- "Death squads" are moving through the streets of Homs in Syria, according to people on the ground. Reports of the dead range from 7 to 30.
- The U.S. has told representatives to Qaddafi that it's time to leave. This follows on the heels of last week's recognition of the rebel government by the U.S.
- Karachi is trying to calm itself after an outburst of ethnic violence in Pakistan's largest city.
- Rupert and James Murdoch will face Britain's Parliament today in connection with the phone hacking scandal.
- FIFA is investigating wide spread match fixing(NYT) in soccer, organized by criminal syndicates in southeast Asia.
- Republican lawmakers are pushing ahead with a balanced budget constitutional amendment, which no one expects to pass (and would be disastrous for the country, in this editor's opinion). Meanwhile, the Senate is trying to find compromise. Ezra Klein explains Keynes to a generation that's gotten it wrong.
- Bank of America reported a $9.1 billion loss in the second quarter, after a mortgage security settlement payout to investors. Goldman Sachs reported a $1.05 billion profit(NYT), which is better Y2Y, but didn't meet expectations.
- Borders is seeking permission from a judge to liquidate the remaining 399 stores the company still has open. Liquidation would spell an end to the company and would cause the companies 10,700 employees to lose their jobs.
- Cisco Systems will cut 6,500 positions, or 9% of its workforce, in an effort to reduce costs. 2,100 will leave through early-retirement, while 4,400 will be laid off.