Strauss-Kahn resigned at managing director of the IMF.

The Japanese economy has fallen into recession and should recover late in the year. (Reuters)

LinkedIn priced at $45, the top of its range. (Reuters)

Takeda bought Nycomed for$13.6 million. (Reuters)

The Administration does not expect the August 2 deadline on its potential shutdown to change if a debt ceiling is not approved. (Reuters)

Baidu (NASDAQ: BIDU) was sued in the US for internet censorship. (Reuters)

Google (NASDAQ: GOOG) Android based and Apple (NASDAQ: AAPL) iPhones face new regulations in Europe. (Reuters)

Citigroup (NYSE: C) CEO Vikram Pandit received a pay package worth nearly $20 million. (WSJ)

Glencore priced its IPO. (WSJ)

The head of Nasdaq (NASDAQ: NDAQ) is under pressure to complete a deal to expand the exchange. (WSJ)

The head of Hershey left to run Del Monte. (WSJ)

Sony (NYSE: SNE) found another breach in its PS network. (WSJ)

Middle Eastern governments face huge price increases in the wheat that they import. (WSJ)

Federal Reserve governors seem willing to let its balance sheet size drop as a way to slowly raise interest rates. (WSJ)

Defense Secretary Gates said budget cuts will undermine the US military’s ability to carry out missions that it has been able to handle in the past. (WSJ)

AT&T (NYSE: T) has tried to get the support of tech companies for its takeover of T-Mobile. (WSJ)

Big Lots has taken the company off the market. (WSJ)

The head of Gap (NYSE: GSP) is furiously restructuring the company. (WSJ)

Yahoo! (NASDAQ: YHOO) has increased its R&D operations in China. (WSJ)

Intel (NASDAQ: INTC) will offer new chips for tablet PCs. (WSJ)

Target (NYSE: TGT) offered a muted forecast for the second quarter. (WSJ)

Staples cuts its forecast for the balance of the year. (WSJ)

Greece will try to use a privatization plan to close to pay down debt. (WSJ)

High inventories in China could hurt factory production rate. (WSJ)

Difficulties in the merger of Delta (NYSE: DAL) and Northwest have begun to surface. (NYT)

The SEC plans to offer new restrictions for credit ratings agencies. (NYT)

Senator Levin says he hopes the government will open an investigation of Goldman Sachs (NYSE: GS) business practices before the credit crisis. (FT)

GE (NYSE: GE) will set a $12 billion share buyback. (FT)

Six Danish banks were downgraded by Moody’s. (Bloomberg)

Douglas A. McIntyre

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