Germany backs Greek bailout as Tsipras mulls early polls (Reuters)
The German parliament approved a third bailout for Greece on Wednesday after Finance Minister Wolfgang Schaeuble said the country should get "a new start", while in Athens the government agonized over whether to call a snap election. The Bundestag vote cleared one of the final obstacles to Greece getting funding so that it can make a 3.2 billion-euro debt repayment to the European Central Bank on Thursday. But a sizeable number of conservative lawmakers rebelled against Chancellor Angela Merkel, objecting to pouring yet more billions into Greece.
A Hundred Apps Bloom in China as Millions Bank on Their Phones (Bloomberg)
Financial innovation is bubbling up around the globe, but China is where digital banking, investing, and lending have gone mainstream. Technology companies armed with financial apps are challenging banks and other intermediaries for a market with 1.3 billion people and $7.8 trillion of deposits. Tencent’s WeChat (called Weixin in Chinese), Alibaba’s Alipay arm, and Baidu are leading the way with digital wallets that let consumers manage their money via their phones.
Bank of NY Mellon sued by U.S. regulator over $2 billion in soured mortgages (Reuters)
A U.S. regulator sued Bank of New York Mellon Corp on Wednesday over more than $2 billion in mortgage-backed securities purchased by a failed Texas bank, claiming BNY Mellon breached its duties as bond trustee to protect investors. The Federal Deposit Insurance Corp, which sued in its capacity as receiver for Guaranty Bank, said it suffered more than $440 million in losses when it sold the securities in March 2010.
$4.5M in 300-year-old gold coins dug up (CNBC)
At the end of July, a crew searching off the coast of Florida scooped up 350 gold coins lost in a 1715 shipwreck, according to Florida Today. Nine of the pieces—known as "Royals"—were crafted for Spain's King Philip V and are valued at $300,000 each. The coins and other treasures, possibly worth $400 million in all, remain on the sea floor amid the wreckage of 11 ships sunken while traveling from Havana, Cuba to Spain in 1715, the report said. More than 1,000 people died in the incident.
Motorist Tried To Frame Her Own Dog In Hit-And-Run Accident, Told Cops To Arrest Pooch (TSG)
Christina Lamoreaux, 33, was involved last week in a one-vehicle crash outside her residence in Wildwood, Florida. Witnesses told cops that Lamoreaux “had left the scene and entered her own apartment.” During a police interview, Lamoreaux copped to fleeing the accident scene, but added that she “did not need to stay there due to the fact that she would pay for the damage.” Lamoreaux, who smelled of booze, then blamed the accident on her dog, though a police report does not detail the animal’s purported role in the crash. She then contended that, “I should arrest her dog,” noted Officer Matthew Reynolds.
Glencore Finds Cash but Not Comfort (WSJ)
The miner-cum-trader reported weak earnings Wednesday due to slumping commodities prices and a poor half in trading. But management came out swinging, arguing that flexibility in its trading operations can ease its stretched balance sheet. Glencore found $3.2 billion in cash from squeezing working capital, plus another $1.5 billion from reducing readily-marketable inventories, the short-term financing that powers its trading arm.
Airbnb Seeks to Expand in China With Local Help (Dealbook)
Airbnb offered few details of how it would meet that Chinese demand. But the company said it wanted to “create a truly localized platform” while being “prudent” in establishing operations within China. To help, the company said it would work with the Chinese venture capital firms China Broadband Capital and Sequoia China, the local affiliate of the American firm, to increase its presence in the country.
Weather Channel Hires Morgan Stanley, PJT to Seek Sale (Bloomberg)
Preliminary discussions have taken place with technology and media companies, said the people, who asked not to be named because the talks are private. Blackstone Group LP, Bain Capital LLC and Comcast Corp.’s NBCUniversal acquired the company for about $3.5 billion in 2008.
Man Digs Up Dad's Grave To Argue With Corpse, Police Say (HP)
Michael May, 44, was arrested Monday evening after an officer saw him digging up a grave at a cemetery in Sanford, Kentucky, according to WKYT.com. May told the arresting officer he was trying to dig up the grave of his father so he could argue with him, according to WAVE3.com. The arresting officer also said May seemed intoxicated and quoted Bible verses when confronted, according to Central Kentucky News. May was charged with violating graves, public intoxication and marijuana possession and locked in the Lincoln County Jail.