24/7 Wall St.

Facebook Inc. (NASDAQ: FB) will not sell shares to cover a $2 billion tax bill. (Reuters)

Government papers accuse BP PLC (NYSE: BP) of gross negligence in the Deepwater Horizon incident. (Reuters)

Nokia Corp. (NYSE: NOK) and Microsoft Corp. (NASDAQ: MSFT) will set their hopes for success in the smartphone market on the new Lumia handset. (Reuters)

Apple Inc. (NASDAQ: AAPL) schedules a September 12 event, which is expected to be the launch of the iPhone 5. (Reuters)

Amazon.com Inc. (NASDAQ: AMZN) sets an exclusive deal with premium video provider Epix, causing shares of the e-commerce firm’s rival Netflix Inc. (NASDAQ: NFLX) to fall. (Reuters)

FedEx Corp. (NYSE: FDX) says the economy will hurt its earnings. (WSJ)

European Central Bank rate cuts have not helped all of Europe because of the differences in lending costs from nation to nation. (WSJ)

A judge rules that bankrupt AMR can reject pilot labor deals. (WSJ)

Intel Corp. (NASDAQ: INTC) says it can cut energy use by its current flagship chip by 41%. (WSJ)

The United Nations says that the summer drought could cause a food crisis similar to the one in 2008. (WSJ)

Volkswagen will upgrade its Golf model as it tries to better compete with Toyota Motor Corp. (NYSE: TM). (WSJ)

Spain’s bank problems grow worse, causing a need for ECB action. (WSJ)

Chinese city Guangzhou will restrict use of cars. (NYT)

States may sue large banks over Libor manipulation. (NYT)

Negative interest rates may hurt money market investors. (FT)

China Labor Watch says Samsung abuses workers in its factories in the People’s Republic. (Bloomberg)

Douglas A. McIntyre