TOP NEWS: Economy: August 27th, 2012
- Apple Case Muddies the Future of Innovations
- Mitt Romney outlines his economic recovery plans
- Cash Moves by HSBC in Inquiry
- Jackson Hole to Disappoint Investors Wanting Stimulus
- No Crime, No Punishment
Excerpts and More Top Stories:
APPLE: Apple Case Muddies the Future of Innovations - NYT
For companies that emphasize distinctive design, the Samsung patent verdict was a validation of their efforts.
APPLE/SAMSUNG: Apple Patent Victory Seen Spurring Wider Range of Phones – BLOOMBERG
Apple’s clear victory in its patent dispute increases pressure on smartphone makers around the world to create handsets that stand apart from the iPhone.
APPLE/SAMSUNG: Samsung Shares Fall After Apple Wins $1 Billion Verdict – BLOOMBERG
Samsung Electronics Co. fell the most in almost four years in Seoul trading after a US jury found the mobile-phone maker infringed Apple Inc.’s patents.
APPLE/SAMSUNG: Samsung Ban Could Benefit Nokia, Microsoft – BLOOMBERG
Nokia and Microsoft stand to get a much-needed boost as Samsung products face a possible ban and handset makers come under pressure to consider alternatives to Google Inc.’s Android software.
*MORE APPLE/SAMSUNG STORIES BELOW
ROMNEY/ECONOMY: Interview: Mitt Romney outlines his economic recovery plans – POLITICO
Republican presidential candidate Mitt Romney offers outlines his economic recovery plans for Politico’s Jim Vandehei and Mike Allen, including his plans to run his administration more like a business.
ROMNEY/ECONOMY: 2012: It’s the economy, stupid (part 247) - WP, OP-ED
CHRIS CILLIZZA/AARON BLAKE: “Mitt Romney has pulled into a dead heat with President Obama in the latest Washington polls And the reason: the economy stinks and people don’t think the current occupant of the White House can make it better…”
BANKING/ HSBC/INQUIRY: Cash Moves by HSBC in Inquiry – NYT
Federal authorities said the bank was suspected of laundering money for Mexican drug cartels and moving cash for Saudi Arabian banks with ties to terrorists.
FED/QE3: Jackson Hole Probably to Disappoint Investors Primed for New Stimulus Now – BLOOMBERG
Federal Reserve Chairman Ben S. Bernanke — returning this week to the scene of a 2010 speech that foreshadowed a second round of quantitative easing — probably will disappoint investors looking for him to signal new stimulus.
FED: Lowering excess-reserves rate would not help: Fed economists – REUTERS
NEW YORK – Economists at the Federal Reserve Bank of New York have poured cold water on a plan to lower interest rates on some bank deposits, an idea that had gained favor among some policymakers at the U.S. central bank.
BANKING: No Crime, No Punishment – NYT, OP-ED
When the Justice Department recently closed its criminal investigation of Goldman Sachs, it became all but certain that no major American banks or their top executives would ever face criminal charges for their role in the financial crisis.
BANKING: M&T Bank to Buy Hudson City Bancorp for $3.7 Billion - NYT
The M&T Bank Corporation has agreed to buy Hudson City Bancorp for $3.7 billion in cash and stock, expanding M&T’s reach on the East Coast.
BANKING/INVESTIGATION: US investigates UniCredit over sanctions – FT
Italy’s largest bank by assets is being probed by US authorities for possibly breaking sanctions that prohibit doing business with certain countries
REGULATION/BANKING: We need much simpler rules to rein in the banks – FT, OP-ED
NICHOLAS BRADY: The aim should be to innovate while creating less complex boundaries…
REGULATION/FUNDS: A Regulator’s Key Role in Failed Mutual Fund Reform - NYT
Luis A. Aguilar, a member of the Securities and Exchange Commission, opposed a plan to reform money market funds, derailing a significant effort to tighten regulations on the financial industry.
