ABC handles product placement delicately for Modern Family.

American Ethanol sponsors NASCAR drivers.

Apache makes $3-billion acquisition in U.S. oil business.

Apple raises "made-in-America" questions about iPhone manufacturing.

BlackBerry future questioned as RIM's new CEO takes the reins.

Carnival CEO lies low during crisis as his company mishandles communications with survivors of shipwreck.

Cisco tests LinkedIn marketing campaign.

Facebook wants to become a bigger news player.

Fisker battles problems across the EV company.Continue reading...

BP today kicked off a $10 billion asset sale aimed at raising cash to pay for its Gulf of Mexico oil spill. 

Reuters reports that BP has reached a deal to sell $7 billion in oil and gas assets in Texas, western Canada and Egypt to Apache Corp. as it tries to raise money to deal with the Gulf of Mexico oil spill. BP is supposed to get a $5 billion cash deposit on July 30 as part of the agreement.

Reuters also says the oil giant plans to sell gas assets in Pakistan and Vietnam worth around $1.7 billion.

As part of the company's deal last month with U.S. President Barack Obama to set up a $20 billion Gulf spill compensation fund, BP committed to sell oil and gas assets worth $10 billion in the coming year.Continue reading...

BP is wrangling with the U.S. government over its intention to permanently seal its well, with its cap permitted to stay in place just one more day while testing continues. White House officials yesterday insisted that BP continue testing after signs of seepage were found near the damaged well; BP countered that the seepage may not be its well. BP's talks to sell half its stake in a controversial Alaska oil well to Apache also stalled over the weekend. The company's oil spill cleanup tab so far: nearly $4 billion. British officials hope Prime Minister David Cameron's upcoming visit to the U.S. won't be marred by the BP situation. Watch President Obama's latest remarks on the oil spill after the jump.Continue reading...

The Wall Street Journal calls BP's capping of the Gulf oil leak the end of the beginning, with "crunch time" ahead. Pressure tests will be performed today to see if the cap can be left on the well.

The New York Times revisits BP's safety record, while U.S. senators want the company's role in Lockerbie bomber release investigated.

BP's talks with Apache are causing concern, as Abu Dhabi's crown prince reportedly considers taking a stake.

Pepsi is offering $1.3 million for ideas to aid the Gulf (submit here through Thursday at noon ET), while Jersey Shore's Snooki is doing her bit.

ExxonMobil, meanwhile, is treading lightly these days.

In sad news for the Village People, the YMCA follows KFC, NPR and AARP in formally adopting its acronym and shedding three letters to become just the Y. Individual branches will still be known as "The YMCA of ____." (Update: Village People respond, more details here.)

BP shares rise on news it's making progress on oil spill containment but not making promises — and that it's rumored to be in talks to sell assets to Apache, and facing a possible ExxonMobil takeover bid. Louisiana is pitching BP on a scheme to get unemployed commercial fishermen back on the job.

Spain's octopus-predicted triumph over the Netherlands in the World Cup final drew Nelson Mandela to the closing ceremony while Uruguay's Diego Forlan won the Adidas Golden Ball (not the unpopular Jabulani) for individual achievement. A likely terrorist attack in Uganda killing at least 60 World Cup fans marred yesterday's celebrations.Continue reading...