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Mid-Day Minute - August 4 Tech

The resignation of Google's chief executive Eric Schmidt from Apple's board of directors may not be enough to satisfy the Federal Trade Commission, which plans to continue its ongoing investigation into the close relationship between the two tech giants.

General Electric to pay SEC $50 million for accounting fraud

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General Electric Co. says it will pay a $50 million penalty to settle government charges that its accounting procedures violated provisions of U.S. securities laws and increased its reported earnings to mislead investors in its financial statements, federal regulators said Tuesday.
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Midday minute August 4 – Finance

Pending sales of previously owned U.S. homes rose in June for a fifth straight month, another encouraging sign of life for the struggling housing market, the National Association of Realtors reported Tuesday. The higher than expected rise was boosted by low interest rates and bargain home prices.
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Pending home sales up for 5th straight month

Pending sales of previously owned U.S. homes rose at a faster-than-expected pace in June, a real estate trade group said on Tuesday, more evidence the housing market was starting to claw out of a three-year slump.
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Taliban rockets land near embassies in Afghan capital

Taliban militants fired at least nine rockets at the Afghan capital before dawn on Tuesday in the biggest attack of its kind for several years, some landing near major Western embassies, police and witnesses said.
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Malaria may have come from chimps

Malaria may have jumped to humans from chimpanzees much as AIDS did, U.S. researchers reported on Monday in a study they hope could help in developing a vaccine against the infection.
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U.S. consumer spending rises

U.S. consumer spending rose slightly more than expected in June, lifted by expenditures on nondurable goods even as incomes saw their biggest drop in four-and-a-half years, a government report showed on Tuesday.
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Australia police foil suicide attack on army base

Australian police arrested four men they said were linked to a Somali militant group on Tuesday, accusing them of planning a suicide attack on an army base and raising fears the al Qaeda-linked rebels were seeking targets outside Africa.
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Private equity funds in Taiwan bank on China interest

Global private equity funds have found a window of opportunity to invest in Taiwan's financial sector, making acquisitions with the hope of turning a profit when the market opens to China Inc in the years to come.
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Bill Clinton in North Korea, meets Kim Jong-il

Former U.S. President Bill Clinton made a surprise visit to North Korea on Tuesday to try to win the release of two jailed American journalists, and met the country's reclusive leader Kim Jong-il.
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Iranian moderate vows to keep pressure on president

Prominent defeated presidential candidate Mehdi Karoubi on Tuesday vowed to keep up pressure on President Mahmoud Ahmadinejad whose re-election sparked off Iran's worst unrest since the Islamic Revolution of 1979.
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North Korea's missile arsenal

Former U.S. President Bill Clinton arrived in North Korea on Tuesday to try to negotiate the release of two U.S. journalists convicted by the communist state of grave crimes, South Korea's Yonhap news agency said.
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Bill Clinton in North Korea to win reporters' release

Former U.S. President Bill Clinton made a surprise visit to North Korea on Tuesday to try to win the release of two jailed American journalists, a move some analysts said could mark the isolated state's return to talks over nuclear weapons.
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CVS Caremark posts higher profit, raises view

CVS Caremark Corp posted a bigger-than-expected jump in quarterly profit on Tuesday, aided by new stores and increased demand as consumers bought Easter treats and products to combat the H1N1 flu.
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Lower open eyed as mixed data spark caution

U.S. stocks headed for a lower open on Tuesday as a mixed data on June personal consumption and expenditures sparked caution, and investors set out to book profits a day after Wall Street rallied to a fresh nine-month closing high.
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Consumer spending rises in June, incomes fall

U.S. consumer spending rose slightly more than expected in June, a government report showed on Tuesday, likely pushed up by higher gasoline prices, and incomes saw their biggest drop in four-and-a-half years.
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Futures down after market run-up; data in focus

U.S. stock futures fell on Tuesday as caution prevailed ahead of reports on June personal income data and pending home sales, a day after Wall Street rallied to a fresh nine-month closing high.
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Fate of climate change bill in Congress

The fate of U.S. climate control legislation is in the hands of the Senate, where it faces an uphill climb. Democratic leaders hope to put it to a vote in October.
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Oil slips below $71 before expected stock build

Oil fell more than $1 to below $71 per barrel on Tuesday, paring three days of gains as expectations for a rise in U.S. crude inventories offset optimism over positive U.S. and Chinese manufacturing data.

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