Today in business: 5 things you need to know

1. ACTIVIST INVESTOR SEEKS TO MERGE PEPSICO AND MONDELEZ

Activist investor Nelson Peltz is urging PepsiCo to buy Mondelez, owner of Oreo, Chips Ahoy! and other sweet brands, for $80 billion, and spin off Pepsi's beverage division. If PepsiCo's shareholders support the plan, the joint company would have 17 snack brands and could earn $70 billion in annual revenue. Pepsi said Wednesday that it opposes big deals and thinks its snack and drink branches work well together. [The Wall Street Journal]

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2. BLYTHE MASTERS MAY ESCAPE BLAME IN FERC CHARGES AGAINST JPMORGAN

Wall Street Wizard Blythe Masters may escape Federal charges after all, say people briefed in the Federal Energy Regulatory Commission case against JPMorgan. Earlier this year, investigators accused Masters of making "false and misleading statements under oath" to hide that JPMorgan manipulated prices in electricity markets. Masters was expected to face separate charges, but people familiar with the matter now say the FERC is leaning away from the idea. [The New York Times]

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3. CASINOS BOOST DETROIT DURING BANKRUPTCY

In what was the largest bankruptcy filing in the nation's history, Detroit showed that the $11 million it pulls in from its casino tax each month "is roughly the equivalent of 30 percent of the city's total available cash on hand as of June 30," or enough to fund half the police department. "With four of the top 10 most dangerous neighborhoods in the nation, the city needs access to [the casino] money immediately to ensure public safety and keep its police on the streets and its firefighters responding to fires," said the filing. [CNN]

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4. NETFLIX GETS 14 EMMY NODS

Netflix's first batch of TV shows earned 14 Emmy nods this week, securing its place as a rival to traditional TV media. In 2008, a rule change allowed internet shows to be nominated for awards, but this was the first time a show that was never actually broadcast was nominated in top categories. The political drama House of Cards won a nomination for best drama, while the new season of Arrested Development's Jason Bateman was nominated as best comedy actor. The horror-themed show Hemlock Grove also won nominations in smaller categories. [USA Today]

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5. WHIRLPOOL RAKES IT IN

Profits for Whirlpool, the world's largest seller of refrigerators and other large appliances, rose 75 percent in the second quarter, a sign that an extended slump in the U.S. appliance market is coming to an end. Whirlpool, which is raising its outlook for the rest of 2013, credits the recovering housing market for the surge in demand. [The Wall Street Journal]