BEIJING â¿¿ Nestle SA says it will cut infant formula prices in China by an average of 11 percent starting Monday in response to an investigation into alleged price-fixing by several foreign companies. The price cuts by the company's Wyeth Nutrition unit will be maintained through 2014, and the prices of some products will be cut by up to 20 percent, a spokesman said. China has been investigating five foreign companies and one Chinese company for allegedly violating market competition laws by manipulating retailers to sell infant formula at inflated prices.
LONDON â¿¿ Media mogul Rupert Murdoch has been recorded saying wrongdoing by his British newspapers was "next to nothing" and apparently acknowledging that his reporters paid police officers for information. In a tape published in transcript by the ExaroNews journalism website and broadcast Wednesday on Channel 4 News, Murdoch is heard saying, "it's the biggest inquiry ever, over next to nothing." By Jill Lawless.AP Photos With: PAULA DEEN â¿¿Paula Deen is ending her business relationship with a longtime agent after her admission that she used racial slurs in the past resulted in the loss of major pieces of her media and merchandising empire. Also moved for use on July 4 and thereafter: SMALLBIZ-BEER-ECONOMIC IMPACT NEW YORK â¿¿ To see how a small business can transform a neighborhood, just follow the barrels. As the craft beer market grows, drinkers aren't the only beneficiaries. From New England to the Pacific Northwest, new businesses have bubbled up around craft breweries, drawing young people and creating a vibrant community where families could plant roots and where small businesses can thrive. By Business Writer Tali Arbel. AP photos. With: â¿¿ SMALLBIZ-BREWERIES â¿¿ Brewery owners tackled the hard work of renovating old buildings in rundown urban neighborhoods. Their efforts have helped create small-business hubs around them. A look at six craft breweries that transformed their surroundings. AP photos. â¿¿SMALLBIZ-BREWERIES-PHOTO GALLERY Eds: Photos include before and after photos of neighborhoods.