Lloyd's, the world's biggest insurance firm, reported a profit of $2.4 billion for the first half of the year. During the same period in 2011 it lost more than $1 billion. Last year was the second-costliest on record for the industry, because of major natural catastrophes such as the earthquake in Japan. By comparison this year has been "benign" -- so far.
The Nasdaq stock market launched its FinQloud cloud-based service that allows companies to store their regulatory documents on servers operated by Amazon. The service is being offered to listed companies to help reduce the burden of new, costly regulations for filing papers. It is Amazon's biggest move yet into financial services.
Regulators in Britain readied a shake-up in the way the LIBOR interbank interest rate is managed. LIBOR determines rates for $300 trillion worth of derivatives contracts and other financial products. More than a dozen investigations continue into banks that allegedly colluded to set the rate in their favor. Barclays was fined a record sum in June, and Bob Diamond resigned as its chief executive, after an inquiry found that its bankers had manipulated LIBOR.
Santander's stock-market flotation of its Mexican division in New York and Mexico City went well. It valued the subsidiary at $16.5 billion and raised around $4 billion for the Spanish bank. It was Mexico's biggest-ever IPO.
China's stock markets had another bad week, falling to their lowest level since early 2009. The slowing economy and tension with Japan are worrying investors. The markets didn't even get a lift from the People's Bank of China's largest-ever one-day injection of cash through reverse repos to boost liquidity.
Toyota, Japan's biggest carmaker, reduced its production of vehicles for the Chinese market in anticipation of falling sales. The company's Chinese business has suffered due to the anti-Japanese violence that has swept the country over islands disputed by China and Japan.
There was more difficulty for Foxconn, which had to close a Chinese factory temporarily when a brawl among employees turned into a full-scale riot. The Taiwanese company assembles many consumer electronics products, including Apple's iPhone, at its huge, campus-like facilities in China, where workers have become increasingly vocal with their grievances.
The tablet wars continued. This time Toys 'R' Us found itself in the cross hairs for its Tabeo computer tablet for children, which it has launched for the Christmas season. Fuhu, which makes the rival Nabi tablet for kids, is suing the company, claiming that it stole trade secrets and copied the Nabi's butterfly-shaped design.
