Eurogroup chief says Greek exit could be managed
Although not desirable, a Greek exit from the euro could be managed, Eurogroup President Jean-Claude Juncker said in an interview. But when asked how long the possibility of an exit could be categorically excluded, Juncker said, "At least until the end of the autumn -- and after that, too."
Analysis: Sept. 12 may be judgment day for the euro
A German court decision Sept. 12 may determine the Germany's ability to help its debt-ridden neighbors, and perhaps the future of the euro itself.
Eurozone slowdown hits German factory orders
Lower demand from eurozone countries led to a 1.7% drop in German factory orders in June from the month before. The decline was more than double the forecast of economists. "Exports are badly hit by the current cyclical slowdown, and the export-led German industrial sector is not going to be spared from the slump in trade activity," said Annalisa Piazza, an economist at Newedge Strategy in London.
Italy's recession now a year long with 0.7% 2nd-quarter contraction
Italy's recession has extended to a full year, with the economy contracting a steeper-than-expected 0.7% in the second quarter. "These are perilous times for Italy, particularly given the uncertainty about the credibility and effectiveness of measures to help shore up Italian sovereign debt in the likely event of a renewed deterioration in market sentiment," commented Nicholas Spiro, managing director of Spiro Sovereign Strategy.
China says private investment encouragement is working
Swifter approvals of investment projects have helped stabilize China's economy, according to the National Development and Reform Commission, China's top economic planner. "Those measures encouraging private capital to enter fields such as oil and gas exploration and education have been playing an active role since the beginning of this year," a commission official said. Separately, the government said that figures expected to show no growth in July electricity consumption are more indicative of a switch to less energy-intensive service industries than a slowdown in manufacturing.
Market Activities
INTERNATIONAL MARKETS OVERVIEW
U.S. stocks ended the day generally higher as hopes rose that central banks will soon step in, and European shares gained in light trading despite gloomy economic indicators and a sharp loss for Standard Chartered. The S&P 500 was up 0.51%, and the Stoxx Europe 600 rose 0.75%. Here is a continuously updated list of global stock indexes.
System problem shuts down Tokyo derivatives trading
A system problem forced the suspension of all derivatives trading on the Tokyo Stock Exchange on Tuesday. The 93-minute halt in trading marked the second interruption this year.
Economic Trends & Outlook
China's state enterprises are warned to tone down investments
With China's state-owned enterprises posting lower profits, the State-owned Assets Supervision and Administration Commission issued a warning against ill-advised investment, particularly "for the purpose of expansion in scale." Instead, the companies were advised to upgrade technologies, products and business models and focus on more discriminating management of investments and acquisitions.
Current, future indicators for Japan's economy point down
A basket of coincident economic indicators in Japan was off for the third consecutive month in June, edging down 2 points. Meanwhile, the leading CI, which looks to coming months, was also down for the third month with a 2.6-point decline.
Fitch lowers outlook for India's retail sector
With consumer spending hitting a 7-year low, ratings agency Fitch lowered its outlook for India's retail sector from stable to negative. Fitch said its action was prompted by "a sustained deterioration in the discretionary spending ability" among consumers in the face of domestic and international economic troubles.
India's new finance minister faces hurdles to win action
The appointment of P. Chidambaram as India's finance minister and his call to action have won applause, but it is not clear the measures he urges will win parliamentary cooperation.
Australian central bank sees growth signs from earlier rate cuts
Emerging signs in Australia's economy suggest that earlier rate cuts by the central bank are beginning to bear fruit, said the bank's governor, Glenn Stevens. The remark indicates no further cuts are likely soon, leaving Australia's official borrowing costs the highest in the developed world.
Taiwan exports fall as inflation climbs
For the fifth month in a row Taiwan's exports in July were lower than a year before, weighed down again by a struggling world economy, the Ministry of Finance said. Meanwhile, the rise in Taiwan's consumer price index, at a 2.46% annual rate in July, was the highest in four years.
