Mass jail break as Taliban gunmen storm Pak prison
Taliban fighters disguised as police and armed with bombs and grenades broke 250 prisoners out of Pakistans heavily guarded Central Prison in the city of Dera Ismail Khan. The carefully planned attack underlines the growing capabilities of the Pakistani branch of the Taliban. The Pakistani Taliban said they had sent a squad of 100 fighters and seven suicide bombers on a mission to free some of their top leaders.
Xi calls for financial risks to be curbed in China
President Xi Jinping called Tuesday for authorities to curb financial risks as concerns mount in China about rising debts owed by companies and local governments. Xis order, in a speech at a Cabinet meeting, came after the government this week announced a nationwide audit of local government debts. The rare public comments about the economy by Jinping come as Beijing faces pressure to reverse a downturn that depressed growth to a two-decade low in the latest quarter.
Spain marks two years of contraction in Q2
Spains two-year economic slump showed signs of coming to an end in the second quarter, data showed on Tuesday, but weak domestic demand and looming fresh austerity measures mean a sustained recovery may still be far off. The National Statistics Institute said the contraction in GDP eased to 0.1% from April to June from a quarter earlier when the economy shrank 0.5%. Following signs of some improvement in economic activity, economy minister Luis de Guindos has said that the recession has come to an end, even though economists are less convinced.
HTC warns of Q3 revenue slide, turnaround bleak
HTC said third-quarter revenue could fall as much as 30% from the previous three months, far worse than expected with little prospect of a turnaround. A delayed launch for its much-hyped flagship phone, the HTC One, has only exacerbated inventory troubles and highlighted its lack of scale when compared to Samsung and Apple at a time when the market for high-end phones is said to be approaching saturation. HTC said it expects revenue this quarter of T$50 billion to T$60 billion, far below a market consensus of T$75.65 billion.