WARDROBE MALFUNCTION — A federal appeals court has thrown out the $550,000 indecency fine against CBS for Janet Jackson’s “wardrobe malfunction” that occurred in the 2004 Super Bowl halftime show. In challenging the fine, CBS said that “fleeting, isolated or unintended” images should not automatically be taken as indecent.
HOUSE FORECLOSURES — Foreclosure filings have more than doubled in the second quarter compared to last year. The falling home prices have left borrowers owing more on mortgages than their properties are worth. One in every 171 households were foreclosed on, a 121 percent increase from one year ago according to RealtyTrac Inc.
MICROSOFT AND FACEBOOK — Microsoft announced it is expanding its banner advertising agreement with Facebook to include a Live Search engine and paid search advertising. Last year, Microsoft bought a $240 million stake in Facebook.
OIL SPILL — On July 23, a tanker and barge collided on the Mississippi River at New Orleans. Tar-like fuel oil spilled from the barge, closing 29 miles of the river. The barge contained 419,000 gallons of fuel oil. Drinking water intake was closed in the area as crews will spend the next few days cleaning the spill.