Capital Markets & Financial Products
China discounts concerns that foreign investment might soon dry up
Foreign direct investment in China may continue to erode a bit but there will be no sudden exit of foreign capital, said Zhang Xiangchen, director of the Department of Policy Research at China's Ministry of Commerce. Although the U.S. is aiming to pull some investment back from China, "sharp declines ... will not happen in the next year or two," Zhang said. As for China's declining stock market, analysts say what's needed is confidence, rather than the fee cuts offered by regulators.
Refinancing pressure grows for many Chinese banks
Despite currently sufficient capital, Chinese banks are under increasing pressure to maintain cash flow and refinance, according to a report by The Chinese Banker. Increasing difficulties with refinancing and a growing difference between assets and liabilities are cited among the problems faced by many banks.
South Korean funds' net asset value tops 300 trillion won
The net asset value of South Korean funds has topped the 300 trillion won mark for the first time in nine months, reaching 308.2 trillion won in July. "The NAV of funds jumped last month thanks to the central bank's key rate cut and inflows of standby capital into funds amid mounting hopes for a bullish stock market, resulting in a rise in the valuation and the NAV of funds," the Korea Financial Investment Association reported.
Industry & Regulatory Update
Citigroup forms investment-banking joint venture in China
Citigroup forms investment-banking joint venture in China
Following Goldman Sachs and UBS, Citigroup is forming an investment-banking joint venture in China. Shanghai-based Citi Orient Securities will start with registered capital of $126 million.
Hong Kong unit of Daewoo to set up $1 billion private-equity fund
With an investment portfolio focused on social overhead capital projects in Asia and Europe, Daewoo Securities' Hong Kong Corp. is setting up a $1 billion private-equity fund. Daewoo says it will establish the fund in cooperation with a U.S. private-equity fund, with Daewoo raising half the capital from Korean institutional investors and the U.S. partner providing the other half.
Ethics & Standards
New York allegations deal a hard blow to Standard Chartered
New York regulators' sudden and sharp attack on Standard Chartered for alleged dealings with Iran has shocked the industry and threatens to ruin the reputation of one of the few major banks left untarnished by a run of recent scandals. News of the allegations sent the bank's shares plunging 16% Tuesday, knocking $17 billion off its value.
Top brokers in Japan tell how they'll crack down on leaks
Responding to a scandal of insider-trading-related leaks at Nomura Holdings and Daiwa Securities Group, the leading 12 brokerage firms in Japan are suggesting steps to tighten control over sensitive information. Many maintained that their security measures were already tight but said they would increase monitoring of e-mails and entertainment expenses as well as educate their employees better on what constitutes nonpublic information.
Australian BMX cyclist Caroline Buchanan tweeted a photograph from the athletes' village of a container of condoms with a placard reading "Kangaroos condoms, for the gland downunder" with the picture of a boxing kangaroo.
She joked that the container seemed to back up rumours that the athletes' village becomes a hot bed of activity as thousands of competitors complete their events and celebrate after years of working to get to the Olympics.
"Haha, the rumours are true. Olympic village," tweeted Buchanan, whose BMX contest starts on Wednesday.
Barcelona started the trend of supplying free condoms to athletes when the Spanish city held the Olympics in 1992, with the International Olympic Committee (IOC) endorsing the move to help AIDS awareness and prevention. The handouts came with health information.
The London Olympic organisers, LOCOG, have provided 150,000 free condoms in dispensers for the 10,800 athletes at the Games. They are supplied by Durex, part of British consumer goods group Reckitt Benckiser, which paid for the supply rights.
A LOCOG spokeswoman said they were trying to find out who distributed the so-called Kangaroo condoms, with the container shown to hold condoms from Durex rivals Ansell Ltd, an Australian company and Pasante, a private British company.
She said athletes and officials were allowed to bring products into the village for their personal use.
"We will look into this and ask that they are not handed out to other athletes because Durex are our supplier," said the spokeswoman.
Organisers tightly control which brands can be promoted at the Games, striking sponsorship deals with a limited number of companies and trying to stop non-sponsors from getting free publicity on the back of the Olympics.
A spokeswoman for Ansell said her company knew nothing about the issue and it could well be a prank.
"We have had no official participation or association with the Olympics at all," she said.
