Here are some other noteworthy news for the day:

SEC to ban flash trades of US stocks, Schumer says – Bloomberg

Schumer said Schapiro “personally assured him that the agency plans to ban the practice” in a phone call yesterday, according to a statement. In a separate statement, Schapiro said she has asked her staff to “eliminate the inequity” that flash orders cause.

U.S. incomes fall 1.3%, biggest drop in four years – Bloomberg

The decline partly reflected the unwinding of one-time transfer payments from the Obama administration’s stimulus plan, which boosted incomes 1.3 percent in May, figures from the Commerce Department showed today in Washington. Spending rose 0.4 percent in June as prices climbed. Adjusted for inflation, purchases fell 0.1 percent, the report showed.

Company bond sales beat Europe record in seven months – Bloomberg

Corporate bond sales surged to an all-time high of $1.1 trillion in Europe, beating the previous record set for the whole of 2007, as the global recession spurred companies to raise capital.

US tax battle weighs on UBS – FT

UBS, the Swiss bank embroiled in a US tax evasion probe, posted its third straight quarterly loss after being hit by restructuring costs and an accounting charge related to its own debt.

Market for leveraged loans hits 12-month high – FT

The prices of the most traded risky European and US loans have reached their highest levels for more than a year, in a further sign of improving conditions in credit markets.

Bill Clinton meeting North Korea leader, media reports – NYT

Former President Bill Clinton met on Tuesday with Kim Jong-il, the reclusive and ailing leader of North Korea, while on a visit to negotiate the release of two imprisoned American television journalists, North Korean state media reported.

Income loss persists long after layoffs – NYT

Mr. Wachter studied workers who had been with their companies at least three years, then lost their jobs when their employers reduced their work forces by at least 30 percent. He found that even 15 to 20 years later, most on average had not returned to their old wage levels. He also concluded that their earnings were about 15 percent to 20 percent less than they would have been had they not been laid off.

Pending sales of existing homes in US surged 3.6% in June – Bloomberg

The number of contracts to buy previously owned homes in the U.S. rose in June for a fifth straight month and exceeded economists’ forecasts, as lower prices and mortgage rates attracted buyers.

The 3.6 percent gain in the index of signed purchase agreements, or pending home resales, followed a 0.8 percent gain the prior month that was larger than previously estimated, the National Association of Realtors said today in Washington.

Market for leveraged loans hits 12-month high

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