REGULATIONS: My dollar, my rules – ECONOMIST
American regulators threaten an emerging-markets bank
HIGHER EDUCATION: College Becoming the New Caste System – NEWSWEEK
NIALL FERGUSON: “Our universities now offer social mobility mostly to foreigners. For Americans, they risk creating a new caste system.”
DEBT: Corporate debt issuance red hot in August - FT
Nearly $120bn of debt taken out – the highest August figure since records began in 1995, and more than double the $58bn average
ECONOMY: Key economic data for the week of Aug. 27 - WP
A host of new economic datapoints come out this week, offering a chance to gauge the strength of the economic recovery.
ECONOMY: Why Henry Blodget is dead wrong – MARKET WATCH, OPINION
DIANA FURCHTGOTT-ROTH: Fixing the economy is critical but not his way.
CONSUMER SPENDING: These Days, It’s Back to School, Then Shopping - NYT
In an effort to follow trends, students and their families are delaying back-to-school purchases, which could hurt an economy heavily dependent on consumer spending to stay afloat.
HOUSING: Homebuilding Revival Sparks Rush for Best California Land – BLOOMBERG
A look into the market for Californian land with all its risks and benefits.
ENERGY: Alaska pursuing unconventional shale oil development to fill its pipeline - WP
Alaska has fallen behind North Dakota in oil output and is now exploring the possibility of extracting oil from the source rock on the state’s North Slope.
ENERGY/OIL PRICES/STORM: Oil prices rise amid US hurricane watch – FT
Groups shut down production as tropical storm enters Gulf of Mexico.
INSURANCE/AGRICULTURE: Insurers face big agriculture losses - FT
University of Illinois economists estimate the drought will trigger gross indemnities of roughly $30bn this year, with an underwriting loss of $18bn
COMMODITIES/GRAIN: U.S. Crop Tour Draws Global Crowd - WSJ
Grains traders from far-flung places such as Singapore and Rio de Janeiro are drawn to U.S. crop tours by the increasingly high stakes of agricultural commodities and the chance to gain intelligence that could give them an edge on competitors
PATENT LAW: Inventor Challenges a Sweeping Revision in Patent Law -NYT
Mark Stadnyk is suing the United States government, aiming to block a patent law that he says is a triumph of corporate lobbying that will hurt lone inventors like him.
BUSINESS OFFICE: Computer Sharing Can Make Office Time Cozy - WSJ
Some tech companies advocate “pair programming”—where two people share one desk and one computer. Proponents say it’s a more efficient way of creating software, but for some engineers, it can feel like an endless bad date.
MEDIA/ADVERTISING: TV ad campaigns fail to reach audiences - FT
Data show three-quarters of US adverts are viewed by 20% of adults, indicating TV’s shortcomings as a medium for reaching target viewers.
MEDIA/KIMMEL: Jimmy Kimmel’s Move May Seal Fate of ‘Nightline’ - NYT
The decision to shift “Jimmy Kimmel Live” into the time slot long held by “Nightline” is a hurtful and possibly fatal blow to the program, former members of the news show say.
MANUFACTURING/ELECTRIC CARS: Electric cars to race in Formula E – FT
New global series will stage events around city-centre landmarks
BUSINESS/HERTZ: After Long Pursuit, Hertz to Buy Dollar Thrifty for $2.3 Billion – NYT
Two giants of the rental car industry agreed to merge late on Sunday, as Hertz Global Holdings announced a $2.3 billion deal for the Dollar Thrifty Automotive Group.
*MORE APPLE/SAMSUNG STORIES:
APPLE/STOCK: U.S. Stocks Rise as Apple Rallies on Patent Verdict – BLOOMBERG
US stocks little changed as investors await fed signals.
APPLE: Apple ruling redraws battle lines - FT
Forcing rivals to start thinking outside the box in innovation could in the long term work against the victorious group after its court win over Samsung.
APPLE/SAMSUNG/GOOGLE: Rich Karlgaard: Apple’s Lawsuit Sent a Message to Google - WSJ, OP-ED
To Steve Jobs, Android stirred unpleasant memories of Microsoft Windows
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