Lawrence Boon, managing director of Pasante, said his company had no involvement with the distribution of condoms in the athletes' village and he suspected it was a prank by the Australian team.
"We have no association with the Olympics but we did launch a gold condom this year for champions," said Boon.
"With such high teenage pregnancy and STD rates, we try to make people carry condoms by making them fun and interesting."
A Durex spokeswoman said Durex was "proud to be supplying free condoms for the Olympics Games" but declined to elaborate further.
The number of condoms supplied at London tops the 100,000 made available to athletes in Beijing four years ago.
In Sydney in 2000, organisers took delight in having to order 20,000 more condoms after the initial allocation of 70,000 ran out.
( Reuters, Pic: Twitter )
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Volume and power control from device
Access to iPod power even while using Freedom Sleeve
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Shri Narendra Modi has been a trend-setter for Indian Politicos be it governance, development, technology or social media presence. On 31st August 2012, a yet another example will be set by Shri Narendra Modi, when he will speak with you face-to-face! It’s the 1st time in India that any politician will connect LIVE with the people directly!
Be a part of Google+ Hangout, post your question now!
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| (Image: Playboy.com) Latest: Watch Video of Another hot sizzling dance by Sherlyn Chopra, The Play Boy Girl. Its a remix version of Aankhon ki Masti from Umrao Jaan ( original Mujra performed Rekha, sung by Asha Bhonsle )Sherlyn Chopra tweeted about her video but link was broken. So here is another link to see her raunchy hot dance. Another dance of Ring Ring Ringa ( from Slumdog Millionaire ) by Sherlyn Chopra, must watch both the videos. |
Funny Angry Appa Sherlyn Chopra's Playboy Cover News Video
Also read Latest Sunny Leone Pics as a "Besharam of the Year 2012" by IMBesharam "Introducing Sunny Leone as "Besharam of the year 2012", an Indian Adult Products brand featuring Sunny Leone"
A couple of innocuous tweets from Playboy mogul Hugh Hefner, hinting that Bollywood starlet Sherlyn Chopra may be the newest addition to his opulent Playboy mansion, started a chain of incredulous reactions from people from the film and entertainment business.
"Playing dominoes with @CrystalHarris @trishafrick @ChelseaRyan_pb @cristalcamden @missashleyhobbs @sherlynchopra," Hefner had tweeted on July 4at 8:26 AM and posted a photo of the table with the dominoes stacked on it.
At the mention of Chopra's twitter handle name, Indians on Twitter immediately sat up and took notice but it was not until July 12, that Chopra's name started to trend. Some of the reaction from the Twitteratti was of amused derision while others cheered the former Bigg Boss contestant's obvious in roads into the jetsetting lifestyle of Hollywood's rich and famous.They wanted to know more and Hefner followed up an hour later with another tweet.
"Playmate Ashley Hobbs won tonight's domino game with Crystal, Trisha, Chelsea, Cristal Camden, Sherlyn Chopra from India & me. A fun night," he said.
Chopra was last in the news in February this year for tweeting photos of a nude photoshoot. Her pictures became an instant hit on the internet. Chopra later tweeted "I'm no.1 on Google India list of most searched keyword since y'day eve. Seems like my pics have raised the temperature of netizens."
Chopra, who is known for her racy photo shoots, has been a part of many B-grade Bollywood films. She was also seen in a small role in Dil Bole Hadippa. She was also a part of celebrity reality show Bigg Boss, Season 3, however her journey on the show did not last long.Hefner's former girlfriend Crystal Harris earlier confirmed that the pair are back together - a year after she walked out on him. The 26-year-old blonde beauty left Hefner, 86, heartbroken after she called off their wedding just five days before the ceremony in 2011.
But Harris has now returned to the Playboy mansion and a representative for the couple said it is "just like old times". Sources said Hefner was happy to have taken the aspiring singer back, allowing her to move into his sprawling mansion again as he has no hard feelings against her.
Update : Sherlyn Chopra is the first Indian girl to feature on the cover page of adult magazine Playboy. Sherlyn Chopra lately posted a few nude pictures on Twitter from her Playboy photoshoot.
