JPMorgan Chase reaches nearly $6 billion in losses on "whale trades" but posts multi-billion-dollar quarterly profit.

Digg, a social-media pioneer, sells for pittance and gains new CEO.

Richard Branson takes on Stephen Fry in new Virgin UK campaign.

Axe replaces bikini-clad women with Kiefer Sutherland in new spot.

Coca-Cola launches Hispanic campaign for Olympics and reintroduces controversial drink colors in Freestyle dispensing machines at UK Burger Kings.

Olive Garden owner Darden to buy Yard House for $585 million.

Facebook starts automating home-page ad buying and monitoring chats for criminal activity.Continue reading...

Starbucks has always been good for a pick-me-up in the morning. And now it is aiming to be a good place for a bring-me-down at day’s end.

The coffee chain has been experimenting with serving wine, beer, and small plates of food in select Pacific Northwest locations. Now the practice is getting its first test run elsewhere.

Starting Friday, visitors to its spacious (4,500 square feet) Woodfield location in the Chicago suburb Schaumburg, Ill., will be able to order a glass of wine or beer and warm rosemary cashews, among other things, according to the Chicago Tribune. By year’s end, five more stores in the area will do the same.Continue reading...

CNBC joins with Yahoo to bolster web reach via content, programming and distribution alliance.

Comcast and fellow U.S. cable operators face DOJ inquiry over treatment of Netflix and Hulu.

New York's proposed big soda ban goes to public comment as former Coca-Cola exec switches sides.

American Express sponsors Kenny Chesney concert for live-streaming on YouTube.

Apple is likely killing Ping.

Burger King's summer BBQ menu rolls out with sweet potato fries and bacon sundae.

Citi partners with USAID to foster mobile commerce in developing nations.Continue reading...

Macy’s is graduating five vendors from its second minority- and women-owned business development program, The Workshop at Macy’s, proof of the success of the retailer’s commitment to mentoring and fostering growth begun last spring.

The latest graduates include Bella Tunno, Big Girl Cosmetics, Cenia, Kane & Couture and Lamik Beauty, and their products are now available at select Macy’s stores and/or Macys.com.Continue reading...

Running of the Brides, the infamous, annual Filene’s Basement sale where brides-to-be madly dash for deeply-discounted wedding gowns, (as seen above from last year's sale at Boston's Hynes Convention Center) may have run its course, as the chain with roots dating back to 1909 continues to be dissolved.

It’s been a sad saga since Filene's Basement, the American retailer famed for its high-spirited Running of the Brides franchise — which sees shoppers line up at the crack of dawn, dress up and cheer as they storm the racks of bridal gowns — and sibling retailer Syms, known for its tagline "an educated consumer is our best customer," announced they were facing the ultimate markdown: Chapter 11 bankruptcy.

Fast forward to this week, and the indefinite postponement of a scheduled auction to sell off the intellectual property of Filene’s Basement and parent company Syms Corp. until creditors can agree on a plan to close out the bankruptcy case.Continue reading...

GM pressures TV networks for discounts in upfront.

Ducati is booming in North America.

Facebook sees future in India, and explores access for under-13-year-olds as fallout from botched IPO continues.

Adidas sues Merrell over three-stripe design.

Apple/Motorola patent trial will feature Steve Jobs 'testimony.'

Big Tobacco goes to war in California.

BlackBerry-maker RIM victim of own 'identity crisis' (at least it's still cool with South African youths).Continue reading...

Burberry released the campaign for its Autumn/Winter 2012 collection, starring British actress Gabriella Wilde and musician Roo Panes. The black and white campaign, shot by fashion legend Mario Testino, uses London as the backdrop. "We wanted to play with everything that’s at the heart of the Burberry world – celebrating our brand and London through imagery, film, music, weather and our iconic outerwear, all in a very poetic and British way," explained Burberry chief creative officer Christopher Bailey.

In other fashion/luxury news today:Continue reading...

Best Buy, JPMorgan, Yahoo CEO stumbles put ethics and mismanagement in the spotlight. JPMorgan closes ranks around embattled CEO Jamie Dimon as mega-loss is probed; and Yahoo's interim CEO Ross Levinsohn reportedly close to getting role permanently.

Amazon reportedly prepping front-lit Kindle for July.

Facebook eyes historic $12 billion to $15 billion IPO windfall and up to $104 billion valuation.

Activision Blizzard goes back to the future for new games.

Apple plans iCloud upgrade, and thinner laptops with Intel chips.

Baidu enters China's crowded low-cost smartphone market.

BMW touts "ultimate service" in new campaign.

Budweiser strikes deal with Jay-Z for annual concert.Continue reading...