Global News

"In the largest settlement involving a pharmaceutical company, the British drug maker, GlaxoSmithKline has agreed to plead guilty to criminal charges and pay $3 billion in fines for promoting its best selling antidepressants for unapproved uses and for failing to report safety data about a top diabetes drug. "

"Facebook, despite its IPO fiasco for which it has held Nasdaq to be partly responsible, has decided to remain with the Nasdaq Stock Market. Its executives said that a move at this time would further erode customer confidence in the company's struggling shares."

"A fine of $3.7 million has been imposed on Enbridge Inc over a July 2010 crude oil spill, which contaminated stretches of the Kalamazoo River in Michigan. It was the largest penalty ever imposed by the US pipeline regulator."

"California state lawmakers have approved what would be the nation's strongest legislation to help financially troubled borrowers stay in their homes. Gov. Jerry Brown is expected to sign the legislation this week or next. "

"Airbus said that the tactical edge that Boeing was enjoying in relation to the "last phone call" while selling jets to the domestic US airlines would no longer be there. Airbus is also planning to set up an assembly-line in Alabama."

"A city in southwest China has temporarily stopped work at a Sichuan copper alloy project and said that it will punish organizers of a two-day protest if they do not give themselves up. The protests by tens of thousands of residents of Shifang had turned violent. "

"Japan's All Nippon Airways announced that it will issue new shares worth 200 billion yen ($2.5 billion) this month. It plans to use the proceeds to invest in strategic aircraft that have high economic efficiency, especially the state-of-the-art Boeing 787s. "

"The US 10-year Treasuries dropped Tuesday in Asia but their fall was limited by data released the previous day that showed unexpected weakness in the US manufacturing sector. "

"Following in the footsteps of the chairman of Barclays, Marcus Agius who resigned Monday over the interest rate-rigging scandal, chief executive Bob Diamond also quit Tuesday. He was under great political pressure to resign. "

"The $20.5 billion contract awarded to UnitedHealth group Inc by the Pentagon has been upheld by the Government Accountability Office. TriWest Healthcare Alliance Corp's hopes of being able to persuade the Defense Department to reconsider its decision were dashed. "

"The US manufacturing dropped in June, for the first time in three years indicating that economic growth is declining. A monthly report showed that there was a decline in production and exports and in the number of new orders received. "

"Vodafone Plc is in advanced talks with Hutchison Whampoa Ltd for a merger of the two companies' Irish telecoms infrastructure."

"Barclays Plc Chairman Marcus Agius resigned on Monday in connection with the interest rate rigging scandal that devastated the bank's reputation. Chief Executive Bob Diamond is still holding on to his job but he is under intense pressure to resign as well. "

"Wall Street stocks surged on Friday on the strength of an agreement by European leaders to stabilize the euro region's banks, to end a difficult quarter on a high note. S&P 500 had its best day since December 20. "

"France said that it will need to cut its economic growth forecasts for this year and next, pointing towards the need for greater austerity than what Socialist President François Hollande had promised."

"There has been a failure of contract talks between the New York utility and its unionized workers, in the midst of extremely high temperatures in the New York area. People are suffering due to multiple and frequent outages."

"A takeover bid of A$1.7 billion ($1.74 billion) by a virtually unknown UK-based private equity fund for acquiring David Jones, Australia's second largest department store chain, has been withdrawn. After surging 15 percent, its shares slipped back 8.5 percent. "

"The political leaders of European countries will be approaching the European Central Bank this week to get help for reinforcing gains after their moves to calm markets and accelerate the integration of the euro bloc."

"Manufacturing activity in most of Asia slowed down according to economic data released on Monday, except in Indonesia that showed enough resilience to be able to withstand tough overseas conditions. More central bank easing is expected in order to boost economic growth. "

"Brent crude plunged towards $96 a barrel on Monday mainly because of weak factory data from top energy consumer China that spurred caution. Brent crude dropped $1.45 to $96.35 a barrel while US crude went down $1 to trade at $83.96."