It seems Sherlyn is having a great time with Hugh Hefner at the mansion. She also tweeted her pictures with Hefner inside the mansion
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| NASA Mars Rover Curiosity |
A chorus of cheers and applause echoed through the NASA Jet Propulsion Laboratory on Sunday night after the most high-tech interplanetary rover ever built signaled it had survived a harrowing plunge through the thin Mars atmosphere.
"Touchdown confirmed," said engineer Allen Chen. "We're safe on Mars."
Minutes later, Curiosity beamed back the first black-and-white pictures from inside the crater showing its wheel and its shadow, cast by the afternoon sun.
It was NASA's seventh landing on Earth's neighbor; many other attempts by the US and other countries to zip past, circle or set down on Mars have gone awry.
The arrival was an engineering tour de force, debuting never-before-tried acrobatics packed into "seven minutes of terror" as Curiosity sliced through the Martian atmosphere at 13,000 mph.
In a Hollywood-style finish, cables delicately lowered the rover to the ground at a snail-paced 2 mph. A video camera was set to capture the most dramatic moments - which would give earthlings their first glimpse of a touchdown on another world.
The extraterrestrial feat injected a much-needed boost to NASA, which is debating whether it can afford another Mars landing this decade. At a budget-busting $2.5 billion, Curiosity is the priciest gamble yet, which scientists hope will pay off with a bonanza of discoveries.
"We're on Mars again," said NASA chief Charles Bolden. "It's just absolutely incredible. It doesn't get any better than this."
Over the next two years, Curiosity will drive over to a mountain rising from the crater floor, poke into rocks and scoop up rust-tinted soil to see if the region ever had the right environment for microscopic organisms to thrive. It's the latest chapter in the long-running quest to find out whether primitive life arose early in the planet's history.
The voyage to Mars took more than eight months and spanned 352 million miles. The trickiest part of the journey? The landing. Because Curiosity weighs nearly a ton, engineers drummed up a new and more controlled way to set the rover down. The last Mars rovers, twins Spirit and Opportunity, were cocooned in air bags and bounced to a stop in 2004.
The plans for Curiosity called for a series of braking tricks, similar to those used by the space shuttle, and a supersonic parachute to slow it down. Next: Ditch the heat shield used for the fiery descent.
And in a new twist, engineers came up with a way to lower the rover by cable from a hovering rocket-powered backpack. At touchdown, the cords cut and the rocket stage crashed a distance away.
The nuclear-powered Curiosity, the size of a small car, is packed with scientific tools, cameras and a weather station. It sports a robotic arm with a power drill, a laser that can zap distant rocks, a chemistry lab to sniff for the chemical building blocks of life and a detector to measure dangerous radiation on the surface.
It also tracked radiation levels during the journey to help NASA better understand the risks astronauts could face on a future manned trip.
Over the next several days, Curiosity was expected to send back the first color pictures. After several weeks of health checkups, the six-wheel rover could take its first short drive and flex its robotic arm.
The landing site near Mars' equator was picked because there are signs of past water everywhere, meeting one of the requirements for life as we know it. Inside Gale Crater is a 3-mile-high mountain, and images from space show the base appears rich in minerals that formed in the presence of water.
Previous trips to Mars have uncovered ice near the Martian north pole and evidence that water once flowed when the planet was wetter and toastier unlike today's harsh, frigid desert environment.
Curiosity's goal: to scour for basic ingredients essential for life including carbon, nitrogen, phosphorous, sulfur and oxygen. It's not equipped to search for living or fossil microorganisms. To get a definitive answer, a future mission needs to fly Martian rocks and soil back to Earth to be examined by powerful laboratories.
The mission comes as NASA retools its Mars exploration strategy. Faced with tough economic times, the space agency pulled out of partnership with the European Space Agency to land a rock-collecting rover in 2018. The Europeans have since teamed with the Russians as NASA decides on a new roadmap.
Despite Mars' reputation as a spacecraft graveyard, humans continue their love affair with the planet, lobbing spacecraft in search of clues about its early history. Out of more than three dozen attempts - flybys, orbiters and landings - by the US, Soviet Union, Europe and Japan since the 1960s, more than half have ended disastrously.
