Reuters – Rupert Murdoch was set to fly to London to tackle a scandal engulfing his media empire while journalists prepared the last edition of the best-selling Sunday paper they say he has sacrificed to protect plans to expand his television business.

Continue reading about Murdoch to fly to Britain over phone-hack crisis

Reuters – James Murdoch was not responsible for the phone hacking scandal that has engulfed his father’s media empire, but that will matter little if his handling of the case does not improve quickly.

Continue reading about Newsmaker: James Murdoch faces biggest test as heir to empire (Reuters)

AP – As the first new mayor of New Jersey’s impoverished capital city in two decades, Tony Mack had his work cut out for him. The once-booming industrial town of Trenton is today known more for its troubles — high taxes, crime, poverty and low-pe…

Continue reading about A year of turmoil, stumbles for NJ capital’s mayor (AP)

AP – Gov. Jerry Brown on Thursday signed a rare on-time budget a day before the start of California’s fiscal year, a package that is a combination of spending cuts, fee hikes and the promise of higher tax revenue that might never materialize.

Continue reading about Gov. Jerry Brown signs rare on-time Calif. budget (AP)

AP – An executive convicted of orchestrating a nearly $3 billion fraud as chairman of one of America’s largest private mortgage companies was sentenced Thursday to 30 years in prison by a judge who accused him of lacking remorse.

Continue reading about Mortgage exec gets 30 years for $3 billion fraud (AP)

Reuters – Hedge fund manager John Paulson, a long-term investor in Bank of America , said on Thursday he welcomed the settlement reached between the lender and mortgage bond investors.

Continue reading about Paulson says welcomes Bank of America settlement (Reuters)

AP – After rising to become an obstacle to economic growth, oil prices went backward in the second quarter.

Continue reading about Oil drops 11 percent in 2nd quarter (AP)

Reuters – U.S. stocks ended a volatile quarter on Thursday with their biggest four-day rally since September as positive economic data and a temporary resolution of Greece’s debt crisis indicated further gains in July.

Continue reading about Wall Street rallies 4th day, gains in July seen (Reuters)

AP – Drugmaker Merck & Co. spent $3.56 million lobbying the federal government in the first quarter, on rebates for federal prescription drug spending, free trade agreements and various tax-related issues, according to a quarterly disclosure report.

Continue reading about Merck spent $3.6 million lobbying government in 1Q (AP)

AP – The Italian government approved a euro47 billion ($68 billion) austerity sweep Thursday to show financial markets and the European Union it is serious about balancing its budget.

Continue reading about Italy plans $68 billion in austerity measures (AP)

Reuters – The fast, easy ride is about to end for owners of hybrid cars in California.

Continue reading about Easy ride ending for California hybrid drivers (Reuters)

Reuters – MBIA Inc may pursue a lawsuit accusing Bank of America Corp’s Countrywide Financial unit of fraudulently misleading it about mortgage securities it insured, costing at least $1.4 billion.

Continue reading about MBIA may pursue fraud claim vs BofA’s Countrywide (Reuters)

Reuters – One of the largest oil price routs in history came in early May as the United States led discussions with top Middle East producers to intervene in the market.

Continue reading about Traders abuzz at timing of U.S.-led oil talks, price swings (Reuters)

AFP – A banker was given 30 years in prison Thursday in the $2.9 billion mortgage industry fraud that sank Colonial Bank in the biggest US bank collapse in 2009, the Justice Department announced.

Continue reading about US banker gets 30 years in big fraud case (AFP)

Reuters – An avalanche of airplane orders from the largest U.S. airlines may be on the way, with at least four major carriers in talks to buy fuel-efficient narrow-body planes to renew aging fleets.

Continue reading about U.S. airlines prep plane orders; AMR said to be close (Reuters)

Reuters – The vast majority of self-directed investors don’t understand the fees their brokers charge, and they’re not happy about it, says a new survey.

Continue reading about Self-directed investors not happy despite lower fees: survey (Reuters)

AP – Mortgage rates for the past 52 weeks, at a glance

Continue reading about Mortgage rates for the past 52 weeks, at a glance (AP)

Reuters – As Chile struggled for two months to rescue 33 miners trapped deep underground last year, it turned to an unlikely tool to help keep them healthy: copper socks.

Continue reading about Analysis: Socks, bedpans among copper’s growth markets (Reuters)

Reuters – Taylor, Bean & Whitaker Mortgage Corp’s former chairman, convicted of masterminding a $2.9 billion fraud scheme before the company collapsed, was sentenced on Thursday to 30 years in prison.

Continue reading about Ex-Taylor, Bean chairman gets 30 years in prison (Reuters)

Reuters – A slew of lay-offs hitting banks gathered pace on Thursday, with thousands more job losses set to hit retail businesses and market divisions, as lenders fight off a limp economic recovery, trading woes and tougher regulation.

Continue reading about Wave of job cuts sweeps banks, more to come (Reuters)

AP – An executive convicted of orchestrating a $3 billion fraud as chairman of one of America’s largest private mortgage companies was sentenced Thursday to 30 years in prison.

Continue reading about Mortgage exec gets 30 years for $3 billion fraud (AP)

Reuters – Argentina suffered a setback over its $100 billion debt default in 2002 when New York’s highest court said the country should keep paying interest on some bonds even after they mature or investors demand their principal back early.

Continue reading about NY court hands Argentina setback over bond default (Reuters)

Reuters – Argentina suffered a setback over its $100 billion debt default in 2002 when New York’s highest court said the country should keep paying interest on some bonds even after they mature or investors demand their principal back early.

