Bloomberg:
- The US government is intensifying its scrutiny of hedge funds as lawmakers weigh stricter oversight of the industry with $1.2 trillion in assets under management.
- Sharp Corp., the world’s largest maker of liquid-crystal display televisions, said profit rose 23% in its first quarter, buoyed by soccer’s World Cup.
- Crude oil is falling $1.30/bbl. on speculation that the conflict between Israel and Lebanon won’t spread in the Middle East.
Wall Street Journal:
- Genentech Inc.(DNA) agreed to pay Inotek Pharmaceuticals as much as $625 million for the right to produce a new kind of drug for treating cancer and heart ailments.
- Dow Chemical(DOW) will seek to become more environmentally friendly by 2015, putting more effort into water treatment, car-emissions cleanup and other systems.
USA Today:
- More than half of Americans say they blame Hezbollah “a great deal” for the Middle East fighting, compared with 15% that blame Israel, according to a poll of 1,005 adults taken July 21-23.
- The pace of rebuilding in Mississippi is increasing.
NY Times:
- Only a handful of the 33 criminal cases opened by US investigators probing the backdating of stock options are likely to result in criminal charges, citing unidentified lawyers involved in talks with investigators.
Yonhap News Agency:
- South Korea eased its military alert on North Korea as it sees no “immediate” signs of more missile tests by the communist country.
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