One NASA rover that defied expectations is Opportunity, which is still busy wheeling around the rim of a crater in the Martian southern hemisphere eight years later.
India's new finance minister lays out action plan
India's new finance minister is laying out a wide-ranging program designed to revive the country's economy. P. Chidambaram says he will work with the central bank to implement measures that will include an assault on inflation, a possible cut in interest rates, a progressive tax regime and financial consolidation.
China approves projects at steady pace as inflation moderates
Economists say China's inflation rate may have dropped to 1.7% in July, one factor expected to clear the way for more economic stimulus. Stimulus, however, already appears to be well under way, with authorities approving more than 300 development projects a month since March.
Bernanke: Fed should take more detailed look at struggling economy
U.S. Federal Reserve Chairman Ben Bernanke indicated that the Fed should take a harder look at microeconomic data when considering the overall health of the U.S. economy. Such data, he said, might reveal that "many individuals and households continue to struggle with difficult economic and financial conditions" despite other metrics that appear more optimistic. One such measure released Monday indicated that U.S. banks are now lending more than at any point since the recession ended in June 2009.
U.K. manufacturing figures disappoint
Launching what is likely to be a week of gloomy indicators for the British economy, new figures show that the country's small and midsize manufacturers in July had their biggest decline in output since late 2009. The survey by the CBI, a top British business lobbying group, also found that manufacturers expected basically flat demand over the coming three months.
Market Activities
INTERNATIONAL MARKETS OVERVIEW
Shares in Europe and the U.S. scored gains Monday amid new optimism in resolving the euro crisis and continued buoyancy in the U.S. supported by better employment figures for July. The Stoxx Europe 600 rose 0.5%, and the S&P 500 ended with a 0.2% gain after a late decline tempered a stronger advance earlier in the day. Here is a continuously updated list of global stock indexes.
Economic Trends & Outlook
South Korean finance ministry sees no urgent need for added budget
Amid calls from the ruling party for a supplementary budget to address what it calls an economic depression, South Korea's Ministry of Strategy and Finance has stated its reservations. "Our stance is that we can consider [such as plan] as an alternative if economic conditions get worse, but we are not yet in that situation," a senior official said. The Saenuri Party has said as much as 6 trillion won could be allocated in a supplementary budget.
Bank of Korea is expected to cut rates again
HSBC predicts another interest rate cut by the Bank of Korea this week. The expected quarter-point reduction would follow a cut last month that caught many by surprise.
Domestic demand boosts Indonesia's 2nd-quarter growth
Indonesia's economy picked up steam in the second quarter, growing at a 6.4% pace, up from 6.3% in the first quarter. The Central Statistics Agency attributed the gain to strong domestic demand that more than balanced lower demand from overseas.
Singapore economy shows some growth, but outlook remains cloudy
Although it now appears Singapore's economy grew rather than shrank during the second quarter, the outlook remains dim, given a still-uncertain global economy. The dull outlook has caused many analysts to dial down their growth forecasts for the city-state in 2012 and 2013.
Taiwan sees a one-month jump in inflation
Taiwan's inflation rate jumped to 2.46% last month from 1.77% in June, a gain attributed mainly to volatile food costs but also to the recent surge in global oil prices. The core consumer price index, however, appears to be holding steady for the time being.
Ad survey shows Australia's job market continues to weaken
As if to confirm economists' projections of a softer Australian labor market over the remainder of the year, a survey of newspapers' employment ads showed the fourth consecutive month of decline with a 0.8% drop in July. Additional softening might open the way for interest rate cuts by the Reserve Bank of Australia.
Capital Markets & Financial Products
South Korea records a surge in corporate bonds
Corporate bond issuances jumped nearly 11% in July from June after the Bank of Korea's interest rate reduction. "Corporate debt issuances surged for the second month in July due largely to the central bank's key rate cut and businesses' continued efforts to pre-emptively secure sufficient liquidity, revitalizing Korea's corporate debt market," observed the Korea Securities Depository.