Continue reading about NY court hands Argentina setback over bond default (Reuters)

AP – Constellation Brands Inc., which sells Robert Mondavi wine, Svedka vodka and Corona beer, said Thursday its first-quarter profit jumped 52 percent to $75 million on cost-cutting efforts and improved sales of wine, spirits and imported beers in Nor…

Continue reading about Constellation Brands earns $75M profit in 1Q (AP)

Reuters – Investors in Nasdaq newcomer Crumbs hope to cash in on the cupcake craze. Will they whip up big profits or get creamed by another food fad?

Continue reading about The Crumbs cupcake trade: boom or bubble? (Reuters)

AFP – The Swiss government decided Thursday to make wealthy foreigners pay more taxes, but refused to scrap lumpsum tax deals aimed at attracting the rich to the Alpine nation.

Continue reading about Swiss to make super-rich pay more taxes (AFP)

AP – Germany’s banks are prepared to contribute to a second rescue package for Greece, taking a proposal drawn up in France as a basis, officials said Thursday.

Continue reading about German banks prepared to help Greek bailout (AP)

Reuters – New-car retail sales in the U.S. market cooled in the third week of June from the stronger pace of the first two weeks, a top industry consulting firm said on Thursday.

Continue reading about Auto retail sales slowed in late June: J.D. Power (Reuters)

AP – John Russo’s chemical lab in North Kingstown has been growing in recent years, even despite a deflated economy, and he expects to add another 15 to 20 positions to his 49 employees over the next year.

Continue reading about ‘Skills gap’ leaves firms without worker pipeline (AP)

AP – RATES UNCHANGED: The average rate on the 30-year fixed mortgage rose slightly to 4.51 percent, Freddie Mac said. The 15-year fixed mortgage, a popular refinancing option, stayed at 3.69 percent.

Continue reading about Summary Box: Fixed mortgage rates hold steady (AP)

AP – Fixed mortgage rates were mostly unchanged this week, hovering near their annual lows.

Continue reading about Fixed mortgage rates hold steady near yearly lows (AP)

Reuters – General Motors Co’s U.S. Chevrolet car sales in the first half of the year are set to reach their highest share for the brand in 20 years, outselling trucks in June for the third straight month.

Continue reading about Chevy U.S. car sales at highest brand share in 20 years (Reuters)

Reuters – LONDON (Reuters)- Investors have become a little more upbeat heading into the second half of the year, lifting stock allocations from 2011 lows but remaining cautious with plenty of safe-haven cash and bonds.

Continue reading about Investors stay cautious as H2 starts: Reuters poll (Reuters)

Reuters – The rules of Treasury auctions may not sound like the stuff of high-stakes diplomacy. But a little-noticed 2009 change in how Washington sells its debt sheds new light on America’s delicate balancing act with its biggest creditor, China.

Continue reading about U.S. caught China buying more debt than disclosed (Reuters)

Reuters – The revised Federal Reserve rules governing how much banks charge retailers to process debit card purchases was given a big thumbs-up by some analysts, who expect the rules to be a huge boost to card networks Visa and MasterCard .

Continue reading about Visa, MasterCard "more investable" after new fee rules (Reuters)

AP – The number of Americans seeking unemployment benefits was mostly unchanged last week, evidence that the struggling economy isn’t generating many jobs.

Continue reading about Unemployment benefit applications stuck above 400K (AP)

Reuters – Emerging market debt issuance has soared in the first six months of 2011, driven by heavy corporate bond volumes and flying in the face of debt problems in the developed world, but risk aversion may erode demand in the second half.

Continue reading about Analysis: H2 risks may staunch emerging bond issue flood (Reuters)

AP – Ahead of the Bell: Unemployment Benefits

Continue reading about Ahead of the Bell: Unemployment Benefits (AP)

AP – China’s legislature raised the threshold for paying income tax, effectively exempting tens of millions of workers in a new effort Thursday to defuse tensions over surging inflation and a yawning wealth gap.

Continue reading about China eases tax burden on poor with law change (AP)

AP – Mazda’s president believes gasoline engines will still power 80 to 90 percent of the world’s autos even in 20 years time, and remains confident the carmaker can grow without electric vehicles.

Continue reading about Mazda sees growth with lean gas engines, not EVs (AP)

AFP – World oil prices slid on Thursday on profit-taking after soaring the previous day on easing concerns over Greece and signs of strengthening energy demand in the United States.

Continue reading about Oil prices slide after recent bounce (AFP)

Reuters – Borrowing by small U.S. businesses rose at a record pace in May, data released by PayNet Inc on Thursday showed, a sign that economic growth is poised to pick up in coming months.

Continue reading about Exclusive: U.S. small business borrowing surges (Reuters)

Reuters – The European Central Bank signaled it would raise interest rates again next week as data showed inflation in June stabilized well above the bank’s target.

Continue reading about ECB flags July rate rise as inflation stays high (Reuters)

Reuters – News Corp secured British government backing for its buyout of BSkyB on Thursday after the minister responsible rejected complaints the move would give Rupert Murdoch too much power and influence.

Continue reading about Britain clears News Corp’s Sky deal (Reuters)

Reuters – The United States would immediately have its top-notch credit rating slashed to “selective default” if it misses a debt payment on August 4, Standard & Poor’s managing director John Chambers told Reuters.

Continue reading about Exclusive: S&P to deeply cut U.S. ratings if debt payment missed (Reuters)

AFP – German retail sales showed the sharpest drop for four years in May, provisional official data showed on Thursday, in the latest snapshot of Europe’s biggest economy.

Continue reading about German official retail sales mark four-year drop (AFP)

Reuters – Lloyds is to cut 15,000 jobs and halve its international presence under a radical overhaul by its new chief executive aimed at returning the part-nationalized British bank back to health.

Continue reading about New CEO targets leaner Lloyds with 15,000 job cuts (Reuters)

AP – Amazon.com Inc. said Wednesday that it will stop working with online affiliates based in California since the state passed a new rule that forces online retailers to collect sales tax there.

