The Week Unpeeled
Mitt Romney and Olympics dominated headlines over the weekend, with the presumptive Republican presidential candidate picking Paul Ryan from Wisconsin as his running mate, with many analysts claiming that the conservative fiscal plank will now take center stage in the debate. However, bank news seemed a close second in headline count (too much medal count talk, I guess), with allegations against Standard Chartered in the UK on money laundering in transactions involving Iran from New York banking regulators. Standard Chartered rejected allegations by the US that it schemed with Iran to process secret transactions in breach of sanctions. The company is now seeking advice on legal action against the New York State Department of Financial Services. Elsewhere:
- Barclays shares rose as the bank appointed Sir David Walker as its next chairman;
- Heat wave and drought continued throughout the US, amid reports that July was the hottest on record for the 48 contiguous states;
- The Dow closed higher again last week, ending Friday at 13,207 or up 8.1 percent for the year;
- Manchester United launched its IPO last week, trading below initial market expectations;
- Nasa’s Curiosity Rover made a successful landing on Mars and returned its first 360-degree colour panorama from the surface of the Red Planet; and
- Pussy Riot remained front and center (thank you, Madonna, for highlighting a human rights story with all the right stuff) as the trio awaits fate in Russian cells.
Olympics Update
- Usain Bolt become the first athlete ever to retain the Olympic 100m and 200m titles and end with a third gold for the relay, a feat not seen since 1904;
- The French cycling team accused the British cycling team of cheating, saying they are suspicious about the kit and wheels being used; and
- London has earned the title “The happiest place on Earth,” according to USA Today in an article headlined “British success loosens London’s stiff upper lip.”
