Reuters

North Korea Releases Canadian Prisoner As Tillerson Talks Down "Imminent Threat"

In two welcome signs of de-escalation after yesterday's sudden spike in bellicose rhetoric, moments ago North Korea released a Canadian man from prison on humanitarian grounds, while Rex Tillerson said he doesn't believe there is "any imminent threat" from North Korea, and says that they should "have no concerns about this particular rhetoric of the last few days."

The Volcker Rule & The London Whale: "Dear Big Media, Get A Clue"

"The episode involving the London Whale illustrates how difficult it is to learn the truth about the inner working of large banks.  Big banks profit by exploiting information and conflicts found between the world of credit and the world of securities. But the London Whale episode also shows in graphic terms why the Volcker Rule prohibitions against banks trading for their own account need to be preserved and strengthened."

Iranian Drone Flies Within 100 Feet Of U.S. F-18 In Persian Gulf

an Iranian drone came within 100 feet of a U.S. Navy warplane as it prepared to land on the USS Nimitz aircraft carrier off the coast of Iran in the Gulf. The F/A-18 maneuvered repeatedly to avoid the Iranian QOM-1 drone in what was dubbed an "unsafe and unprofessional" encounter.

Frontrunning: August 8

  • Tax Overhaul Effort Shaped by Debate Over Corporations (WSJ)
  • Funds target 'unknown' stocks as Wall Street cuts analyst jobs (Reuters)
  • GOP Plans Tax Compromise to Sidestep Democrats (BBG)
  • Few expect Trump's 15-percent corporate tax rate: Deloitte survey (Reuters)
  • Raid on Venezuelan Base Got Help From Active Officers (WSJ)
  • Hackers demand million in ransom for stolen HBO data (AP)

Russia To Cut Dependence On U.S. Dollar, Payment Systems

"We will intensify work related to import substitution, reduction of dependence on U.S. payment systems, on the dollar as a settling currency and so on. It is becoming a vital need [as] the US is using its dominating role in the monetary and financial system to impose pressure on foreign business, including Russian companies."