Continue reading about Amazon to cut off California-based Web affiliates (AP)

AP – In a blistering rebuke of Republicans, President Barack Obama on Wednesday pressed lawmakers to accept tax increases as part of a deal to cut the nation’s deficits and avoid a crippling government default. “Let’s get it done,” Obama challenged, ch…

Continue reading about Confrontational Obama rebukes GOP on debt talks (AP)

AFP – Poland, which takes over the EU’s rotating presidency on Friday, will focus on kickstarting economic growth across the 27-member bloc, Foreign Minister Radoslaw Sikorski has said.

Continue reading about Poland to focus on economic growth in EU head role (AFP)

Reuters – Moody’s on Wednesday warned it may downgrade some Aaa-rated U.S. states and municipalities if the country loses its top-notch rating or if federal funding falls significantly as part of a plan to reduce the nation’s deficit.

Continue reading about Moody’s warns may downgrade U.S. muni debt ratings (Reuters)

AP – Republican presidential candidate Herman Cain rolled out an economic plan in this pivotal primary state Wednesday firmly believing it would drop unemployment to no more than 5 percent, but he acknowledged he was still crunching the numbers.

Continue reading about 2012 GOP candidate Cain: cut taxes, create jobs (AP)

Reuters – Asia’s fast-rising economies set their sights on securing key IMF posts under new chief Christine Lagarde, hopeful she would be the one to make good on oft-heard pledges to give more power to emerging markets.

Continue reading about Asia looks to "friend" Lagarde to honor IMF pledges (Reuters)

Reuters – Bank of America Corp said it expects to take more than $20 billion of charges after settling with mortgage bond investors, resulting in a second-quarter loss.

Continue reading about Bank of America expects loss after settlement (Reuters)

Reuters – Hedge fund Paulson & Co. has more time to increase the payout on a group of U.S. luxury resort hotels it owns after bankruptcy court gave it an extension on Wednesday.

Continue reading about Paulson gets more time for bankrupt hotel payoffs (Reuters)

Reuters – AMR Corp’s American Airlines is negotiating with aircraft makers Airbus and Boeing Co to replace its entire domestic fleet by purchasing at least 250 airplanes in a deal valued at about $15 billion, the Wall Street Journal reported.

Continue reading about AMR talking with Boeing, Airbus for 250 planes: report (Reuters)

AP – Northeast metro unemployment rates, at a glance

Continue reading about Northeast metro unemployment rates, at a glance (AP)

AP – In a blistering rebuke of Republicans, President Barack Obama on Wednesday pressed lawmakers to accept tax increases as part of a deal to cut the nation’s deficits and avoid a crippling government default. “Let’s get it done,” Obama challenged, ch…

Continue reading about Confrontational Obama rebukes GOP on debt talks (AP)

AP – Republican presidential candidate Herman Cain rolled out an economic plan in this pivotal primary state Wednesday firmly believing it would drop unemployment to no more than 5 percent, but he acknowledged he was still crunching the numbers.

Continue reading about 2012 GOP candidate Cain: cut taxes, create jobs (AP)

AFP – Bank of America said Wednesday it would set aside $14 billion to settle claims from angry investors for losses on dodgy mortgage-backed securities whose collapse triggered the 2008 financial crisis.

Continue reading about BoA sets aside $14 billion to settle mortgage mess (AFP)

AP – The International Monetary Fund warned U.S. lawmakers Wednesday that a failure to raise the nation’s borrowing limit would pose serious risks to the global economy and financial markets.

Continue reading about IMF urges US lawmakers to raise $14.3T debt limit (AP)

AP – The Federal Reserve has taken a gentle swipe at the banking industry’s multibillion-dollar business of collecting debit-card fees from retailers.

Continue reading about Fed orders banks to lower retailers’ debit fees (AP)

AP – KB Home’s shares tumbled more than 15 percent on Wednesday, after the homebuilder reported its second-quarter loss more than doubled amid lackluster sales and higher charges, and the company signaled it is considering tapping the capital markets t…

Continue reading about KB Home stung by weak home orders and charges (AP)

Investor’s Business Daily – The oilfield services company sees growth potential in Poland, where a shale gas basin has drawn the attention of major oil companies, a Halliburton executive told Reuters. Drilling activity there is seen picking up next ye…

Continue reading about Halliburton eyes Polish shale (Investor’s Business Daily)

AP – Bank of America in $8.5 billion mortgage settlement

Continue reading about Business Highlights (AP)

AP – General Mills Inc., one of the nation’s largest food companies, reported Wednesday that its fourth-quarter profit rose 51 percent as higher prices boosted its revenue.

Continue reading about General Mills 4Q profit climbs but outlook soft (AP)

Reuters – One of Silicon Valley’s most powerful venture-capital firms, Andreessen Horowitz, is adding former Treasury Secretary Larry Summers to its team.

Continue reading about Ex-Treasury chief Summers tries venture capital (Reuters)

Reuters – Wall Street closed its best three-day run in three months on Wednesday after the Greek parliament approved austerity measures to avoid defaulting on its debt.

Continue reading about Wall St posts biggest 3-day surge in three months (Reuters)

AP – The operators of the Toronto and London stock exchanges have killed a $3.8-billion proposed merger, saying the controversial deal could not garner enough shareholder support to go ahead.

Continue reading about TMX Group kills merger with London Stock Exchange (AP)

AP – Monsanto Co. says higher sales of genetically engineered seeds helped it boost is third-quarter profit 77 percent, as the company disclosed federal regulators have subpoenaed the company as part of an investigation into its herbicide business.

