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   | | | | Business this week Jul 22nd 2010 From The Economist print edition After months of tortuous negotiations, Barack Obama signed America’s financial-reform bill into law. The legislation grants the government new powers to supervise and break up companies it believes pose a threat to the economy. It also includes the creation of a new consumer-protection agency, which will regulate products ranging from credit cards to home mortgages, and measures to restrain banks’ proprietary trading and investments in hedge funds and private equity. See article Ben Bernanke, the chairman of the Federal Reserve, characterised the outlook of the American economy as “unusually uncertain” in his semi-annual report to Congress. He did not announce any new measures but said the Fed was “prepared to take further policy actions” if necessary. Europe’s leading bankers awaited publication of the stress-test results on July 23rd. The tests cover 91 European banks, about 65% of the sector, and will, in theory, measure their resilience to negative-shock scenarios. European officials have defended the rigour and reliability of the tests in response to concerns that they will be too soft. An IMF and EU delegation walked out of talks with the Hungarian government after failing to agree on fresh austerity measures. Hungary received a €20 billion ($25.5 billion) support fund in 2008 in return for implementing a stringent fiscal-consolidatio Ireland successfully raised €1.5 billion ($1.9 billion) in six- and ten-year bonds despite being downgraded by Moody’s, a rating agency. The sale was oversubscribed but yields were high, at 4.5% for the six-year paper and 5.5% for the ten-year bond.
Preliminary figures from the International Energy Agency indicated that China had overtaken America to become the world’s largest energy consumer. The agency claims that since 2000 China’s energy demand has doubled, although its consumption per person is still only one-third of the OECD average. The Chinese government disputed the findings, saying the agency’s figures were “unreliable”. Strong demand for Apple’s new products, the iPad and iPhone 4, drove the company’s robust results for the second quarter. Apple reported a 61% rise in revenues to $15.7 billion, while profits were up by 78% to $3.3 billion. Concerns over the iPhone’s antenna malfunction, which Apple’s chief executive, Steve Jobs, tried to mitigate in a press conference, did not seem to discourage buyers. Goldman Sachs settled civil fraud charges by America’s Securities and Exchange Commission that it misled investors, agreeing to pay a $550m fine. This, along with about $600m set aside to pay a British tax on bankers’ bonuses, dented Goldman’s second-quarter earnings. The bank reported an 82% drop in profits, year-on-year, to $613m. Revenue also fell by 36% to $8.8 billion. Shares in Ocado, an online grocer, tumbled by 7% on their first day of conditional trading, despite a last-minute cut in the offer price. Analysts questioned the valuation of the company, which has yet to make a pre-tax profit. Conrad Black, the former boss of the Hollinger media empire, was released from a prison in Chicago on a $2m bond, pending an appeal. Lord Black has served more than two years of a 78-month sentence after he was found guilty of defrauding shareholders of $6.1m. Emirates, a Dubai-based airline, announced a $9.1 billion order for 30 Boeing 777 passenger jets at the Farnborough air show in Britain. The deal comes a month after the company placed a record $11.5 billion order in Berlin for 32 Airbus A380 super-jumbos. Mark Tucker, a former head of Prudential, a British insurer, was appointed the new boss of AIA, the Asian arm of American International Group. He will steer AIA’s initial public offering, which is expected to take place in the autumn. AIG is listing AIA in a bid to repay some of the bail-out money it owes the government, having failed to sell its Asian unit to Prudential. BP agreed to sell oil and gas-fields worth $7 billion in America, Canada and Egypt to Apache Corporation, a Texan company. The deal is part of a plan to raise $10 billion to help pay for damages related to the Gulf of Mexico oil spill. BP’s announcement came days after the company installed a new cap on the leaking well, which seemed to stop the flow of oil into the sea. See article Customer service To change your subscription settings or to unsubscribe please click here, (you may need to log in) and select the newsletters you wish to unsubscribe from. As a registered user of The Economist online, you can sign up for additional newsletters or change your e-mail address by amending your details. If you received this newsletter from a friend and you would like to subscribe to The Economist online's wide range of newsletters, please go to the The Economist online registration page and fill out the registration form. This mail has been sent to: eleccion@yahoogroup
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