At The Motley Fool, we know our readers like to be informed. So we have scouted out today's most relevant news items and brought them to you all in one page. We hope you find this midday edition informative and useful.
Barclays' profit stumbles
U.K.-based Barclays
Despite discouraging news, the bank has been able to keep its bad debt in check. According to CEO Bob Diamond, the bank is still on track to a 13% return on equity by 2013. However, the bank has already eliminated 1,400 jobs and will only increase the employment slashing during the second half. Read more at The Wall Street Journal.
Congress: We have a deal
After two months of bickering and bipartisan blocking, Congress finally has approved a debt deal that will cut spending by $2.4 trillion or more over a decade. Experts said the impact won't be felt at the beginning, but will probably cause a reduction in growth of 1.5%.
Skeptics remain. The deal may be the path from stimulus into austerity, with cuts in social-benefits programs and the end of the temporary 2% payroll tax cut. As in many European countries, austerity measures have been welcomed by many creditors, though the risk of another recession continues to loom over the country. Read more at Bloomberg.
McGraw-Hill in the claws of activist investors
McGraw-Hill
The hedge fund's move is in addition to investor campaigns at other companies. Carl Icahn has bid for Clorox
Toyota the unstoppable
After a 99% slump in profit due to the Japan earthquake, Toyota
Toyota reported a net profit of $15 million for its first fiscal quarter, which ended in June. The profit was boosted by a tax return of $560 million, beating analyst expectations. Read more at The Wall Street Journal.
So there you have it, the top financial stories for this afternoon. Check Fool.com throughout the day for commentary on these and other stories. Also, follow us on Twitter, on Facebook, or through our email digests.