Continue reading about Monsanto posts $680 million profit in 3rd quarter (AP)

AP – Gov. Jerry Brown and the Democrats who dominate the California Legislature on Wednesday celebrated the rare enactment of a state budget before the fiscal year begins, after using their new power to pass the spending plan with a simple majority vote.

Continue reading about Calif. budget deal leaves taxes, reforms to voters (AP)

Reuters – Bank of America Corp’s $8.5 billion settlement to clear up its mortgage bond mess isn’t a done deal and could be challenged — if the large number of investors locked out of negotiations decide to organize.

Continue reading about BofA $8.5 billion settlement likely faces legal fight (Reuters)

AP – For six years, California gave owners of hybrid cars the keys to the fast lane: permission to drive alone among carpoolers.

Continue reading about Hybrid drivers lose special privileges in Calif. (AP)

AP – Gold and other precious metals settled higher Wednesday after a drop below technical trading levels brought out buyers. Energy prices rose and grain prices were mixed.

Continue reading about Gold, silver rebound as dollar weakens (AP)

AP – GREECE: Greek lawmakers passed an austerity bill that brought the country closer to getting a financial backstop it needs to avoid defaulting on its debt. The loan buys Greece and other European countries more time to repair their budgets.

Continue reading about Summary Box: Stocks rise as Greece nears new loan (AP)

AP – Stocks closed higher for the third day in a row Wednesday after Greece cleared a hurdle toward getting more emergency loans. Financial stocks rose after Bank of America reached a settlement with investors over failed mortgage securities.

Continue reading about How the major stock indexes fared Wednesday (AP)

AP – Nearly three dozen states have rejected the idea of requiring sprinkler systems in homes by enacting legislation or rules that prohibit mandatory installation.

Continue reading about Home builders beating back fire sprinkler laws (AP)

Reuters – Clothing retailer Gap Inc will enter Africa this year, as part of an ongoing international push, with plans to open stores in Egypt and Morocco.

Continue reading about Gap to open its first stores in Africa (Reuters)

AP – Unemployment rates rose last month in more than half of the nation’s largest metro areas, driven higher by weak private-sector hiring and natural disasters.

Continue reading about Unemployment rises in more than half of US metros (AP)

AP – Federal investigators have subpoenaed mortgage records from Ally Financial Inc., signaling that a probe into troubled mortgages that helped cause the financial meltdown is turning toward original underwriters of home loans that went bad.

Continue reading about Feds subpoena mortgage records from Ally Financial (AP)

AP – The euro rose against the dollar Wednesday after the Greek parliament passed a crucial package of spending cuts and tax increases. Passing the cuts paves the way for loans that are needed to help the troubled country avert a default on its debts.

Continue reading about Key Greece vote boosts euro against dollar (AP)

Reuters – Bank of America Corp said it expects to take more than $20 billion of charges after settling with mortgage bond investors, resulting in a second-quarter loss.

Continue reading about Bank of America expects loss after settlement (Reuters)

AP – An attempt by the U.S. and other non-OPEC governments to sway oil and gasoline prices appears to have petered out in less than a week.

Continue reading about Oil rebound weakens effect of supply release (AP)

AP – CONTRACT SIGNINGS UP: The number of people who signed contracts to buy homes rose sharply in May, the National Association of Realtors said Wednesday. It was mainly due to an influx of spring buyers.

Continue reading about Summary Box: Pending Home Sales (AP)

Reuters – Pending sales of existing homes rebounded from a seven-month low in May but demand for mortgages sank last week and the market is still struggling under the weight of a glut of unsold properties.

Continue reading about Pending home sales rise but recovery still distant (Reuters)

Reuters – Raymond James Financial Inc agreed to buy back $300 million of auction-rate securities and pay a $1.75 million fine to settle federal and state probes accusing the brokerage, one of the nation’s largest, of misleading customers about the deb…

Continue reading about Raymond James to buy back $300 million auction-rate securities (Reuters)

AP – A look at economic developments and activity in major stock markets around the world Wednesday:

Continue reading about A look at economic developments around the globe (AP)

Reuters – The International Monetary Fund on Wednesday pressed U.S. lawmakers to quickly lift the government’s borrowing limit to avoid a “severe shock” to global markets and a still-fragile economic recovery.

Continue reading about U.S. must hike debt limit soon to avoid "shock": IMF (Reuters)

Reuters – Banks are hoping to win at least a small reprieve from the Federal Reserve on Wednesday when the central bank releases a final proposal cracking down on the fee banks charge retailers when a debit card is used.

Continue reading about Big changes to Fed debit card rule seen unlikely (Reuters)

AP – America’s biggest corporations are spending more money on stock repurchases to keep investors happy.

Continue reading about US companies increase spending on stock buybacks (AP)

AFP – European stock markets closed sharply higher on Wednesday after Greek lawmakers approved the government’s latest austerity package, easing the immediate concerns over a debt default.

Continue reading about Greek vote boosts European stocks (AFP)

Reuters – One of the biggest oil market manipulation cases undertaken by regulators is entering a new phase in which a judge will mediate settlement talks, three years after the case was launched.

Continue reading about New settlement push in CFTC oil manipulation case (Reuters)

Reuters – Lehman Brothers Holdings Inc filed a new $65 billion bankruptcy liquidation plan that it said has won wider support, possibly setting the stage for the end of the biggest bankruptcy in U.S. history.

Continue reading about Lehman files new bankruptcy plan (Reuters)

U.S. News & World Report – Seniors will have fewer avenues to secure steady retirement income, now that the two largest lenders in the reverse-mortgage business have decided to discontinue offering the product.

Continue reading about Big Banks Bow Out of Reverse Mortgage Market (U.S. News & World Report)

AP – President Barack Obama says it is not a radical idea to end tax breaks for the wealthy and high earning oil and gas companies.

