Major headlines

Today I am posting all the major headlines for today together.  While we wait yet again to see if US government is going to vote for the agreement events continue apace and the unravelling continues.

Europe's Big Oil Sees Output Fall

Wall Street Journal

LONDON—Most European major oil companies posted a surge in quarterly profits last week, but their results were overshadowed by a trend that continues to trouble Wall Street and corporate boardrooms: Nearly every major oil company reported year-to-year oil-and-gas output declines, often in the double-digits.

Big Oil is throwing huge resources at the problem with more open embrace of unconventional petroleum developments, high-risk exploration in frontier areas and corporate restructuring. But even if these strategies work in some cases, there is little doubt that anemic petroleum output signals a long-term challenge confronting the sector.

Stocks: Manufacturing data erases debt deal rally

CNN

NEW YORK (CNNMoney) -- Stocks took a wild ride Monday. The day started with an early rally fueled by hopes of a debt deal, but a weak manufacturing report quickly deflated that optimism -- leaving stocks little changed as investors await a House vote.....

Last Friday's second-quarter GDP report in particular served as a stark reminder that the economy is growing at a sluggish 1.3% pace.

The gloom continued into Monday, with a report that showed that the manufacturing sector nearly stood still in July. The Institute for Supply Management's manufacturing index slid to 50.9 in July -- much worse than the level of 54 that economists were expecting, and down from 55.3 in June.

"We keep seeing data that shows the economy is getting worse," said Kim Caughey Forrest, senior equity analyst at Fort Pitt Capital Group. "Earlier this year, we thought the economy would improve -- albeit gradually. But all the negative surprises are concerning investors."

Stocks posted their worst weekly performance in more than a year last week, losing $700 billion in market capitalization.

http://money.cnn.com/2011/08/01/markets/markets_newyork/index.htm?iid=HP_LN

Tepco Says Highest Radiation Yet Is Detected at Fukushima Dai-Ichi

Bloomberg

Geiger counters, used to detect radioactivity, registered more than 10 sieverts an hour, the highest reading the devices are able to record, Junichi Matsumoto, a general manager at the utility, said today. The measurements were taken at the base of the main ventilation stack for reactors No. 1 and No. 2

For article GO HERE

UK set for low growth as the mood 'darkens'

the Independant, 1 August 2011

The Confederation of British Industry (CBI) warns today that there is a "darkening mood" among British business people as they face up to years of lacklustre, disappointing and fragile economic growth.

The squeeze on household incomes and consumer spending has hit UK business confidence hard in recent weeks, as has talk about the Government's planned spending cuts and sovereign debt crises in the eurozone and in the US.


For article GO HERE.

HSBC will cut 30,000 jobs

Business Insider

HSBC said on a conference call this morning it would cut 30,000 by the end of 2013.

"There will be further job cuts," Chief Executive Stuart Gulliver told Reuters. "Another 25,000 roles will be eliminated in addition to the 5,000 already announced."

The London-based financial company reported flat first half revenue of $35.7 billion, with weakness in Europe offsetting growth in emerging markets. Naturally job cuts will be focused on Europe and the U.S., with the possibility of hiring in emerging markets.

Laying off 30,000 amounts to a 10% workforce reduction.