Marketplace Morning Report for Tuesday, July 24, 2012

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Episode Description 
The 2012 Olympic Games begin in London on Friday, but already a venerable Olympic sport is underway: The Brits are arguing about the costs and benefits of the event, which set them back at least $15 billion so far. Speaking of $15 billion, China's government-controlled oil company, CNOOC, is snapping up Nexen of Canada for just as much. Nexen is big in the oil sands of Alberta and the Gulf of Mexico. And as this summer's drought shows no signs of letting up, many farmers are worried about the future of their crops -- but in other states, farmers see nothing but green.
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PODCAST: Europe in trouble, from the Olympic Village to Germany's rating

The 2012 Olympic Games begin in London on Friday, but already a venerable Olympic sport is underway: The Brits are arguing about the costs and benefits of the event, which set them back at least $15 billion so far. Speaking of $15 billion, China's government-controlled oil company, CNOOC, is snapping up Nexen of Canada for just as much. Nexen is big in the oil sands of Alberta and the Gulf of Mexico. And as this summer's drought shows no signs of letting up, many farmers are worried about the future of their crops -- but in other states, farmers see nothing but green.
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Troika inspectors meet in Greece for progress report

The European Commission, the European Central Bank, and the IMF began meetings in Greece today -- they'd like to know what structural reform progress has been made in return for billions in bailout money.
Posted In: Europe debt crisis, Greece, IMF
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Spanish borrowing costs up, German rating may go down

Spain's borrowing costs are up to 7.5 percent -- the higest since it joined the euro. As a result of the regional crisis, Moody's announced today that it is poised to lower Germany's credit rating to AA.
Posted In: spain, Germany, Europe debt crisis
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Online political ads: Effective or creepy?

A study out today says voters find targeted, online political ads creepy and 86 percent didn't want political ads to be tailored to their interests.
Posted In: 2012 election, Political ads
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Eight charged in U.K. phone hacking scandal

Eight people have been charged in the phone hacking scandal that closed down Rupert Murdoch's paper, News of the World. Prosecutors allege the employees took part in the illegal interception of voicemail messages of more than 600 people.
Posted In: Rupert Murdoch, News of the World
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Former Murdoch employees charged for hacking

The long running scandal over phone hacking in England has erupted once again as eight former News of the World employees receive criminal charges.
Posted In: Rupert Murdoch, News of the World
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Germany's strength doesn't protect from Moody's downgrade

Moody's Investors Service has lowered the outlook for the credit ratings of three of Europe's strongest economies: Luxembourg, the Netherlands and Germany. It's part of a busy day in Europe that has investors on-edge -- markets there are barely moving.
Posted In: Germany, Moody's, downgrade
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Mariah Carey named newest 'American Idol' judge

Mariah Carey will be one of the new judges on "American Idol." The show lost Jennifer Lopez and Steven Tyler in the past few weeks, and "Idol" needs a boost.
Posted In: american idol, television, Mariah Carey
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China wants oil company with U.S. assets

Analysts don't expect a replay of the fight that stopped CNOOC from buying Unocal.
Posted In: Oil, China, CNOOC
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Brits worry if cost of Olympics is worth it

The 2012 Olympic Games begin in London on Friday, but already a venerable Olympic sport is well underway: The Brits are arguing about the costs and benefits of an event which has so far set them back at least $15 billion.
Posted In: London, Olympics 2012, London Olympics
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High-end buyers boost Florida condo market

Empty nesters with money to spend are fueling something of a boom in Florida's vacation home market.
Posted In: real estate, condo, Housing, Florida
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Outside of drought areas, farmers predict strong year

Farmers who've escaped the drought are pulling in high prices for their crops.
Posted In: farming, Agriculture, drought

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