Continue reading about Obama: Ending tax breaks for wealthy not radical (AP)

Reuters – President Barack Obama pressed his case Wednesday that tax cuts for the wealthiest Americans must be ended as part of a deficit deal, which he said he believed Republicans and Democrats would reach.

Continue reading about Obama optimistic on debt deal, end to tax breaks (Reuters)

AP – President Barack Obama is calling on Congress to extend a payroll tax cut for one more year to boost the economy.

Continue reading about Obama: Congress should extend payroll tax cut (AP)

AP – The number of people who signed contracts to buy homes rose sharply in May. But the influx of spring buyers wasn’t enough to signal a rebound in the struggling housing market.

Continue reading about Contracts to buy homes rose sharply in May (AP)

AFP – Bank of America announced Wednesday that it would pay $8.5 billion to settle investor losses on mortgage-backed securities packaged with dodgy loans from Countrywide Financial ahead of the US housing collapse.

Continue reading about Bank of America pays record $8.5 bn on mortgage claims (AFP)

AP – Bank of America and its Countrywide unit will pay $8.5 billion to settle claims that the lenders sold poor-quality mortgage-backed securities that went sour when the housing market collapsed.

Continue reading about Bank of America in $8.5B mortgage settlement (AP)

Reuters – Deutsche Boerse (DB1Gn.DE) and NYSE Euronext formally sought EU approval for their planned $9 billion tie-up on Wednesday, triggering a lengthy review expected to focus on the derivatives and clearing businesses.

Continue reading about D.Boerse-NYSE ask EU regulators for deal approval (Reuters)

Reuters – KB Home , the fifth-largest U.S. homebuilder, reported a wider-than-expected quarterly loss that included charges to write down land values and a loss related to a bankrupt joint venture in Las Vegas.

Continue reading about KB Home posts wider-than-expected quarterly loss (Reuters)

Reuters – General Mills Inc forecast weaker fiscal-year earnings than Wall Street expected as the food company gets hammered by higher costs for ingredients and fuel.

Continue reading about General Mills’ 2012 outlook below Street view (Reuters)

Reuters – Global agribusiness company Monsanto Co said on Wednesday that net income surged nearly 80 percent in the third quarter due to strong sales in its core seeds and genetic traits businesses.

Continue reading about Monsanto earnings jump, shares rise (Reuters)

AFP – Bank of America said on Wednesday it would pay $8.5 billion dollars to clear claims from the home-loan crisis, take a charge of $5.5 billion and said it expected a quarterly net loss of up to $9.1 billion.

Continue reading about Bank of America agrees to $8.5 bn in mortgage claims (AFP)

AP – Toyota Motor Corp. said Wednesday it will recall about 82,200 hybrid SUVs in the U.S. due to computer boards with possible faulty wiring.

Continue reading about Toyota to recall 82,200 vehicles in the US (AP)

AP – Deutsche Boerse and NYSE Euronext on Wednesday requested the European Union’s approval of their merger, kicking off what is expected to be a lengthy probe of the potential threats to competition from the combination of the two stock exchanges.

Continue reading about Deutsche Boerse, NYSE seek EU approval for merger (AP)

Reuters – Bank of America Corp settled nearly all of the claims related to the legacy Countrywide-issued first-lien residential mortgage-backed securitization (RMBS) repurchase exposure for $8.5 billion in cash .

Continue reading about BofA settles on mortgage repurchase claims (Reuters)

Reuters – Applications for home mortgages slipped last week as demand waned, even as mortgage rates dropped, an industry group said on Wednesday.

Continue reading about Mortgage applications dipped last week: MBA (Reuters)

AP – Wal-Mart Stores Inc. is cutting gas prices by 10 cents a gallon for three months.

Continue reading about Wal-Mart Stores cutting gas prices for 3 months (AP)

AP – Chinese auto and battery maker BYD Co. said Wednesday its profit fell 84 percent in the first quarter, mainly due to a slowdown in car sales and rising costs.

Continue reading about China’s Buffett-backed BYD says profit down 84 pct (AP)

AFP – French food retail group Casino will do all it can to block a merger between its partner in Brazil and the Brazilian operations of archrival Carrefour, the world’s second biggest retailer, a source has said.

Continue reading about French food giants duel over Brazil market (AFP)

AFP – Oil prices firmed on Wednesday, ahead of the weekly snapshot of US energy inventories and amid hopes that Greek lawmakers will vote to approve austerity measures that are needed to avert default.

Continue reading about Oil prices firm before Greek vote, US energy report (AFP)

Reuters – Online social game company Zynga plans to raise $1.5 billion to $2 billion in an initial public offering and could file paperwork with U.S. regulators as soon as Wednesday, a source familiar with the situation said on Tuesday.

Continue reading about Zynga IPO could raise $2 billion, file Wednesday: source (Reuters)

AFP – France’s Christine Lagarde will confront a major, deepening crisis when she takes over as the first woman leader of the International Monetary Fund next month as Greek protests rock the eurozone.

Continue reading about IMF pick Lagarde to face early test with Greece (AFP)

Reuters – The accounting troubles and short-selling attacks hitting China-based companies are creating fertile ground for the rumor mill to flourish, with some shares hammered by chatter rather than actual evidence.

Continue reading about Psst…China stocks at mercy of rumors (Reuters)

AP – Nissan Chief Executive Carlos Ghosn fielded some tough questions from shareholders about his 982 million yen ($12 million) paycheck Wednesday, but won approval with no problems for another two-year stint as head of the Japanese automaker.

