Japan on Sunday comprehensively crushed the decades dominant Liberal Democratic Party, which had been in power continuously since 1955, bar a period of eleven month in the early 1990s. The voters rejected the cronyism, corruption and monumental economic mismanagement, which the LDP had become synonymous with, in recent decades.

The UK financial regulator Lord Adair Turner, on Sunday rejected the avalanche of criticism, which was prompted by his suggestion of a global tax to curb the “swollen” financial sector.

While overleveraged private real-estate funds are gasping for money, public property companies are now poised to become more-dominant players.

Intel, the global chip giant, said today that as a result of stronger than expected demand for microprocessors and chipsets, it now expects revenue for the third quarter to be $9.0 billion, plus or minus $200 million, as compared to the previous range of $8.5 billion, plus or minus $400 million. The gross margin percentage for the third quarter is expected to be in the upper half of the previous range of 53 percent, plus or minus two percentage points. All other expectations are unchanged.

Intel, the global chip giant, said today that as a result of stronger than expected demand for microprocessors and chipsets, it now expects revenue for the third quarter to be $9.0 billion, plus or minus $200 million, as compared to the previous range of $8.5 billion, plus or minus $400 million. The gross margin percentage for the third quarter is expected to be in the upper half of the previous range of 53 percent, plus or minus two percentage points. All other expectations are unchanged.

Personal income was flat in July, after falling 1.1 percent in June. Wages and salaries, the largest component of personal income, increased 0.1 percent in July after decreasing 0.3 percent in June. The personal savings rate fell.

The UK economy contracted 0.7 percent in the second quarter. The fall in GDP (gross domestic product) was less than the 0.8 per cent calculated last month, the Office for National Statistics (ONS) said today in London. Meanwhile, the GfK NOP Consumer Confidence Index remained steady in August for the third month in a row, holding at -25.

Markets news on stocks, currencies and commodities.

Independent News & Media (INM) today reported a net profit of €12.1 million, excluding exceptional items in the the six months ended 30 June 2009 - - H1 2009; diluted earnings per share excluding exceptional items of 1.4 cent; including exceptional items (chiefly, masthead impairments), INM reported a loss after tax and minority interests of €53.8 million. 

Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.