By Bernie Woodall DETROIT (Reuters) - Chrysler Group LLC said it would recall 2.7 million older Jeep models after initially fighting a recall request from U.S. regulators in a dispute over crash protection for their fuel tanks. The recall will affect Jeep Grand Cherokee SUVs from model years 1993 to 2004 and Jeep Liberty SUVs from 2002 to 2007. While Chrysler stood by its assertion that the vehicles are not defective, the automaker acknowledged consumer concerns and said it may upgrade the rear structure of the vehicles, which have their fuel tanks situated behind the rear axle. ...

NEW YORK (AP) — It's all about the Fed. Still.

By Nate Raymond NEW YORK (Reuters) - Two former hedge fund managers persuaded a U.S. appeals court on Tuesday to allow them to remain free on bail as they seek to have their insider-trading convictions thrown out. Todd Newman, a former portfolio manager at hedge fund Diamondback Capital Management, and Anthony Chiasson, co-founder of hedge fund Level Global Investors, had been set to begin prison sentences later this summer. The two were convicted in December of illegally trading in Dell Inc and Nvidia Corp stock based on non-public information supplied by research analysts. ...

(Reuters) - Billionaire investor Carl Icahn on Tuesday laid out a new proposal for Dell Inc, calling on the No. 3 PC maker to buy back 1.1 billion shares and allowing the activist to become a larger stakeholder. Icahn said in an open letter to Dell shareholders that he and Southeastern Asset Management would still seek to stop founder Michael Dell's buyout offer for the company, and if successful, elect new directors to the board at a shareholder meeting scheduled for July 18. Those directors in turn would implement a $14 per share tender offer, he said in the letter. ...

By Jennifer Saba (Reuters) - Facebook Inc said on Tuesday it now has 1 million active advertisers globally who used the platform in the last 28 days, a milestone for the company that is seeking to revive its revenue growth. A vast majority of those advertisers are small business owners who have flocked to the world's No. 1 social network. Facebook executives are hoping to net even more small advertisers since 16 million local businesses, ranging from jewelry sellers to clothing stores, set up free pages on the network. ...

By Karen Freifeld NEW YORK (Reuters) - A financial advisory unit of Deloitte LLP has agreed to pay $10 million and accept other New York state penalties to settle accusations of misconduct related to an investigation of money laundering at Standard Chartered Bank. Deloitte Financial Advisory Services also agreed to a one-year ban on doing consulting work for financial institutions regulated by New York state, and to reforms designed to address conflicts of interest, the state Department of Financial Services said on Tuesday. ...

SEATTLE (Reuters) - Google Inc said on Tuesday it has asked the Foreign Intelligence Surveillance Court to allow the Internet company to publish aggregate numbers of national security requests, including disclosures under the Foreign Intelligence Surveillance Act (FISA), separately from criminal requests. Google's move comes after other tech companies, including Microsoft Corp, Facebook Inc and Apple Inc released limited information about the number of surveillance requests they receive under an agreement they struck with the U.S. government last week. ...

ENNISKILLEN, Northern Ireland (AP) — President Barack Obama, Russian President Vladimir Putin and other G-8 leaders attempted to speak with one voice Tuesday on seeking a negotiated Syrian peace settlement — yet couldn't publicly agree whether this means President Bashar Assad must go.

WASHINGTON (AP) — What the world hopes to hear Wednesday from the Federal Reserve can be summed up in one word: clarity.

(Reuters) - Adobe Systems Inc, which makes the Photoshop and Acrobat software, reported a higher-than-expected adjusted quarterly profit as demand rose for the subscription-based version of its flagship software package. Shares of the company rose 4.4 percent in after-market trading. Net income fell to $76.5 million, or 15 cents per share, in the second quarter, from $223.9 million, or 45 cents per share, a year earlier. Excluding items, earnings were 36 cents per share. Revenue fell 10 percent to $1.01 billion. Analysts on average had expected earnings of 33 cents per share on revenue of $1. ...

NEW YORK (AP) — The stock market is closing higher as investors anticipate that the Federal Reserve will keep programs to support the U.S. economy in place.

By John Tilak TORONTO (Reuters) - Canada's resources-heavy stock market, which has struggled to gain traction in 2013, is expected to kick into gear in the second half of the year as the global economy rebounds, a Reuters poll found. The median forecast in a poll of 40 market strategists, taken in the past week, shows the Toronto Stock Exchange's S&P/TSX composite index is expected to end the year at 12,850, up 5 percent from Monday's close of 12,288.90. It will then rise to 13,500 by mid-2014 - a level not seen since mid-2011. ...

By Rodrigo Campos NEW YORK (Reuters) - U.S. stocks edged up in morning trading on Tuesday ahead of the start of a highly-anticipated Federal Reserve meeting. The Fed's policy-setting Federal Open Market Committee starts a two-day meeting Tuesday and markets are on tenterhooks as traders try to anticipate the Fed's timeline for winding down a bond-buying program that has been fundamental for price moves in various markets. Speculation over the meeting has shaken markets significantly after Fed Chairman Ben Bernanke said on May 22 the Fed could begin to scale down its stimulus if the U.S. ...

NEW YORK (AP) — Stocks are opening higher on Wall Street after the pace of home construction picked up in May, the latest encouraging sign from the housing market.

By Atul Prakash LONDON (Reuters) - Record prices at art auctions in recent weeks and oversubscribed holidays by private jet are among signals that a stock market slump is approaching, if followers of behavioural finance are to be believed. They insist social mood governs human action, including investment on stock markets, and their theories are gaining ground as tools for financial analysis. ...

