U.S. jobs, services data raise recovery worries
U.S. private employers cut more jobs than expected last month and the vast services sector contracted again, stoking concern about the strength of a U.S. recovery, data showed on Wednesday. See full article.
U.S. invests $2.4 billion in battery tech for EV's
President Barack Obama announced on Wednesday, a $2.4 billion investment from the Department of Energy, for advanced battery technology for hybrid and electric-drive vehicles, the single largest investment ever made for this purpose, according to the department. Read Full Article here.
Cisco revenue falls but profit higher than expected
Cisco Systems Inc reported an 18 percent fall in quarterly revenue as customers held back spending on network equipment, but the decline was mostly in line with Wall Street forecasts and its profit was better than expected. Read Full Article here.
Treasury wants to stay out of credit ratings
The Obama administration is resisting calls to help ensure that credit ratings are reliable, saying this would force investors to rely even more on the ratings. See full article.
Procter & Gamble profit falls
Procter & Gamble Co posted an 18 percent drop in quarterly profit, as sales fell across all of its businesses, but stood by its profit forecast as the pressure of foreign currency fluctuations eases. See full article.
U.S. gasoline stockpiles drop, crude prices jump
U.S. crude oil prices jumped as stockpiles of oil climbed 1.67 million barrels to 349.5 million last week, the Energy Information Administration said on its weekly report. Gasoline inventories dropped 218,000 barrels to 212.9 million last week and distillate fuel stockpiles including heating oil and diesel, fell 1.14 million barrels to 161.5 million, according to the report. See Full Article here.
CFTC may impose limits on speculators in energy markets
The Commodity Futures Trading Commission held the last of a three hearings on Wednesday apparently approving the imposition of hard limits on speculators in energy markets, Dow Jones reports. The comission may issue a draft rule this autumn which will be followed by a period of 60 days of public comments, CFTC Chairman Gary Gensler said.
Google buys On2 video firm to bolster YouTube
Google on Wednesday took another step in its Web video strategy by announcing it will acquire On2 Technologies, a creator of high-quality video compression technology in order to boost its YouTube site. The Mountain View, California-based company said it will pay $106.5 million and On2 investors will get 60 cents in Google stock for each share they own. Read Full Article here.
Sony plans $199 e-reader in Amazon challenge
Sony Corp will begin selling this month the cheapest digital book reader for the United States, heating up the competition with Amazon.com Inc in the small but fast-growing market for electronic readers. Read Full Article here.
In France, 92 percent of residents use a mobile: report
The number of mobile users continues to rise in France with 91.8 percent of residents subscribing to wireless services as of end-June, up from 88.1 percent a year ago, the telecoms regulator said on Wednesday. Read Full Article here.