Continue reading about Nissan CEO’s $12M pay gets shareholder scrutiny (AP)

Reuters – Japanese factory output jumped by the most in almost 60 years in May as manufacturers restore supply chains damaged by the massive earthquake and tsunami in March, the latest evidence the economy is headed for a “V-shaped” recovery from the d…

Continue reading about Japan May factory output jumps by most in nearly 60 years (Reuters)

Reuters – Morgan Stanley’s interest-rates trading group lost at least tens of millions betting on inflation expectations in the second quarter, Bloomberg News reported, citing people informed about the dealings.

Continue reading about Morgan Stanley lost on interest-rate trades: report (Reuters)

Reuters – India supported France’s Christine Lagarde as the International Monetary Fund’s next leader because it wanted to be part of the consensus that was forming around her, Indian Finance Minster Pranab Mukherjee said on Tuesday.

Continue reading about India sought to join IMF Lagarde consensus (Reuters)

Reuters – Prospects that Greece would pass an austerity package needed to avoid sovereign default improved on Tuesday when a key deputy added his support, even as street protests turned violent in Athens.

Continue reading about Prospects improve Greek austerity plan will pass (Reuters)

AP – During her interview for the top job at the International Monetary Fund last week, Christine Lagarde noticed a striking pattern.

Continue reading about Lagarde’s selection marks a break with IMF’s past (AP)

AP – Bank of America Corp. is close to finalizing a deal that calls for the lender to pay $8.5 billion to settle claims from a group of investors who bought mortgage-backed securities from the lenders.

Continue reading about BofA nearing $8.5B deal to settle investor claims (AP)

Reuters – Entergy Louisiana, LLC is the first utility to be approved to use a securitization to recover costs from a canceled power-plant project, and will issue US$200m in so-called senior secured investment recovery bonds, according to an S-3 filed F…

Continue reading about ABS: Utility to recoup power-project costs via securitization (Reuters)

Investor’s Business Daily – Coal is cheap and plentiful, generating 45% of America’s electricity. But it’s also the dirtiest source. With regulators about to impose major carbon caps, meeting America’s energy needs via coal depends on cleaning it up in…

Continue reading about Clean Coal Must Deliver Soon (Investor’s Business Daily)

Investor’s Business Daily – Falling gas prices and rebounding Japanese factory output are expected to pull the U.S. economy out of its slumber in the second half of the year. But economists are sharply divided over what will happen after that.

Continue reading about GDP Seen Picking Up; ’12 Outlook Is Unclear (Investor’s Business Daily)

Reuters – Bank of America Corp is close to a deal to pay $8.5 billion to settle claims from a group of powerful investors that lost money on mortgage-backed securities, a source familiar with the process said on Tuesday.

Continue reading about BofA near $8.5 billion settlement on securities (Reuters)

Reuters – Campbell Soup Co will shed nearly 800 jobs as part of a series of cost cuts, which include exiting the Russian market, automating operations at a factory in Australia and closing one in the United States.

Continue reading about Campbell Soup to cut jobs, save money (Reuters)

Reuters – Investors in “feeder funds” who lost money in Bernard Madoff’s Ponzi scheme do not qualify as customers of the now-imprisoned swindler, a federal bankruptcy judge ruled on Tuesday.

Continue reading about Madoff judge: Feeder fund investors cannot recover (Reuters)

AFP – Portugal’s new centre-right government vowed Tuesday to exceed austerity targets agreed in its EU-IMF bailout, sacrificing the completion a high-speed rail link with Spain.

Continue reading about Portugal shows austerity zeal, postpones high speed rail (AFP)

Reuters – French Finance Minister Christine Lagarde on Tuesday clinched the top job at the IMF, keeping the international lender in the hands of a European at a time of growing concern over a possible Greek debt default.

Continue reading about Lagarde wins IMF top job, presses Greece on crisis (Reuters)

AP – LAGARDE SELECTED: French Finance Minister Christine Lagarde was chosen Tuesday to lead the International Monetary Organization and will immediately confront a European debt crisis that threatens the global economy.

Continue reading about Summary Box: Lagarde chosen to lead IMF (AP)

Reuters – An HSBC India client living in Wisconsin was indicted on Tuesday for hiding more than $8.7 million in offshore accounts and filing false U.S. income tax returns, the Justice Department said.

Continue reading about U.S. charges HSBC India client for hidden account (Reuters)

Reuters – India supported France’s Christine Lagarde as the next leader of the International Monetary Fund because it wanted to be part of the consensus that was building around her, Indian Finance Minster Pranab Mukherjee said on Tuesday.

Continue reading about India wanted to build IMF consensus around Lagarde (Reuters)

AP – The Dow Jones industrial average rose more than 140 points Tuesday, thanks in part to signs that concerns of a global slowdown may be overblown.

Continue reading about How the major stock indexes fared Tuesday (AP)

AP – NIKE: Nike Inc. jumped 10 percent after beating analyst’s expectations for its most recent quarter. The results helped push up the stocks of other consumer discretionary companies, which gained 1.9 percent.

Continue reading about Summary Box: Nike leads stocks sharply higher (AP)

Reuters – Some recent red-hot initial public offerings have the Securities and Exchange Commission concerned that Wall Street’s underwriters may be tempted to revive some troubling tech bubble practices.

Continue reading about SEC on lookout for bubble-era IPO practices (Reuters)

ContributorNetwork – The July 1 expiration of single-occupancy HOV lane access for hybrid cars and their handy yellow stickers will affect my life directly, even though I do not drive a vehicle. I regularly rely on rides from friends due to a disabilit…

Continue reading about Bay Area says goodbye to hybrids’ yellow carpool sticker (ContributorNetwork)

Reuters – The U.S. Chamber of Commerce on Tuesday urged Republicans and Democrats to support what it called a “reasonable compromise” to move long-delayed trade deals with South Korea, Panama and Colombia.

