- UK is closed today
- Weidmann Says ECB Purchases Could Become ‘Addictive Like a Drug’ (Bloomberg)
- Dutch Premier Rutte Defends Austerity, Says No to More Greek Aid (Bloomberg)
- Storm Isaac forces Republicans to rework convention script (Reuters)
- Christie chose NJ over Mitt's VP role due to fears that they'd lose (NYPost)
- Ayrault warns EU fiscal pact rebels (FT)
- Is Canada's New $100 Bill Racist? (BusinessWeek)
- Will Fed Act Again? Sizing Up Potential Costs (WSJ)
- Samsung Slumps Most in 4 Years on U.S. Sales Ban Concerns (Bloomberg)
- States may require insurers to hold more capital (WSJ)
- Wen Says China Need Measures to Promote Export Growth (Bloomberg)
- Economist Appearing On Max Keiser Show Forced To Resign (Forbes)
- Merkel Reins In Greek Exit Talk in Euro’s Decisive Phase (Bloomberg)
- Korea’s Rating Raised by Moody’s on Resilience to Shocks (Bloomberg)
European Economic Update
* Hertz Global Holdings Inc said late Sunday it agreed to buy Dollar Thrifty Automotive Group Inc in a deal valued at about $2.3 billion, a move that would cap more than a decade of consolidation in the U.S. rental-car industry and bring the number of major players to three from what was once nine.
* Apple Inc's sweeping court victory over Samsung Electronics Co cements its dominance of the wireless industry and could force carriers, and even Google Inc, to re-evaluate their product plans and strategies.
* State insurance regulators are considering changes that would require U.S. insurers to hold more capital against some of the riskier mortgage bonds they have been scooping up lately as high-yielding investments.
* U.S. securities regulators are reviewing whether to ease limits on what companies can say ahead of initial public offerings, after lawmakers complained small investors were kept in the dark during this year's botched stock sale by Facebook Inc.
* Banks being probed for interest-rate manipulation face potentially tens of billions of dollars in claims from dozens of lawsuits in the U.S. from cities, insurers, investors and lenders who say they were hurt by the allegedly fudged rates.
DEUTSCHE BANK TURNS SCREW ON BONUSES
Deutsche Bank has is to introduce rules allowing it to strip staff of bonuses earned at previous employers.
INSURERS FACE BIG AGRICULTURE LOSSES
The insurance industry faces its biggest ever loss in agriculture as the worst drought hit the U.S. in over 50 years.
ICE CREAM MAKERS SCOOP SWEET REWARDS
British ice cream makers can claim to be the hottest in Europe in creating specialist products.
G4S WINS FAVOUR DESPITE OLYMPICS FALLOUT
Shareholders in G4S are backing chief executive Nick Buckles ahead of the security group's half-year results on Monday.
CORPORATE DEBT ISSUANCE RED HOT IN AUGUST
This month has been the busiest August on record for global corporate bond issuance.
TV AD CAMPAIGNS FAIL TO REACH AUDIENCES
U.S. television advertising campaigns are failing to reach a large portion of their target audiences, according to new research.
US INVESTIGATES UNICREDIT OVER SANCTIONS
UniCredit, Italy's largest bank by assets, is being investigated by U.S. authorities for possibly breaking sanctions with Iran.
ASSAD FORCES ACCUSED OF MASSACRE
Syrian opposition activists have accused the Syrian government of committing a massacre in a town near Damascus.
BRANSON'S WEST COAST OFFER REJECTED
Richard Branson's offer to run the West Coast train line not-for-profit, while the government reviews a contract decision, has been rejected.
HERTZ NEAR DEAL TO BUY DOLLAR THRIFTY
Hertz is on the verge of announcing a deal to buy rival car rental chain Dollar Thrifty.
* Two giants of the rental car industry agreed to merge late on Sunday, as Hertz Global Holdings announced a deal valued at $2.3 billion for the Dollar Thrifty Automotive Group.
* President of the German central bank Jens Weidmann said in an interview on Sunday that he remained staunchly opposed to government bond purchases by the European Central Bank, a position that could make it more difficult to deploy a weapon many economists believe is essential to saving the euro.
* Spain expects to use about 60 billion euros, or $75 billion, of the 100 billion euros of bank rescue financing offered by European finance ministers in June, according to the Spanish economy minister, Luis de Guindos.
* Saudi Aramco, the world's biggest oil producer, has resumed operating its main internal computer networks after a virus infected about 30,000 of its workstations earlier this month, the company said Sunday
THE GLOBE AND MAIL
* When Rob Ford testifies next week in a legal hearing that could see him kicked out of office, Toronto's mayor is expected to argue that he made an honest mistake over a trifling amount of money. Hints of Ford's strategy can be gleaned from a 148-page transcript of a cross-examination that Ford underwent behind closed doors, and which is now part of the court record.
* The pilot of a small plane that crashed in southwestern Ontario caught the flying bug young, joining the Royal Canadian Air Cadets at 12 and earning his gliding and powered-flight licences as he rose to the highest rank in the organization.
Reports in the business section:
* BHP Billiton Ltd has agreed to sell an Australian uranium deposit to Canada's Cameco Corp for C$430 million, as the top global miner sheds assets to help improve returns and shore up cash in a deteriorating commodity market.
* Enbridge Inc's response plan for a potential spill of Northern Gateway oil into the pristine waters off British Columbia doesn't take into account the unique oil mixture the pipeline would actually carry, documents show.
* Four young people who died in a plane crash Friday in southwestern Ontario have been identified. Ontario Provincial Police say the plane's pilot was Marko Misic, 20, of Toronto and the three passengers were Mohammed Shahnawaz Zia, 23, of Toronto, Wasay Rizwan, 27, of Toronto and Victoria Margaret Luk, 19, of Mississauga, Ontario.
* A double-decker bus rammed into a tanker loaded with highly flammable methanol on a northern Chinese highway on Sunday, causing both vehicles to burst into flames and killing 36 people, state media said.
* A new analysis suggests Canadian non-mortgage debt rose to its highest level in nearly a decade during the second quarter. The latest report of Canadian debt trends by TransUnion found the average consumer's non-mortgage debt load rose to $26,221 in the second quarter.
European Economic Update:
- Germany IFO Business Climate – 102.3 – lower than expected. Consensus 102.7. Previous 103.3. Revised 103.2.