eBay Buying Mobile Billing Company Zong For $240 Million -- The company noted that Zong has connections with 250 mobile carriers around the world, "offering localized, secure and easy-to-use payments capabilities for digital goods and services" in 21 languages and 45 countries. The deal will bolster the position of the company's PayPal unit in mobile payments and digital goods.
China lets down some walls.
China Plans to Ease Rules That Irked Companies -- As part of a broader government initiative to foster "indigenous innovation," the Finance Ministry had issued a series of regulations in the past several years requiring products bought by the government to have Chinese intellectual property. Those rules and related ones from other ministries triggered a backlash among foreign companies and became one of the biggest sources of trade friction with the U.S.
Less unemployment claims.
Jobless Claims in U.S. Decreased 14,000 Last Week to 418,000 -- Jobless claims fell by 14,000 to 418,000 in the week ended July 2, Labor Department figures showed today in Washington. The median forecast of economists in a Bloomberg News survey called for a drop to 420,000. The number of people on unemployment benefit rolls and those getting extended payments also declined.
Cut cut cut cut cut.
Obama to Push for Wider Deal With G.O.P. on Deficit Cuts -- Heading into crucial negotiations on a budget deal, President Obama has raised his sights and wants to strike a far-reaching agreement on cutting the federal deficit as Speaker John A. Boehner has signaled new willingness to bargain on revenues.
- Sheena Moore