BusinessAP - Tyson Foods Inc. said Monday that its profit fell 21 percent for its third fiscal quarter on higher grain costs and lagging results from its chicken business.
Business
Gold price tops $1,700 as investors seek refuge (AP)
AP - The price of gold streaked past $1,700 an ounce for the first time Monday. Investors, beset by worries about the U.S. debt downgrade, Europe's financial crisis and slowing global growth, sought safety in the metal as stocks tumbled around the world.
Wall Street sinks after S&P downgrade (Reuters)
Reuters - Stocks tumbled on Monday, the first session after rating agency Standard & Poor's cut the top-tier AAA credit rating of the United States, further unnerving already-skittish investors.
S&P downgrades mortgage giants Fannie, Freddie (AFP)
AFP - Standard & Poor's downgraded mortgage giants Fannie Mae and Freddie Mac from triple-A to AA+ Monday, citing their direct reliance on the US government, which it downgraded last Friday.
S&P downgrades Fannie and Freddie, US-backed debt (AP)
AP - Standard & Poor's Ratings Services on Monday downgraded the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt.
Top Dutch court halts plan for huge gas storage (AP)
AP - The Dutch supreme court has suspended plans to build Europe's largest gas storage facility pending further research on the safety of holding 4 billion cubic meters of gas underground.
S&P's Beers: Expect word of knock-on from downgrade (Reuters)
Reuters - Announcements should be expected this morning about more knock-on effects to corporations from S&P's decision to downgrade the United States' credit rating, the head of Standard & Poor's sovereign ratings said on Monday.
ECB backs Italy, Spain in bid to halt euro crisis (Reuters)
Reuters - The European Central Bank intervened dramatically in bond markets on Monday, backing up a verbal pledge to support Spain and Italy with action in an attempt to avert a financial meltdown in the euro zone.
Oil falls more than 3 percent after U.S. downgrade (Reuters)
Reuters - Oil dropped more than 3 percent on Monday, as worry about an economic slowdown spread after Standard & Poor's cut the United States' top-tier credit rating late on Friday.
AIG sues BofA for $10 billion alleging "massive fraud" (Reuters)
Reuters - The insurer AIG is suing Bank of America Corp to recover more than $10 billion of losses from a "massive fraud" on mortgage debt, deepening the morass of litigation faced by the largest U.S. bank.
ECB pledge gets Spain, Italy rates down (AP)
AP - A risky European Central Bank decision to fight the continent's debt crisis by buying Spanish and Italian bonds on Monday started pushing down the soaring interest rates threatening those countries with financial disaster.
Safety regulators open probes on Ford, VW cars (Reuters)
Reuters - Auto safety regulators have opened preliminary investigations into new Ford Motor Co Mustangs with manual transmissions for possible shifting problems and diesel Volkswagen Jetta sedans for possible fuel leaks.
Moody's says U.S. needs to find more deficit cuts (Reuters)
Reuters - Ratings agency Moody's repeated a warning on Monday it could downgrade the United States before 2013 if the fiscal or economic outlook weakens significantly, but said it saw the potential for a new debt agreement in Washington to cut the budget deficit before then.
Economy, not debt rating, will send markets lower (AP)
AP - U.S. investors will have their first chance Monday to react to Standard & Poor's decision to strip the U.S. government of its top credit rating. But the bigger issues facing Wall Street and stock markets worldwide remain debt-ridden countries in Europe and concerns that the global economy is weakening.
IRS Will Not Pursue Airline Ticket Tax (ContributorNetwork)
ContributorNetwork - The confusion surrounding the partial shutdown of the Federal Aviation Administration has been alleviated for the time being as a result of Congress and President Barack Obama agreeing to, passing, and signing a bill to fund the agency until the middle of September. However, during the two-week standoff the taxes that were not collected by the airlines have raised a number of questions. Fortunately, the IRS has stepped in and released a statement to help clarify the issue.
In Abu Dhabi, lingerie reflects UAE's retail pull (AP)
AP - It could have picked London or Hong Kong. Instead, the lingerie retailer that styles itself "the original sex symbol" chose the buttoned-down sheikdom of Abu Dhabi for the launch of its first international store.
Oil settles above $98 a barrel (AP)
AP - An unexpected drop in U.S. crude supplies boosted oil Wednesday, and the potential for more government stimulus spending could push it even higher this year.
Even Down 22%, This Stock Is Grossly Overvalued (The Motley Fool)
The Motley Fool - I don't know what's gotten into the coffee sector, but investors seem to like it. Whether it's the caffeinated beverages or the rising price of coffee beans worldwide, investors are sipping up coffee stocks like they're going out of style -- and it's producing some sky-high valuations.
Chrysler recalls 242,000 Ram pickup trucks (AP)
AP - Chrysler is recalling nearly 250,000 Ram pickups because a bad part in the steering system can cause drivers to lose control of the truck.
Analysis: U.S. racketeering charges unlikely to bite News Corp (Reuters)
Reuters - What kind of legal problems could Rupert Murdoch's News Corp face in the United States from the UK phone-hacking scandal? Securities litigation? Likely. Anti-bribery prosecution? Possible. Anti-racketeering laws? That may be more of a stretch.
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