Continue reading about Business group backs compromise on trade deals (Reuters)

AP – Oil climbed more than 2 percent Tuesday ahead of a vote in Greece to approve tough new financial reforms that would shore up its beleaguered economy.

Continue reading about Oil climbs 2.5 pct ahead of Greek austerity vote (AP)

AFP – World oil prices rallied on Tuesday as traders took their cue from buoyant stock markets and signs that Europe would hash out a deal to defuse the Greek debt crisis.

Continue reading about Oil rebounds on Greek optimism (AFP)

Reuters – U.S. lenders and community bankers sounded the alarm to lawmakers on Tuesday over proposed federal rules aimed at reducing risk-taking on mortgage lending, saying the guidelines could hurt small banks and impair credit markets.

Continue reading about Small mortgage lenders express reform worry (Reuters)

Reuters – Giant retailer Wal-Mart Inc, telecommunications company AT&T Inc and coal power companies came out the big winners in the U.S. Supreme Court’s just-ended term that rejected large lawsuits against them.

Continue reading about Analysis: Big business scores key Supreme Court term wins (Reuters)

AP – Prince Charles hired more staff and spent more money last year, thanks in part to his son Prince William’s lavish wedding to Kate Middleton, according to official figures released Tuesday.

Continue reading about UK taxpayers shell out more for Prince Charles (AP)

AP – Home prices in most major U.S. cities are rising for the first time in eight months, boosted by an annual wave of spring buying. Analysts cautioned that the increases may be temporary and don’t signal a rebound for the depressed home market.

Continue reading about Spring buying boosts home prices in 13 US cities (AP)

Reuters – New York’s highest court revived a lawsuit by several large banks challenging bond insurer MBIA Inc’s 2009 restructuring, which they complained was unfair to policyholders.

Continue reading about New York top court revives banks’ lawsuit vs MBIA (Reuters)

Reuters – Brazil supports French Finance Minister Christine Lagarde as the next managing director for the International Monetary Fund, Finance Minister Guido Mantega said Tuesday.

Continue reading about Brazil backs France’s Lagarde to head IMF: Mantega (Reuters)

AP – Global stocks pushed higher Tuesday as investors grew hopeful that Greek lawmakers will pass a vote on another round of austerity measures that should stop any talk of the country imminently defaulting on its debts.

Continue reading about Stocks advance on Greek austerity vote hopes (AP)

Reuters – Up to one in six European banks is set to fail an EU-wide financial health check, according to euro zone sources close to the stress-testing, as officials scramble to set up backstops for those at risk.

Continue reading about Exclusive: Up to 15 EU banks to fail stress test (Reuters)

Reuters – Endorsements from two leading proxy advisory firms could turn out to be the London Stock Exchange’s secret weapon as it bids for the widely held TMX Group , operator of the Toronto Stock Exchange.

Continue reading about Advisory firms may give LSE an edge bid for TMX (Reuters)

Reuters – Consumer confidence fell in June to the lowest point since November 2010 on concerns about the slack labor market and sputtering recovery, according to a Conference Board report released on Tuesday.

Continue reading about Consumer confidence falls in June (Reuters)

AFP – Europe ramped up pressure on the Greek parliament Tuesday to approve drastic austerity measures, warning that it would otherwise face a swift debt default that would rock the world economy.

Continue reading about ‘World economy at stake’ in Greek austerity vote (AFP)

Reuters – U.S. single-family home prices dipped modestly in April, pointing to signs of stabilization in the battered housing market at the start of the spring buying season, a closely watched survey said on Tuesday.

Continue reading about Instant View: April home prices dip, spring buying helps (Reuters)

AP – Treasury Secretary Timothy Geithner says he supports French Finance Minister Christine Lagarde’s candidacy for the top post at the International Monetary Fund.

Continue reading about Geithner backs France’s Lagarde for top IMF post (AP)

Reuters – Honda Motor Co’s (7267.T) annual operating profit forecast is not conservative, given the yen’s strength and soaring raw materials prices, the automaker’s chief financial officer said on Tuesday.

Continue reading about Honda CFO says profit forecast not conservative (Reuters)

AP – Crisis-hit car maker Saab has struck a $40 million deal to sell and lease back property in an effort to improve its ailing finances that have forced it to halt production and withhold workers’ salaries.

Continue reading about Saab in $40 million property deal to help pay debt (AP)

Reuters – Beijing’s tax authorities have asked the dissident Chinese artist Ai Weiwei, released recently from more than two months in detention, to pay 12 million yuan ($1.85 million) in back taxes and fines, a friend of his said on Tuesday.

Continue reading about China demands Ai Weiwei pay $1.85 million in taxes, fines (Reuters)

Reuters – The secretive business havens of Cyprus and the Cayman Islands face a potent rival: Cheyenne, Wyoming.

Continue reading about Special Report: A little house of secrets on the Great Plains (Reuters)

AP – A disbarred New York City lawyer has agreed to pay nearly $10 million in penalties for his part in a Swiss banking scheme.

Continue reading about Ex-NYC lawyer admits tax evasion in banking scheme (AP)

AP – Premier Wen Jiabao has underlined China’s support for Europe and the euro as it grapples with its debt crisis, insisting that Beijing has confidence in the 17-nation currency.

Continue reading about Germany, China stress support for euro (AP)

Reuters – The bus loaded with supporters of a planned $100 million mine had just left its remote Kyrgyz village when a mob on horseback blocked the road. What happened next was a warning to foreign mining companies who had hoped democracy in Kyrgyzstan…

Continue reading about Special Report: Kyrgyzstan’s gold rush on ice (Reuters)

Reuters – Microsoft is making its biggest move into the mobile, Internet-accessible world of cloud computing this week, as it takes the wraps off a revamped online version of its hugely profitable Office software suite.

