1. AUTO SALES ACCELERATE IN JUNE
Ford saw a 13 percent rise in auto sales in June, and leading an industry-wide growth trend by selling 235,643 vehicles in the month. General Motors clocked 6.5 percent sales growth, while Chrysler logged a jump of 8.2 percent. [The Wall Street Journal]
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2. CHINA'S BIG BANKS REPORTEDLY OFFERING RISKY BUSINESS LOANS
China's biggest banks are increasingly issuing loans out of view of regulators, raising concerns that the country's shadow banking system poses a greater threat to the economy than previously believed, according to The New York Times. Banks are reportedly pressuring customers to move their funds from checking accounts to high-yield wealth management products that can be used to finance risky loans. [The New York Times]
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3. ZYNGA'S CEO STEPS DOWN
After a crushing round of layoffs in June, Zynga, the social-gaming company that created FarmVille, is replacing CEO Mark Pincus with Don Mattrick, the chief of Microsoft's Xbox division. "Don is unique in the game business," Pincus, who will stay on as chairman, said in a statement. "He can execute in multiple domains — hardware, software, and network." However, Mattrick does not have much experience in mobile, which is where Zynga has lost the most ground. [All Things D]
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4. INVESTORS ARE GETTING BOND-PHOBIC
Investors pulled a record $80 billion from bond mutual funds and exchange-traded funds last month, following Fed Chairman Ben Bernanke's announcement that the central bank could start tapering its bond-buying stimulus plan as early as this year. Analysts say bondholders could lose money once the Fed pulls out of the market and removes a significant source of demand. [CNN]
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5. EX-TIFFANY EXECUTIVE CHARGED WITH STEALING JEWELRY
New York police accused a former vice president of Tiffany of stealing $1.3 million worth of diamond bracelets, drop earrings, and other jewelry from an unnamed "luxury jeweler" during the years she worked at Tiffany. The executive, Ingrid Lederhaas-Okun, allegedly sold some or all of 165 pilfered items to an international jewelry retailer. [The Wall Street Journal]
