imho, this depends on the team. In a team where you have good or above average SQL stored procedure development skills, there is nothing wrong with putting Business Logic in the DB. In fact, if done well, in an organized and structured mannner, there is much to be gained.
Any logic that involves multiple resources, of course, should remain in a code logic layer, but if a process strictly involves resources from one database, on one server, then encapsulating it in a stored procedure saves round trips, isolates the logic in one place where it can be more easily managed, (instead of having it duplicated in each app that uses it) and allows changes to the logic and/or bug fixes to be deployed without a recompile.
This is especially true if the only destination for the results of the process is in the database itself (i.e., the output simply needs to be persisted into the same database the inputs came from).
Also, doing this can help mitigate the effects of small schema changes on the code base, as the stored procedures can be designed to "include" a well-defined interface between the underlying schema and the class structure of the code base, in effect implementing the "facade" pattern. In this way changes in schema may only require changes in the stored proc (the mapping portion), without changing the publicly visible interface consumed by external code.
Also, being open to placing some logic in stored procedures makes it substantially easier to actually implement a physical schema (model) that is NOT exactly the same as the logical model that came out of your business domain model analysis. Too often, this step is ignored or skipped, with detrimental results.
As to performance, anything done (with equal skill) in the database is guaranteed to be faster than if the data has to be transferred to a logic layer on an application server, and then transferred back to the database to be persisted, after processing.
Finally, although it almost always goes without saying, any time you hear folks spout a "principle" using words like "Always" or "Never", be afraid, be very very afraid...