South Korean conglomerates assail proposals to ban cross-shareholding
Proposals to ban cross-shareholding among affiliates have drawn opposition from South Korea's leading conglomerates. Such measures would force companies "to divert money to buy up more stakes that would have been used to hire more workers and make business investments," said Bae Sang-kun, a senior official at the Federation of Korean Industries.
Cut in China trading fees fails to inspire
Another cut in transaction charges by the China Securities Regulatory Commission hasn't inspired much confidence among traders and analysts. For one thing, it's uncertain whether the savings will be passed on to investors. But the step is seen as a further indication of the dwindling importance of regulatory measures in the face of an extended global economic crisis.
China-Japan tensions grow as economic ties expand
Relations between China and Japan that have alternated over the centuries from brutal invasions to highly lucrative investment have evolved into renewed animosity in Japan as China becomes a major investor. Japanese today acknowledge that closer ties with China can be key to reviving their economy but nonetheless remain wary of Chinese investment coming their way.
Industry & Regulatory Update
South Korean regulation helped contain loss of foreign capital last year
South Korean measures taken after the 2008 global economic meltdown helped stabilize the foreign currency market during the eurozone debt crisis last year, according to the Korea Development Institute. The cap on forward positions for South Korean branches of foreign banks held down the supply of foreign capital and helped contain its shrinkage to $390 million in the latest crisis, down from a loss of $560 million in 2008.
New York state may suspend Standard Chartered
Standard Chartered's U.S. unit might face a suspension in New York state over dealings with Iranian entities. It is alleged that the parent bank has done more than $250 billion in business with Iran over the past seven years, in violation of U.S. sanctions.
People & Personalities
Sherry Liu steps down as RBS chief in China
Sherry Liu has resigned as Royal Bank of Scotland's chairman in China. RBS said that Alex Chu, the bank's head of international banking for North Asia, will now oversee the board of RBS China.
When iPhone and iPad users fire up iOS 6 this fall, one of the biggest changes they'll notice is an absence of Apple's competitor Google.
Not only has Apple created its own version of maps to replace the Google Maps app in iOS 6, but it's nixed the native YouTube app--a feature that has been included in iOS since its beginning.
Apple had this to say about the omission: “Our license to include the YouTube app in iOS has ended, customers can use YouTube in the Safari browser and Google is working on a new YouTube app to be on the App Store."
It's not clear which side (or both) prevented a renewal of the agreement, though The Verge interprets the situation as "more evidence that the two companies want to kill one another." In other words, The Great Tech War Of 2012 continues.
You'll still be able to download Google apps to your iOS devices, of course, but YouTube and Maps will no longer come pre-installed. The good news, if you like watching YouTube on your Apple device, is that the YouTube mobile website is more robust than its abandoned native app counterpart anyhow.
September Launch Date For New Nokia Windows Phone?
Word is, Nokia may be coming out with a phone in early September, just in time to meet Microsoft's new Windows 8 OS.
Tipsters have told Bloomberg that Nokia will be showing the phones off for the first time at the Nokia World event in Helsinki that takes place over September 5 and 6. If that's true, Nokia could have its phone out before Apple unveils its new iPhone, itself rumored to be out in mid-September.
But that's not all. An independent rumor bubbling up at the website Know Your Mobile via Concept Phones suggests that a future "Nokia Lumia X" device may have an optical zoom feature built into a rotating top. If that's true--that could separate this mythical Nokia's Lumia X model from other high-end smartphones which largely rely on lower quality digital zoom.
Shark Week, Thunderclap Form Voltron Of Awesomeness
Pledge a tweet, save a shark.
Discovery Channel's Shark Week is teaming up with Thunderclap to give its social campaign some extra bite. Shark Week is supporting three shark conservation groups--the Pew Environment Group, Oceana and Shark Savers. Regular shark lovers can rally behind the the trio this season and back a shark extinction awareness campaign on Twitter or Facebook. "The more that join, the louder Shark Week conservation efforts will be heard worldwide," the groups explain on their Thunderclap campaign page, which TheNextWeb noticed had gone up today.
