For months, markets have been dancing to central bankers' tune, but that may now be changing, writes James Saft. Full Article
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PRESS DIGEST - Wall Street Journal - Aug 1
Aug 1 (Reuters) - The following were the top stories in the Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.
* The fallout over Facebook Inc's initial public offering escalated as UBS AG went on the attack against Nasdaq OMX Group Inc, blaming the stock-exchange operator for trading flubs that erased a sizable chunk of its second-quarter profit.
* Google Inc said it will delay the launch of its Nexus Q music- and video-streaming device that it manufactured in the U.S. to "work on making it even better."
* Cellphone tower operator Crown Castle International Corp has emerged as the lead bidder for the towers being sold by T-Mobile USA, and a deal for more than $2 billion could be struck soon, people familiar with the matter said.
* Deutsche Bank AG, seeking to dispel concerns that it is undercapitalized following a dismal second quarter, raised its core capital target and announced a wave of layoffs and other cost-cutting measures at its flagging investment-banking arm.
* Microsoft Corp said it is converting Hotmail, which competes with Google Inc's Gmail and email services from Apple Inc and Yahoo Inc, into a revamped Web-based email service called Outlook.com.
* A bankruptcy trustee, Louis J. Freeh, sifting through the remains of MF Global Holdings Ltd expressed confidence that the failed securities firm's U.S. customers will get all their money back.
* A Citigroup Inc former director, Brian Stoker, was cleared of wrongdoing over his role in selling a $1 billion mortgage-bond deal by a federal jury in Manhattan, in a setback to the government's efforts to hold individuals accountable for Wall Street's conduct in the financial crisis.
* BP Plc posted a sharp fall in second-quarter earnings as it wrote down the value of several key assets in the U.S. by $5 billion. Excluding the one-time costs, analysts said the oil company's performance was still weak as it continues to suffer the long-term effects of the Deepwater Horizon spill.
* Republican and Democratic leaders said that they have agreed to extend current government funding levels through the first six months of the fiscal year that begins Oct. 1, avoiding the prospect of a pitched budget battle shortly before the election.
* PokerStars agreed to pay $731 million to end a Justice Department lawsuit alleging bank fraud, money laundering and violations of gambling regulations against it and another poker website, Full Tilt Poker.
* India suffered the world's biggest-ever power outage Tuesday as transmission networks serving areas inhabited by 680 million collapsed, putting the nation's ramshackle infrastructure on stark display.
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