What’s In The News: August 7, 2012

From Fnno.com, This is the financial news network. Here’s what’s in the news for Tuesday August 7, 2012. The Wall Street Journal reports Google (NASDAQ:GOOG) has placed some of its B in cash in bonds backed by car loans, plowing hundreds of millions of dollars in recent months into asset-backed securities, tied largely to automobile loans and consumer credit-card payments. The Wall Street Journal also reports Xstrata (PINK:XSRAY) said it delayed some of its capital expenditure for this year after reporting a drop in first half earnings, but said that timing of its growth projects remains unchanged and reaffirmed that its merger with Glencore International is on track to close in Q4. Reuters reports Hon Hai Precision Industry said it was in talks with Sharp Corp. (PINK:SHCAY) about buying a bigger stake in the troubled firm and paying less per share as part of a renegotiated investment deal between the two suppliers of parts to Apple (NASDAQ:AAPL). Reuters also reports InterContinental Hotels Group (NYSE:IHG) pleased investors by promising to return B to them partially funded from the planned sale of a New York hotel as it posted an increase in profits boosted by trades in the U.S. and China. Finally, Bloomberg reports Morgan Stanley (NYSE:MS) was accused in a lawsuit in federal court in Manhattan by Hong Leong Finance Ltd. of Singapore of deceptively selling investments it had designed to fail. For more financial news and analysis follow us on Twitter @FNNOnline or check out our website at fnno.com.