This partnership with Shark Week comes at a good time for Thunderclap, which just got out of rough water with Twitter. When Thunderclap first launched, Twitter shut it down, perceiving a threat to its own Promoted Tweets. But Thunderclap bounced back, taking its business to Facebook and convinced Twitter to changed its mind too. Discovery Channel's Shark Week is a perennial hit, and likely to serve the new service well. Thunderclap allows fans of a brand to pledge tweets or Facebook posts towards to support it. If the campaign hits the target number of pledges, Thunderclap sends out a mass message turning the event or cause into a trending topic.
Look Who's Talking Now: Nuance Announces Voice-IDing Speech-To-Text Software
Nuance, makers of Siri, just introduced the world to their latest muse, "Nina." Though the two apparently sound the same, Nuance has added "voice biometrics" to Nina's list of talents as a voice-activated personal assistant. Like Siri, Nina identifies spoken phrases, but the difference is, Nina can tell who is speaking. Nuance explains that this means that Nina could work as an authentication tool, using voice ID instead of typed passwords. For example, when AllThingsD tested the app, Nina would only allow the one registered speaker to sign into its demo banking app. Nuance is letting Nina loose with a software development kit--a first for the company--giving developers the ability to integrate the software into mobile apps that use voice-activated customer service. This expands beyond Siri's coverage area, which falls primarily within Apple's own selection of apps. Nuance will pilot test Nina in August with the USAA, which provides banking facilities for the U.S. military. The plan is to give all USAA members access to Nina on their Android and iOS USAA apps early next year.
• Astellas Pharma Inc. (YPH.BE)'s Subsidiary Urogenix Inc. Shutting Down, 13 Scientists and Staff Affected More...
• KV Pharmaceutical Seeks Chap. 11 More...
• Proteros biostructures GmbH Announces Successful Close of 5 Million Euros More...
• GlaxoSmithKline (GSK) Completes $3.6 Billion Takeover of Human Genome Sciences, Inc. (HGSI) More...
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• Kamada Ltd. (KMDA.TA) and Chiesi Farmaceutici SpA Enter into a Strategic Agreement for Up to $60 Million More...
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• Eclipse Therapeutics, Inc., Sorrento Valley-Based Biotech Developing Innovative Cancer Therapeutics that Target Cancer Stem Cells, Appoints Patrick M. O'Connor, Ph.D. to Scientific Advisory Board More...
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• Cleveland Biolabs Inc. (CBLI) Reports Second Quarter 2012 Financial Results and Development Progress More...
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• The Way Your Pupils Dilate May Show Sexual Preference, Cornell University Study More...
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• Qualitest Pharmaceuticals Launches Generic Singulair® More...
Knight Capital reportedly will receive $400M capital injection
Knight Capital Group is expected to avert bankruptcy after a group of investors agreed to put $400 million into the troubled securities firm, sources said. The capital injection will help Knight continue to operate after a software glitch last week led to a $440 million loss.
Spain delays bailout, waiting for ECB bond-buying data
Spanish Prime Minister Mariano Rajoy said he won't decide on whether to seek help from the eurozone's rescue fund until he learns more about the bond-buying plan that the European Central Bank is developing. "What I want to know is what these measures are, what they mean and whether they are appropriate and, in light of the circumstances, we will make a decision, but I have still not taken any decision," he said.
Greece's lenders report positive progress after visit
Representatives from the International Monetary Fund, the EU and the European Central Bank said talks with Greece about its recovery were productive. The troika is set to go back to Athens in September to assess the economy, a necessary step in Greece's process of repaying debt.
London emerges as global hub for oil-futures trading
Contracts for North Sea Brent crude set a record in June, according to ICE Futures Europe, topping trading in West Texas Intermediate oil on CME Group's New York Mercantile Exchange for a third straight month. That propelled London past New York for trading in oil futures.
Investors fret about U.S. "fiscal cliff"
Although markets have climbed recently, many investors say the shadow of automatic tax increases and spending cuts in the U.S. -- the so-called fiscal cliff -- is looming and worrying investors. "The quickly approaching fiscal cliff is big, scary [and] yet avoidable," said Bill Stone, PNC Wealth Management's chief investment strategist. Though most investors think a solution cannot be worked out before the presidential election in November, they also say that enough of a consensus exists to keep the nation from sailing off the edge.
