Delta buys 49% of Virgin Atlantic, as Virgin's Aer Lingus hookup mocked by Ryanair and Branson bets on future of the brand. American Airlines, meanwhile, says decision on pursuing US Airways merger is coming soon.

HSBC to pay record U.S. penalty on money laundering.

Diageo terminates talks on "future" of Jose Cuervo.

AIG shares yield $7.6 billion to U.S. government, boosting taxpayers' overall profit to nearly $23 billion.

AOL postpones premiere of hip-hop-inspired TV ad.

Boeing faces revived concerns about 787.

Burberry launches Christmas events and global review.

Burger King expands digital marketing.Continue reading...

AT&T slashes price of Lumia smartphone.

Aereo online-TV service expands in U.S.

Bank of England chief denies New York Fed chief gave warning on rate-rigging.

Richard Branson considers bid for Virgin Records.

Coca-Cola beats estimates with international sales up 5%.

Famous Dave's expands beyond U.S..

GM likely to retain Opel brand despite brand's woes.

Gap eyes Lululemon's Athletica stores with its own Athleta store openings.Continue reading...

It's tough being CNN. The brand that invented the 24-hour news cycle and which made its name covering the Iraq war and other crises has always had to find a way to drive tune-in when there isn't an OJ Simpson-on-the-lam or other breaking news story.

So if you're a CNN executive these or most other days, you're hoping — to yourself, at least — for another "drop everything and watch this" story to unfold somewhere in the world. Nothing really nasty, mind you; just something that will rivet viewers' attention on CNN the way they always do when something goes bad somewhere around the globe.

"The world still knows to turn to CNN whenever a crisis erupts," David Bohrman, the Current TV president who served as CNN's Washington bureau chief, commented to the Wall Street Journal. "That is the brand." And therein likes the rub.Continue reading...

American Apparel may have a knight in shining armor: George Soros.

American Express sees millions of Twitter Sync coupons redeemed within first five days.

Ann Taylor tweaks brand lineup.

Apple finds iPhone falling behind Samsung in China.

BBC America bets on New Yorkers as tastemakers for new cooking show.

Barnes & Noble tests Penguin publishing boutiques in its stores.

CNN reportedly in talks to acquire Mashable.

Chevrolet shows off networked car at SXSW.

Chevron plays catch-up in shale gas.

Chipotle gets a big bang for the little buck.Continue reading...

Amazon removes resellers' iPads from sale in China, at Apple's request, as more cities block sales.

Apple tightens rules to protect iPhone users contacts from apps.

Peter Arnell and Omnicom settle their suit.

AT&T, Verizon and Sprint see SEC reject their view on net neutrality.

British Airways staff receive iPads for lowdown on VIP passengers.

CBS head Les Moonves anticipates $4 million per Super Bowl spot.

CNN severs remaining ties with Larry King.

Facebook to release Timeline for brands this month.

GM reports weaker than expected results, eliminates pensions for salaried workers.Continue reading...

While nowhere near as shocking as News Corp.'s surprise closure of News of the World, across the Atlantic CNN delivered its own shocker this week. Eliot Spitzer is out as CNN replaces his nine-month old In the Arena roundtable program that followed the demise of Parker Spitzer, and faithful Anderson Cooper regains his flagship positioning with Anderson Cooper 360 moving to 8 p.m. ET starting August 8th.

Spitzer's ouster isn't the only news. Additional changes to the CNN schedule include the shifting, in late September, for The Situation Room With Wolf Blitzer from 5-7 p.m. to a late afternoon 4-6 p.m. slot; John King’s show will move to 6 p.m.; while Erin Burnett, recently hired from CNBC, will assume the 7 p.m. slot as the lead-in to Cooper.

The only prime-time show unaffected is Piers Morgan Tonight, the 9 p.m. interview show introduced six months ago to replace Larry King.Continue reading...

Larry King is back! With his wife Shawn! For BreathGemz! Er, sorry, Lar... not a great follow-up to your cameo in Arnold Schwarzenegger's The Governator. You're turning your golden years into our golden fears.

Below: Chipotle goes for the gold, a shaggy dog's tale and more.Continue reading...

Airbus says it’s ahead of rival Boeing on new-plane orders.

AOL bets on hyperlocal news with Patch.com.

BP deal with Russian oil giant Rosneft criticized on U.S. national-security grounds.

Campbell Soup targets China.

Fiat wins a crucial union vote agreeing to changes in a plant in Turin and plans product changes for Chrysler.

Hyundai ponders a second U.S. manufacturing plant despite UAW lobbying.

Johnson & Johnson looks to get its act together in drug aisle.Continue reading...