HP board shakeup and chairman exit gives CEO Meg Whitman a chance to shake off troubles.

BP faults Deepwater Horizon claims overseer, launches first brand-wide fuel loyalty program.

BMW prepares X4 crossover for U.S. market, makes vehicles greener with fewer cylinders, less gasoline.

Al Jazeera America hires CNN's Ali Velshi as anchor.

Amazon's Jeff Bezos leads $5 million investment round in Henry Blodget's Business Insider.

Apple reportedly signs music labels for streaming service as Google's YouTube clinches deal with Universal Music.

Best Buy may have turned the tide on showrooming Amazon.Continue reading...

Amazon sees online retail rivals rise in 4Q and reign as most expensive stock end as company may have smartphone ambitions.

Facebook phone, no longer a rumor, is coming to Android.

Toys 'R' Us pulls planned IPO.

American Express tests geo-targeted ads in London cabs.

American Greetings decides to go private.

Apple apology by CEO Tim Cook seems to satisfy Chinese authorities.Continue reading...

New York City and mid-Atlantic brace for Irene's violent strike.

ABN Amro to cut 2,000-plus jobs.

AIG wants analysts to value it more highly.

Bloomberg accelerates in legal-research market with acquisition.

Delta sorts out Boeing orders.

Facebook makes major changes to location-based product.

Ford champions Google+.

General Motors and LG to team up on electric cars.

Groupon has "never been stronger," CEO insists.Continue reading...

For over 100 years, FAO Schwarz was widely regarded as the Tiffany of toys. Its renowned Fifth Avenue store in New York City became a must-see stop for visitors with (and without) children.

Founded in 1862 by a German, Frederick August Otto Schwarz (hence the "FAO"), FAO Schwarz expanded to as many as forty stores before it was unable to withstand an assault from value-priced competitors. The company succumbed to a few ugly 21st Century bankruptcies. In May 2009, the unthinkable occurred: the venerable brand name was purchased by discounter Toys 'R' Us.Continue reading...

ING to split, repay state aid. [Telegraph]

McDonald's pulls out of Iceland as Kronos collapses. [FT]

Ex-AIG chief Greenburg cherry-picks AIG talent for his new shop. [NY Times]

New Chrysler-Fiat business plan brings the Alfa Romeo and 500 to the US by 2012. [WSJ]

Fisker Automotive will build plug-in electric hybrid vehicles at former GM plant. [NY Times]

Britain's Department for Health endorses the Wii Fit video game. [Telegraph]

Toys 'R' Us is relaunching FAO Schwarz brand with in-store boutiques and website. [NY Times]

Facebook and MySpace in talks to share content. [Telegraph]

CNN is in last place among cable news networks. [NY Times]

(More headlines: Microsoft store, Cheez Doodles.)Continue reading...

Apple's 47% gain in profits is even better than expected. [NYT]

Coca-Cola earnings fell short. [Reuters]

Pfizer's growth boosted by cost-cutting. [NYT]

First-ever Iranian big box, originally slated to be branded as Carrefour, is now under Carrefour's Hyperstar sub-brand. [FT]

Barnes & Noble introduces the Nook e-reader, with $259 price matching Amazon's Kindle. [NYT]

Regulators veto BBC plan to link iPlayer to ITV and Channel 4 shows. [Times of London]

Toys 'R' Us introduces layaway program to boost holiday sales. [LA Times]

(More headlines: GM's Korea struggles, NYT cutbacks.)Continue reading...