Continue reading about Microsoft puts Office in the cloud, confronts Google (Reuters)

AFP – Cash-strapped Swedish automaker Saab has reached 28-million-euro ($40 million) deal to sell and lease back its real estate, its Dutch owner Swedish Automobile said on Tuesday.

Continue reading about Saab reaches 28mn euro deal to sell property (AFP)

Reuters – A high level of emergency stocks enabled industrialized nations to divert their purpose to support a fragile economic recovery rather than to handle severe oil supply disruptions, a diplomatic source said.

Continue reading about IEA’s move meant to send a shock wave to the market (Reuters)

AP – The falling price of gas has not been enough to offset the queasiness that Americans feel about the economy during the first half of June, with a dismal jobs landscape foremost on their minds, economists believe.

Continue reading about Ahead of the Bell: Consumer confidence (AP)

AFP – European Union economic affairs chief Olli Rehn pressed the Greek parliament on Tuesday to adopt a tough austerity programme, saying it was the “only way to avoid immediate default.”

Continue reading about EU chief urges Greece to adopt austerity measures (AFP)

Reuters – European Union officials are working on a contingency plan for Greece if its parliament rejects an austerity program and the country cannot receive the next instalment of EU/IMF emergency loans, three euro zone sources said on Monday.

Continue reading about Exclusive: EU has Plan B if Greece rejects austerity: sources (Reuters)

Reuters – France offered a radical solution Monday for banks to roll over some Greek debt for 30 years as the Greek government fought for political support of its five-year austerity plan to avert bankruptcy.

Continue reading about French banks agree to Greek debt rollover (Reuters)

Reuters – France offered a radical solution Monday for banks to roll over some Greek debt for 30 years as the Greek government fought for political support of its five-year austerity plan to avert bankruptcy.

Continue reading about French banks agree to Greek debt rollover (Reuters)

Reuters – The bus loaded with supporters of a planned $100 million mine had just left its remote Kyrgyz village when a mob on horseback blocked the road. What happened next was a warning to foreign mining companies who had hoped democracy in Kyrgyzstan…

Continue reading about Special Report: Kyrgyzstan’s gold rush on ice (Reuters)

Reuters – Staff cuts coupled with growth in Hong Kong and other key Asian markets have put Standard Chartered Plc (2888.HK) on track for record profits in the first half of this year, up over 10 percent on a year earlier.

Continue reading about StanChart keeps lid on costs, heads for record profit (Reuters)

AFP – US Treasury Secretary Timothy Geithner on Monday urged India to open up its financial sector, warning that future growth in the rapidly emerging economy depended on new reforms.

Continue reading about Geithner says India growth depends on reform (AFP)

AP – President Barack Obama plunged into deadlocked negotiations to cut government deficits and raise the nation’s debt limit Monday, and the White House expressed confidence a “significant” deal with Republicans could be reached. But both sides only s…

Continue reading about GOP, Democrats seem to harden stance on debt (AP)

AP – Interest rates on three-month Treasury bills fell in Monday’s weekly auction to the lowest level in two and a half years.

Continue reading about Rate on 3-month bill falls to lowest since Dec ’08 (AP)

AP – Interest rates on three-month Treasury bills fell in Monday’s weekly auction to the lowest level in two and a half years.

Continue reading about Rate on 3-month bill falls to lowest since Dec ’08 (AP)

Reuters – Broker-dealers won additional time from federal regulators to comply with new rules banning “naked access,” where brokers rent their IDs to unlicensed high-speed traders.

Continue reading about SEC grants extension for market access rule (Reuters)

AP – A former stockroom worker for Abercrombie & Fitch Co. sued the clothing retailer in federal court Monday, saying she was illegally fired after refusing to remove her Muslim headscarf while on the job.

Continue reading about Muslim woman sues Abercrombie & Fitch over hijab (AP)

AP – Why economists see a stronger second half for 2011

Continue reading about Business Highlights (AP)

AP – GREECE: Signs that a widespread European debt crisis could be averted helped send stocks up Monday, after French banks agreed to accept slower repayment of Greece’s debt. That would give Greece more time to meet its other financial obligations.

Continue reading about Summary Box: Hopes for Greece lift stocks (AP)

AP – GREECE: Signs that a widespread European debt crisis could be averted helped send stocks up Monday, after French banks agreed to accept slower repayment of Greece’s debt. That would give Greece more time to meet its other financial obligations.

Continue reading about Summary Box: Hopes for Greece lift stocks (AP)

AP – Signs that a widespread European debt crisis could be averted helped send stocks up Monday. French banks agreed to accept slower repayment of Greece’s debt, giving Greece more time to meet its other financial obligations. French banks hold $21.3 b…

Continue reading about How the major stock indexes fared Monday (AP)

Reuters – Nike Inc reported better-than-expected fourth-quarter earnings on Monday as revenue rose 14 percent and futures orders gained 12 percent, excluding currency fluctuations.

Continue reading about Nike quarterly net income up 14 percent (Reuters)

AP – President Barack Obama plunged into deadlocked negotiations to cut government deficits and raise the nation’s debt limit as the White House expressed confidence Monday that a “significant” deal with Republicans can be reached. But both sides only …

Continue reading about White House: ‘Significant’ deal on debt possible (AP)

Reuters – U.S. consumer spending failed to rise in May, breaking 10 straight months of gains, as households struggled with rising prices and automakers could not deliver some popular models due to fallout from Japan’s earthquake.

Continue reading about Consumer spending breaks 10-month rising streak (Reuters)

Reuters – The World Bank’s political risk guarantee agency said on Monday it would mobilize about $1 billion for insurance coverage for countries in the Middle East and North Africa to encourage foreign direct investment.

Continue reading about World Bank acts to encourage investing in Mideast (Reuters)