, locals in Brazil have been willing to take lower-level jobs such as operating a conveyor belt for less than $10,000 a year.

An independent Scotland would have banking assets worth more than 1,250% of Scottish gross domestic product, putting taxpayers at significant risk in the event of another banking crisis, the U.K. Treasury said Sunday.

In a deal that highlights shifting power in technology, Yahoo has agreed to pay $1.1 billion for Tumblr, a blogging site with little revenue but more than 100 million users.

Boeing and its customers are refocusing on fixing more technical issues that affect the reliability of the 787 jet, as the aircraft resumes commercial flights after battery woes that led to a global grounding.