Good morning. Here’s what you need to know:
- Asian indices were mostly up in overnight trading with the Nikkei a notable exception, down 0.59%. European markets are up in early trading and U.S. futures suggest a higher open.
- Toyota looks set for another massive recall in the U.S. that will effect 412,000 cars in the country. The recalls effect Avalon and LX470 models and are due to steering problems. Don’t miss: 10 Chinese brands that could take over the U.S. by 2020 >
- Chinese steel producer Hebei Iron and Steel increased its production 26% in H1 2010 over H1 2009. It’s production is now larger than the entire U.S. steel industry, which has left some to label the manufacturer “too big to fail” for the Chinese state. Check out 12 charts on the global steel rebound >
- UK Prime Minister David Cameron has accused the Pakistani government of having elements within that aid in the export of terrorism. The Prime Minister has had to defend his remarks in advance of his meeting with Pakistani President Asif Ali Zardari.
- Volkswagen has seen its profits jump to €1.25 billion in Q2 2010, a dramatic increase over the €283 million achieved in Q2 2009. The Audi division had the largest earnings contribution offering operating profit of €1.33 billion. Don’t miss: How Germany and Russia are forming the world’s new nexus of power >
- Royal Dutch Shell beat analyst estimates raking in profit of $4.53 billion in Q2 2010. The company saw a 94% increase in profits over the previous year’s second quarter.
- Sanofi-Aventis looks set to launch a $19 billion takeover of biotech firm Genzyme. Earnings for Sanofi-Eventis increased 8% with sales increasing by 5%.
- Santander reported a decline in Q2 net profit of 8%, a result, they claimed, of the unstable situation in the Spanish market. The company claimed the Brazilian and UK markets, where they are also heavily invested, continued to be highly profitable. Here’s everything you need to know about who’s exposed in Europe >
- Avis is outbidding its competitor Hertz for the acquisition of Dollar Thrifty car rental, valuing the company at over $1.3 billion. Hertz can still match the bid made by Avis, according to previous agreements.
- Goldman Sachs has banned the use of profanity in employee emails after its role in this year’s financial crisis hearings. The company plans to use screening tools to control corporate swearing.
- Bonus: While having dinner at Dos Caminos in the Meat Packing district of New York last night, Jessica Simpson made out with her boyfried in front of her mum a “few times.”
- Follow up to the minute markets coverage all day at Money Game >
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