Marketplace Morning Report for Tuesday, July 3, 2012

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The London-based financial services giant Barclays is accused of rigging the level of a key interest rate; now both is chairman of the board and CEO Bob Diamond are stepping down. A group of former bank regulators, company CEOs and U.S. senators is trying to make some waves in Washington this election year. GlaxoSmithKline, the huge British drug-maker, will pay $3 billion in fines and compensation to the U.S. government and the states for pushing doctors to prescribe drugs for uses that weren't approved by the FDA. And in many towns in America this Fourth of July, fear of forest fires is leading to cancelled fireworks displays.

Chesapeake Energy under investigation for collusion

The nation's number two natural gas driller is facing a Justice Department investigation for colluding with Encana Corporation, allegedly communicating to fix prices on land in Michigan back in 2010.
Posted In: Chesapeake Energy, Encana Corporation

What's so bad about off-label uses of medication?

GlaxoSmithKline, the huge British drug-maker, will pay $3 billion in fines and compensation to the U.S. government and the states. They are in trouble for marketing drugs for off-label uses of its drugs.
Posted In: health care, GlaxoSmithKline, prescription

PODCAST: Barclays CEO resigns, Microsoft gives in to losses

The London-based financial services giant Barclays is accused of rigging the level of a key interest rate; now both is chairman of the board and CEO Bob Diamond are stepping down. A group of former bank regulators, company CEOs and U.S. senators is trying to make some waves in Washington this election year. GlaxoSmithKline, the huge British drug-maker, will pay $3 billion in fines and compensation to the U.S. government and the states for pushing doctors to prescribe drugs for uses that weren't approved by the FDA. And in many towns in America this Fourth of July, fear of forest fires is leading to cancelled fireworks displays.

A new recession in the third quarter?

Some sobering news on the latest economic data and what's trading like ahead of the 4th of July holiday?
Posted In: recession, 4th of July

Microsoft takes write-down to make up for Internet losses

Bing is no boon, so Microsoft books a $6.2 billion charge and wipes out quarterly profit.
Posted In: Microsoft, bing

Barclays CEO Bob Diamond steps down

The CEO of Barclays bank is out. Bob Diamond is leaving amid a scandal over banks colluding to fix the price of one of the most important interest rates in the world.
Posted In: Barclays, banking, resign, London

Barclays CEO, COO step down over LIBOR rate manipulation

The CEO of Barclays Bank in London's is resigning -- and, just this hour it looks like we can add the COO -- the chief operating officer -- as well. Last week the bank settled with U.S. and European regulators over allegations it manipulated the "Libor" interest rates to its own advantage.
Posted In: banking, Barclays

The economic challenges that Egypt still faces

Just one week ago Mohamed Morsi moved into the Egyptian presidential palace. Egypt has the region's third-largest economy, but income per-person is near the bottom.
Posted In: Egypt

GlaxoSmithKline reaches $3 billion settlement for fraud

GlaxoSmithKline, the huge British drug maker, will pay $3 billion in fines and compensation to the U.S. government and the states. According to the Justice Department, it's the biggest settlement in a health-care fraud case in history.
Posted In: GlaxoSmithKline, health care, pharmaceuticals, fraud

Heads of Barclays resign after interest rate scandal

First, it was the chairman of the board said he was leaving his post; now it's the big man, Barclays CEO Bob Diamond who's stepping down effective immediately. The London-based financial services giant is accused of rigging the level of a key interest rate along with nearly two dozen other banks.
Posted In: Barclays, banking, resign, Bob Diamond

Heat wave takes another victim: July 4th fireworks

Extreme heat and drought are prompting some communities to ban the use of fireworks -- including their own Fourth of July displays.
Posted In: 4th of July, fireworks, heat waves

Germans consider life without the euro

As economic instability in the eurozone continues, some Germans are starting to weigh the benefits and burdens of staying with the euro. Would life be dandier with the Deutschmark?
Posted In: Germany

New group aims to break Dodd-Frank logjam

A bipartisan collection of heavy hitters -- including former FDIC chair Sheila Bair and former Fed chairman Paul Volcker -- are behind a new push to boost financial regulations, but their quest may be quixotic.
Posted In: dodd-frank, Wall Street Reform, Consumer Protection Act, Systemic Risk Council, Sheila Bair

Music from this show

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Four Tet & Mala: Nothing To See / Don't Let Me Go 12"
A Day at the Carnival
Dam-Funk
Do You Believe? (Original)
Poolside

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