Market Activity
Upbeat U.S. jobs news bolsters Asian-Pacific markets
Positive U.S. employment data and optimism that Europe is making progress with its sovereign-debt problems boosted Asian-Pacific exchanges Monday. Japan's Nikkei 225 and South Korea's Kospi each rose 2%. Australia's S&P/ASX 200 added 1.2%. Hong Kong's Hang Seng Index gained 1.7%. China's Shanghai Composite and Taiwan's Taiex each advanced 1%. India's Sensex was up 1.2% at midday.
Exchange for small companies is planned by NYSE Euronext
NYSE Euronext is working to launch a securities exchange intended to make it easier for small companies across Europe to offer stocks and bonds.
Wall Street braces for biggest week of IPOs since Facebook
The U.S. pipeline of initial public offerings has more deals set to come to market this week than at any time since Facebook's IPO. Capital-market adviser and data provider Ipreo said six companies will try to raise $1.1 billion.
Economics
U.S. manufacturers slash investment and hiring
The number of U.S. manufacturing firms canceling investment and delaying hiring is growing as executives anticipate that political deadlock will prevent Congress from heading off a "fiscal cliff" of tax hikes and spending cuts set to automatically take effect at year-end. Commerce Department data show that factory orders unexpectedly dropped 0.5% in June compared with May.
Shell reportedly shifts funds out of eurozone banks
Oil company Royal Dutch Shell is withdrawing some cash from eurozone banks to limit exposure to the debt crisis, according to The Times newspaper in London. "There's been a shift in our willingness to take credit risk in Europe. The crisis has impacted our willingness to afford credit," said Chief Financial Officer Simon Henry.
Analysis: Global food crisis might be taking shape
U.S. farmers normally provide more than half of the world's corn and 40% of its soybeans, but the worst drought in 50 years makes it impossible to save the corn crop, while there is some hope for soybeans, according to The Economist. "If the rains come too late to save America's soya harvest, a bad situation could become dire and hit the whole food sector, according to Abdolreza Abbassian of the UN Food and Agriculture Organisation," the magazine notes.
U.S. unemployment rises despite strongest hiring in 5 months
Employers added more workers in July than at any time in the past five months, but the unemployment rate still edged up, from 8.2% to 8.3%, the U.S. Labor Department said. Last month, nonfarm employment increased 163,000.
Financial advisers should prepare clients for tax-law changes
Because of disagreement between Democrats and Republicans about how to handle the impending expiration of Bush-era tax cuts, financial advisers should prepare clients for last-minute changes to U.S. tax law, experts said. Investors must be ready to change portfolios and estate plans to minimize taxes under a wide range of scenarios.
Geopolitical/Regulatory
SEC round table will discuss HFT issues, Schapiro says
Mary Schapiro, chairman of the Securities and Exchange Commission, said the agency will hold a round table soon to discuss "critical issues" related to Knight Capital Group's error and high-frequency trading. Schapiro also said the SEC is considering rules to tackle such issues. "I have asked the staff to accelerate ongoing efforts to propose a rule to require exchanges and other market centers to have specific programs in place to ensure the capacity and integrity of their systems," she said.
Vietnam moves to relax stock market rules to encourage investment
The Vietnamese State Securities Commission plans to increase initial public offerings of state-owned businesses and relax stock-trading rules to attract investment. The commission is expected to open the door to 100% foreign-owned securities firms. Vietnam's benchmark VN Index is the third-best-performing equity index this year in Asia.
Libor investigation zeros in on former Barclays swaps trader
An investigation into possible manipulation of the London Interbank Offered Rate has turned its focus to a 30-year-old former swaps trader at Barclays in New York. U.S. prosecutors are exploring activity by Ryan Reich, who was fired in 2010. Reich and Barclays declined to comment.
Financial Products
Fidelity reportedly readies actively managed sector ETFs
Fidelity Investments is getting ready to move into exchange-traded funds, with a series of actively managed sector funds, a source said. The company wants to be the first major mutual fund firm to offer ETFs whose investments are directed by active stock pickers.
