Kraft Foods Inc.’s (NYSE: KFT) $16.7 billion unsolicited takeover attempt of Cadbury PLC (NYSE ADR: CBY) is the latest sign of consolidation in the highly competitive food industry, and will likely lead to two things: A bidding war for Cadbury and further consolidation in the sector.

The worst global recession since World War II is ending faster than previously thought, but the recovery will still be a slow one, the Organization for Economic Cooperation and Development (OECD) said today (Thursday).

A longtime investment adage holds that “As goes Intel (NASDAQ:INTC), so goes the rest of the semiconductor industry.”

The U.S. government is starting to see profits from the $750 billion Troubled Asset Relief Program (TARP), started last year to thwart the financial crisis.

A rise in existing home sales last month shows things are getting better in the U.S. housing market, but the still-dire unemployment situation and the looming possibility of a jobless recovery may halt the rally by the end of the year. That makes the extension of an $8,000 tax credit for first-time homebuyers imperative.

China is pressing Rio Tinto PLC (NYSE ADR: RTP) hard for a sharp reduction in the prices the company charges for its iron ore. But mining companies like Rio, who have had their bottom lines eviscerated by a slump in commodities prices, may have a hard time acquiescing.

Overdraft fees, which a large number of U.S. banks and credit unions relied on to turn a profit in 2008, are under a great deal of fire from consumers and Washington alike.

While the many of the world’s economies continue to look for signs of growth, the U.S. economy took a big step in the right the direction in the second quarter.