Business news in brief

Pennsylvania Attorney General Linda Kelly said that the distribution of $11.5 million in proceeds from national bid-rigging settlements with Bank of America and JPMorgan Chase was under way. Numerous Southeastern Pennsylvania entities, including SEPTA, the City of Philadelphia, Catholic Health East, and Jefferson Health System, will share in $4.2 million of the state total. The financial institutions were accused of manipulating a bidding process in a way that caused municipalities and nonprofits to pay higher fees and receive lower interest rates on money from municipal bond sales that was set aside until the projects started. - Harold Brubaker

Mike Pestronk, partner in Post Bros., the apartment redevelopers, said his firm paid "more" for 260 S. Broad St. than the $22 million paid for the 330,000-square-

foot office tower when it last sold, in 2001. Pestronk wouldn't say how much more until the deed is recorded. Will the site, dubbed the Atlantic Building, be the next Center City ex-office tower turned into apartments? That's the idea: "We are in the apartment business," Pestronk confirmed. There is no timetable, he added. The building includes the Center City outlet of the Ruth's Chris Steak House high-end chain, along with the site last occupied by TV impresario Ted Turner's former steak house chain, and Neil Stein's former Avenue A, which aimed at the theater crowd from the nearby Kimmel Center. - Joseph N. DiStefano

McDonald's Corp., which has thrived in recent years by emphasizing affordability and rolling out popular new menu items, is starting to show signs of stress from the volatile global economy. The restaurant chain said its net income fell 4 percent in the second quarter as a result of a strong dollar and budget-conscious consumers in economically hard-hit regions of the world. For the quarter, McDonald's said it earned $1.35 billion, or $1.32 per share. That's down from $1.4 billion, or $1.35 per share, in the year-ago period. McDonald's said unfavorable currency exchange rates hit its results by 7 cents per share. Total revenue was $6.92 billion, up from $6.91 billion a year ago. When stripping out the impact of exchange rates, the company said revenue rose 5 percent. Analysts polled by FactSet expected $1.38 per share on revenue of $6.94 billion. - AP

China's CNOOC Ltd. said it will buy Canadian oil and gas producer Nexen Inc. for $15.1 billion cash. CNOOC, one of China's three major state-owned oil producers, said the deal would expand its presence in Canada, Nigeria and the Gulf of Mexico. The offer of $27.50 a share is a premium of 60 percent to Nexen's closing price Friday on the New York Stock Exchange. CNOOC said it expects the takeover to be completed in the fourth quarter of this year. - AP

The U.S. Treasury Department said it started selling stakes in 12 banks that received taxpayer funds after the financial crisis as the administration seeks to wind down its crisis-era bailout programs. The Treasury said it was beginning auctions of preferred stock and subordinated debt positions in the banks, which include Marquette National Corp., Chicago, with about $1.7 billion in assets, and Exchange Bank, Santa Rosa, Calif., with about $1.6 billion. The auctions are part of the Obama administration's efforts to get repaid for initiatives such as the Troubled Asset Relief Program, which Congress approved in 2008 to prevent further damage from the financial crisis. - Bloomberg News

The CME Group said it was exploring the idea of having brokerages separate their customers' money from their own funds, keeping the customer money in a clearinghouse or other type of separate depository. The idea was floated in a letter to customers. The CME Group's suggestion comes after the collapse of two brokerages, MF Global in October and Peregrine Financial Group this month. In both cases, customer money disappeared by the time the companies filed for bankruptcy protection. Brokerages are already required to keep customer money in separate accounts from company money. That way, if a company fails, customers should still be able to get their money back. MF Global and PFG rattled investor confidence because they raised the possibility that segregated funds are not as safe as investors thought. The CME Group runs futures exchanges where investors can trade on agricultural commodities, energy, metals and other investments. - AP

As sales declines worsen, teen clothing seller Wet Seal Inc. has fired CEO Susan McGalla without a replacement for her. McGalla had been Wet Seal's CEO since January 2011, and had signed an employment contract with the company through August 2014. Her departure is effective immediately, and the company said Monday that it is starting a search for a new CEO. In the meantime, the chairman, president and chief financial officer are overseeing Wet Seal. McGalla said in a statement that she was proud of what was accomplished during her tenure. Revenue at stores open at least year dropped 8.8 percent in May and 9 percent in June, and the company said Monday that the figure has fallen 13 percent to 14 percent through the third week of July. This figure is a key retail gauge because it counts only established stores, excluding results from stores recently opened or closed. Also, three women from Delaware County, Pa., have sued the company, saying they were let go because they are African American. - AP

The price of oil fell Monday as concerns rose about Europe's indebted economies. As Europe struggles, its demand for manufactured goods from the United States and China will likely fall. China, the world's second biggest oil consumer behind the United States, already foresees slower economic growth in the third quarter. And the U.S. .economy is still sluggish. Less growth means less oil demand. Benchmark U.S. crude prices fell by $3.76, or 4 percent, to finish the day at $88.07 per barrel in New York. - AP