NAIROBI (Reuters) - The Kenyan shilling traded little changed on Tuesday but looked vulnerable to pressure from foreign investors selling local stocks and demand for dollars from importers. By 0723 GMT, commercial banks quoted the shilling at 85.75/85 per dollar per dollar, barely changed from Monday's close of 85.65/85. "The shilling is weakening following the sell-off on the stock market. There are signs of importers coming in to buy dollars," said Sheikh Mehran, a senior trader at Kenya Commercial Bank. ...

By Herbert Lash NEW YORK (Reuters) - Global equity markets rose and the dollar strengthened against the yen on Monday on expectations the Federal Reserve will reinforce its commitment this week to supporting the U.S. economic recovery. Stocks on Wall Street and major European indices gained about 1 percent as investors anticipate the end of a two-day meeting of the U.S. central bank on Wednesday, when investors hope to get a better idea on Fed policy from Chairman Ben Bernanke. ...

By Herbert Lash NEW YORK (Reuters) - Global equity markets rose and the dollar strengthened against the yen on Monday on expectations the Federal Reserve will reinforce its commitment this week to supporting the U.S. economic recovery. Stocks on Wall Street and major European indices gained 1 percent or more as investors await the end of a two-day meeting of the U.S. central bank on Wednesday, when investors hope to get a better idea on Fed policy from Chairman Ben Bernanke. ...

By Rodrigo Campos NEW YORK (Reuters) - U.S. stocks rose 1 percent early on Monday, with traders focused on expectations the Federal Reserve will reinforce this week its commitment to supporting the economic recovery. Energy and financial shares led gains on the S&P 500, pointing to bets on a stronger economy. The PHLX housing sector index rose 2.4 percent. Equities held on to sharp gains after data showed U.S. homebuilder sentiment jumped in June, rising above 50 for the first time since the start of the housing crisis in a vote of confidence for the sector's recovery. ...

NEW YORK (AP) — The U.S. stock market rose in early trading Monday, driven not by any new economic data but by investors counting on the Federal Reserve to extend programs meant to boost the economy.

SANFORD, Fla. (AP) — Attorneys trying to pick a jury in George Zimmerman's murder trial have selected a pool of 40 potential jurors who will go on to a second round of questioning.

BOSTON (AP) — A former cohort of James "Whitey" Bulger who admitted killing 20 people is insisting he's not a hit man or a serial killer.

Debevoise & Plimpton expands is bankruptcy and restructuring group; Littler Mendelson poaches from labor and employment rival Jackson Lewis; and DLA Piper sheds an insurance group in England. The Churn is constant. Please send all announcements to thechurn@alm.com.

       

A former college professor accused of going overseas to have sex with minors has become the 500th person to hold a spot on the FBI's famous Ten Most Wanted List. The felonious milestone was reached this week when two new names were added to the list of America's worst at-large criminals. Jose Manuel Garcia Guevera became the 499th fugitive (he's wanted for a 2008 rape and murder), and Walter Lee Williams joined him shortly after. ...

A law firm accused of shaking down Internet porn consumers by threatening to expose their identities is kicking up a storm at the U.S. Court of Appeals for the Ninth Circuit. And the first merits brief isn't even filed yet.

        

SCO's claims that it deserves damages from IBM and royalties from Linux users infuriated open-source proponents, and the case against IBM seemed to be going nowhere before a judge agreed to dust it off late last week.

        

The Portland, Oregon–based Am Law 200 firm is advising Canada's Brookfield Asset Management on the $2.65 billion sale of timberlands in Oregon and Washington to forestry giant Weyerhaeuser Co. and the $1.025 billion sale of another paper and packaging business to KapStone Paper and Packaging. Cravath, Swaine & Moore and Sidley Austin, respectively, are representing the buyers.

       

The Portland, Oregon–based Am Law 200 firm is advising Canada's Brookfield Asset Management on the $2.65 billion sale of timberlands in Oregon and Washington to forestry giant Weyerhaeuser Co. and the $1.025 billion sale of another paper and packaging business to KapStone Paper and Packaging. Cravath, Swaine & Moore and Sidley Austin, respectively, are representing the buyers.

       

By a 5-3 vote, the Supreme Court held that pharmaceutical pay-for-delay deals aren't presumptively illegal under antitrust laws, but the government can still try to make a case that individual settlements are anticompetitive. In other words, the pharma industry will be keeping its lawyers very busy.

        

Forget the food and the wine. You're there to schmooze, make an impression, and snag an offer.

       

(Reuters) - Japan's Toshiba Corp plans to cut about 10 billion yen ($104 million) in costs this fiscal year by reorganizing its network of television factories in Indonesia, China and Poland, the Nikkei said, citing company sources. Toshiba wants to make its TV operations profitable this year by overhauling its global production network and raising prices after the business lost almost 50 billion yen on a consolidated basis last business year, the Japanese daily said. ...

Nokia shares rallied on a report that Chinese smartphone and networking vendor Huawei would be interested in acquiring the firm.

Billionaire investor Carl Icahn announced to shareholders that an investment bank will help fund his bid to buy the struggling PC maker.

Online coupon provider RetailMeNot filed for an initial public offering for up to $230 million, as e-commerce activity continues to pick up.

Facebook may unveil a new video feature for Instagram at a highly-anticipated press event this week, sources tell TechCrunch.