(BBC - U.K.

Europe's biggest carmaker, Volkswagen(VW), plans to buy German sports car firm Porsche in stages while retaining the latter's independence. (...)

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(The Globe and Mail - Canada

Economy will grow this quarter, beginning long reconstruction of wealth destroyed by crisis, Bank of Canada says (...)

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(John Gapper - The Net)

I am not sure of the moral to be drawn from the fact that Citigroup, in its role as lender, has taken control of a resort hotel in California where American International Group held a retreat after being bailed out by the US government, but it is a straw in the wind.

The St Regis Monarch Beach in Dana Point is far from the only resort hotel to be in trouble as a result of the severe cutbacks in business travel and conferences following the financial crisis.
(...)

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(Paul Krugman - The Net)

There are many obstacles to taking action on climate change. Most of those obstacles have deep roots: there are powerful interest groups that don't want market prices to reflect true costs, and there are ideologues -- financially supported by these interest groups -- who don't want to admit that sometimes the government has to intervene.

But there's also, it seems, growing opposition to cap-and-trade from people who should be on the side of progress -- but whose reaction is basically "Eek! Markets!Wall Street! Speculation! Bad!"

We don't need this.

So let me talk a bit about why this reaction is 99% wrong, and bad for the planet.
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(Forbes - U.S.)

President Obama has noted that his health care plan will "probably include some additional revenue from well-to-do people." The numbers that are being discussed in policy circles will increase marginal tax rates among the highest earners substantially.

The House version of the health care plan will place a 5.4% income surtax on the highest income earners, and this surtax, combined with the expiration of the Bush tax cuts, will raise marginal tax rates about 10 percentage points. This means that states with high state income tax rates, such as California and New York, will have combined federal-state marginal tax rates that will approach 60%.
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(USA Today - U.S.)

The number of Mexicans moving to the USA has dropped sharply since the middle of the decade, according to a new report by the Pew Hispanic Center. Figures from various sources, including the Census Bureau, show that 30% to 50% fewer Mexicans came here -- legally or illegally -- in 2008 compared with 2006, says Jeffrey Passel, a senior demographer at the non-partisan research center, who is a co-author of the study. (...)

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(Financial Times - U.K.)

Morgan Stanley reported disappointing second quarter results on Wednesday as repayment of government funds and the accounting costs related to its improving credit spreads drove the bank to its third consecutive quarterly loss.

In the second quarter Morgan Stanley lost $159m, or $1.37 a share, from continuing operations, trailing estimates of Wall Street analysts that it would lose 49 cents a share. That compared with profit of $689m, or 61 cents, a year ago and revenues at Morgan Stanley fell by 11.5 per cent from the second quarter of 2008 to $5.4bn.
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(Economist View - The Net)

Ben Bernanke says that when the economy starts to recover, the Fed will take the steps needed to prevent an outbreak of inflation (the substance of the arguments can be found in the full version):

The Fed's Exit Strategy, by Ben Bernanke, Commentary, WSJ: The depth and breadth of the global recession has required a highly accommodative monetary policy. Since the onset of the financial crisis nearly two years ago, the Federal Reserve has reduced the ... federal-funds rate ... nearly to zero. We have also greatly expanded the size of the Fed's balance sheet through purchases of longer-term securities and through targeted lending programs aimed at restarting the flow of credit.
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(VOX EU - The Net)

The Icelandic parliament has decided to apply for EU membership. This column warns that domestic opposition and outstanding disputes with EU member countries on Icesave may derail the agreement.

The Icelandic parliament, by the narrowest of margins and broadly on party lines, has just decided to apply for EU membership. If the application is successful and approved by a referendum, Iceland might join the EU in four years. However, serious obstacles, both domestically and within the EU, make the eventual outcome quite uncertain.
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