Goldman Sachs fined $30.9 million in UK: report (Reuters)

Reuters - Goldman Sachs has been fined 20 million pounds ($30.9 million) by the UK's financial regulator for failing to disclose it was under fraud investigation by its U.S. counterpart, the BBC reported on Wednesday.

Australia regulator blocks NAB's $12 billion AXA unit bid (Reuters)

Reuters - Australia's competition regulator blocked National Australia Bank's $12 billion bid for AXA Asia Pacific for a second time, dashing NAB's efforts to cement its dominance in the world's fourth-largest wealth management market.

BP report blames itself, others for oil spill (AP)

AP - BP took some of the blame for the Gulf oil disaster in an internal report issued Wednesday, acknowledging among other things that it misinterpreted a key pressure test of the well. But in a possible preview of its legal strategy, it also pointed the finger at its partners on the doomed rig.

Obama firm, won't yield on tax hike for wealthiest (AP)

AP - Politically weakened but refusing to bend, President Barack Obama insisted Wednesday that Bush-era tax cuts be cut off for the wealthiest Americans, joining battle with Republicans — and some fellow Democrats — just two months before bruising midterm elections.

Asia stocks rise and yen steady but outlook hazy (Reuters)

Reuters - Asian stocks edged up and the yen slipped from a 15-year high on Thursday, after a small rally on Wall Street driven by successful European bond auctions gave investors an excuse to lighten up on their bets.

Economists cut U.S. growth forecast again (Reuters)

Reuters - Projected U.S. economic growth for the rest of this year and next was revised down for a third month in a row by a panel of about 50 economists.

FDIC's Bair warns of government "exposure" in mortgages (Reuters)

Reuters - A key U.S. banking regulator raised concern on Wednesday about the risk of "exposure" the government is taking on in the mortgage market and urged more stringent standards for underwriting mortgages.

Bank of Korea keeps interest rate near record low (AP)

AP - South Korea's central bank left its key interest rate near a record low Thursday for a second straight month as the risk of slowing global growth outweighed a buoyant outlook for the local economy.

U.S. slips in WEF's competitiveness rankings (Reuters)

Reuters - Switzerland remains the world's most competitive economy, while the United States has fallen from second to fourth, according to the World Economic Forum.

Spartech posts fiscal 3Q loss, misses expectations (AP)

AP - Plastic sheet and packaging maker Spartech Corp. reported a net loss for its fiscal third quarter on Wednesday and said that despite higher revenue, the overall market recover is slower than expected.

Consumers cut back on credit card use once again (AP)

AP - Consumer borrowing fell again in July as households cut back on their credit card use for a 23rd consecutive month, adding more drag on an economy struggling to mount a sustained rebound.

Coffee hits 13-year high; retail prices also up (AP)

AP - Coffee prices hit a 13-year high Wednesday, extending a rally that has sent prices up about 43 percent in the past three months.

AP Source: New GM CEO wants automaker to beat BMW (AP)

AP - General Motors' new CEO told employees that the automaker needs to make cars and trucks that are better than those of competitors such as BMW.

Bankers urge government to pull plug on Fannie, Freddie (Reuters)

Reuters - The federal government should take mortgage finance giants Fannie Mae and Freddie Mac off life support sooner rather than later, the Mortgage Bankers Association urged on Wednesday.

Summary Box: Ireland to split Anglo Irish Bank (AP)

AP - SPLIT: Ireland plans to split its most troubled financial institution, Anglo Irish Bank, into a "good" deposit bank and a "bad" toxic-debt bank. The move comes as the nation seeks to reassure international lenders that it is dealing with the Irish debt crisis.

FTSE 100 closes higher (AFP)

AFP - London shares closed higher on Wednesday after a boost from a successful Portuguese debt auction, although many financial stocks remained weak.

The Treasury's New Research Office (BusinessWeek)

BusinessWeek - Don't expect an Elizabeth Warren-style campaign for the first director of the Office of Financial Research, yet another agency set up under the financial system overhaul. Unlike the pending decision over who will lead the Consumer Financial Protection Bureau, which has prompted online petitions and a viral rap video in support of the Harvard law professor, the competition over who will be the head of the research office is a wonks-only affair. ...