WSJ Business & Finance News

Business & Finance

• Officials working with Libya's new governing authority are examining whether any payments made by France's Societe Generale as part of its business relationship with the Libyan Investment Authority ended up in the hands of people close to Gadhafi's regime.  
• A darkening global economic outlook and deepening fissures over Europe's debt crisis sent international financial markets tumbling.  European banks shares suffered steep drops.  
• After the Dow industrials posted their ugliest August in a decade, investors are buckling up for September, historically the worst month of the year for stocks.  
• GE Chief Immelt begins his second decade in the job with the challenge of proving that the company can post solid growth and that its business model still makes sense.  
• Toshiba is in talks to buy out Shaw Group's 20% stake in nuclear power-plant company Westinghouse, a move that could wipe out any US ownership of the firm.  
• Swiss bankers and politicians tried to deflect growing pressure from US authorities on Switzerland to reveal additional client data in a continuing tax dispute.  
• Workers face slimmer chances of getting a part-time retailing job for the holidays than they have in several years, a survey of 21 store chains found.  
• Spanish 'fast fashioni' company Inditex is starting online sales in the US for its Zara chain this week, challenging Gap on its home turf.  (see: www.zara.com)

Also this week, on Tuesday central bankers in Japan will conclude a two-day meeting, GOP presidential candidates debate in California, and Germany's constitutional court rules on the legality of the government's participation in euro-zone bailouts.  On Wednesday, the European Central Bank and the Bank of English will wrap up policy meetings, Fed Chairman Bernanke will deliver a speech at the Economic Club of Minnesota, and President Obama will address Congress on jobs and the economy.  On Friday, G7 financial officials (USA, Canada, UK, France, Italy, Japan, and Germany) meet in France.  

Finally, Americans are driving less.  They traveled a total of 259.1 billion miles on US roads in June, down 3.8 billion miles, or 1.4% from a year earlier.  That marked the 4th consecutive year-over-year decline.  The reduced driving was probably in large part a response to higher gasoline prices, but a souring economy also may have played a role.