TOP STORIES
REGULATORS QUESTION HIGH-SPEED TRADING IN TREASURYS
Senior officials at the Treasury Department and Federal Reserve
questioned the benefits of high-frequency trading in U.S. Treasury
markets, suggesting market overseers are building the case for new
rules targeting the firms.
U.S. STOCKS LOWER AS OIL PRICES DROP
U.S. stocks were dragged lower Monday by a continued fall in the
price of oil and as investors digested a slew of mixed economic
data.
LONDON TRADER HAYES SENTENCED TO 14 YEARS
Former bank trader Tom Hayes was sentenced to 14 years in jail
on Monday after a London jury convicted him of fraudulently trying
to rig the London interbank offered rate, or Libor.
PUERTO RICO DEFAULTS ON MOST OF DEBT PAYMENT
Puerto Rico missed most of a $58 million bond payment Monday,
the first default by the U.S. commonwealth in what may become one
of the largest restructurings in the history of the $3.7 trillion
market for debt sold by U.S. state and local governments.
OBAMA UNVEILS RULE TO CUT CARBON EMISSIONS FROM POWER PLANTS
President Barack Obama announced the nation's first-ever federal
limits on carbon emissions from power plants, his administration's
opening pitch ahead of an international climate conference later
this year.
BRENT CRUDE FALLS BELOW $50 A BARREL
The world's benchmark oil price fell to less than $50 a barrel
Monday for the first time in six months as a sluggish global
economy and rampant oil boom keep crude markets falling.
FOUR U.S. AIRLINES OBJECT TO COMPLAINTS AGAINST PERSIAN GULF AIRLINES
A long-running attempt by the three largest U.S. passenger
airlines to persuade the government to limit access to U.S. air
routes by three big Persian Gulf airlines received more pushback,
this time from a different group of U.S. carriers.
AIG RAISES DIVIDEND AS OPERATING PROFIT RISES
American International Group boosted its common-stock dividend
by 124% and raised its share-repurchase target by $5 billion as the
insurer posted a 5.4% increase in second-quarter operating
profit.
AUTO MAKERS POST STRONG U.S. SALES
Car makers are facing a conundrum as buyers are rushing to buy
bigger vehicles even as car companies face steeper U.S.
requirements for increasing fuel economy.
U.S. CONSUMER SPENDING UP 0.2% IN JUNE
Americans curbed their spending increases in June, a sign that
weak wage growth might be weighing on consumers.
FED SURVEY FINDS PICKUP IN DEMAND FOR LOANS
Banks reported stronger demand for commercial and consumer loans
in a variety of categories during the second quarter, a Federal
Reserve survey found, suggesting a positive uptick in growth in the
second half of the year.
U.S. MANUFACTURERS EXPAND AT SLOWER PACE IN JULY
U.S. manufacturers expanded at a slower pace in July, according
to a survey released Monday by the Institute for Supply Management,
the latest signs of tepid growth in the sector.
GOLDMAN RAISES LEGAL-LOSS RANGE
Goldman Sachs raised the top end of its range of "reasonably
possible" legal expenses to about $5.9 billion, up from about $3.8
billion in May.
EXOR, PARTNERRE SETTLE ON $6.9 BILLION DEAL
Italy's Exor reached a $6.9 billion agreement to buy reinsurance
group PartnerRe, ending months of negotiations and sealing a deal
that is key to long-term plans by Italy's Agnelli family to
diversify their holdings.
AT&T TO OFFER TV AND WIRELESS BUNDLE
AT&T plans to offer bundled TV and wireless phone services,
about a month after the company closed its acquisition of
DirecTV.
GULF ARAB STATES VOICE SUPPORT FOR IRAN NUCLEAR DEAL
Gulf Arab states on Monday cautiously backed the Obama
administration's nuclear agreement with Iran, giving the White
House a potentially important diplomatic win.
HSBC TO SELL BRAZIL BUSINESS
HSBC said it plans to sell its Brazil business to Banco Bradesco
in an all-cash deal worth $5.2 billion as it reported a fall in its
second-quarter net profit.
DEPOMED TO FILE INJUNCTION AGAINST PURSUER HORIZON
Depomed Inc. said it would attempt to block Horizon Pharma PLC
from using confidential data, a week after the company rejected
Horizon's roughly $2 billion hostile takeover bid.
DELTA BANS SHIPMENT OF WILDLIFE HUNTING TROPHIES AS FREIGHT
Delta Air Lines Inc. on Monday said that it will no longer carry
hunting trophies of lions, leopards, elephants, rhinoceros and
buffaloes as freight.
ROLLS-ROYCE HAS MET WITH VALUEACT
Rolls-Royce Holdings PLC on Monday said its top leaders met with
ValueAct Capital Management LP after the activist investor raised
its stake to more than 5% in the British aircraft-engine maker.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Capital Journal
FIVE IDEAS WORTH DEBATING ON THE GOP STAGE
Thursday's Republican presidential debate has been about Donald
Trump and who will qualify for it, but Gerald F. Seib writes that
candidates have put out several ideas that are worthy of
discussion.
Heard on the Street
HIGHER SPENDING SHOULD DRIVE UP CAR MAKERS' MARGINS
Car sales probably can't get much stronger than they were in
July, but Americans will find another way to spend their money.