Obama offers a $3.6 billion deficit reduction plan that includes a tax on the rich. (Reuters)
S&P cuts Italy one notch and says its outlook is negative. (Reuters)
Head of UBS (NYSE: UBS) seeks a vote of confidence from his board. (Reuters)
Samsung may take legal action against Apple (NASDAQ: AAPL) on the iPhone. (Reuters)
Broken China IPOs may get private equity money. (Reuters)
China to continue to buy U.S. debt. (People’s Daily)
The SEC looked into trades just before U.S. debt was downgraded. (WSJ)
Greece says conversations with EU and IMF leaders about a bailout were productive. (WSJ)
Merkel’s ally party says it opposes bailout investments. (WSJ)
Citigroup (NYSE: C) aggressively solicits credit card use. (WSJ)
General Motors (NYSE: GM) may expand its relationship with China car company SAIC to improve sales in the world’s most populous nation. (WSJ)
Royal Dutch Shell (NYSE: RDS) may get EPA approval to drill in Arctic waters off Alaska. (WSJ)
China’s Xinjiang Goldwind to build a wind farm in Illinois. (WSJ)
Some consumer groups oppose an Express Scripts (NASDAQ: ESRX) and MedcoHealth Solutions (NYSE: MHS) merger. (WSJ)
A generic version of blood thinner Lovenox to appear on the market after a year of legal fighting. (WSJ)
Chrysler nears a deal with the UAW. (WSJ)
STX kills a bid for a majority control of South Korean chip maker Hynix Semiconductor. (WSJ)
Copper reaches a one-year low. (WSJ)
Apple now worth $23 billion, more than Exxon Mobil (NYSE: XOM). (WSJ)
More economists view an orderly default of Greece as better than years of austerity and perhaps a depression. (NYT)
Growing number of Americans worry about being laid off. (NYT)
Aetna (NYSE: AET), Humana (NYSE: HUM), Kaiser Permanente and UnitedHealth Group (NYSE: UNH) would give patient information to a nonprofit group. (NYT)
Airbus raises estimate for long-term demand of commercial planes. (NYT)
Siemens (NYSE: SI) moves 6 billion euros to the ECB to lower risk. (FT)
Ireland’s economy begins to recover. (Bloomberg)
Douglas A. McIntyre
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