Karlsruhe says "Ja" with some "buts": The German constitutional court has rejected complaints against the ESM and fiscal pact. However, it attached certain conditions. Germany's liability cannot exceed €190bn without getting further approval from its parliament. Head over to David's post for background and further updates. Now you see positive signs in the the China loan data, now you don't: China's data for August did seem to have some good indicators that stimulus was beginning to wind its way into the economy via the traditional channel of bank lending. Loan figures were much higher than expected and a big jump on July's lending, even if they were well below that of June. However, upon closer inspection further questions are raised - a lot of the lending went to households rather than corporate borrowers. Kate's post has the details. UBS whistleblower awarded $104m: The story of Bradley Birkenfeld, the man who blew the whistle on UBS's tax dodging schemes to the Department of Justice in the US, is very odd, writes Paul. The former banker first blew the whistle to the FT's former Switzerland correspondent, Haig Simonian. Mr Birkenfeld's payday comes just six weeks after he was released from prison after serving 31 months of a 40-month prison sentence for helping a billionaire property developer avoid paying $7m in taxes, the FT reports. Moody's threatens the US with downgrade: On Tuesday, the agency pointed the finger at budget negotiations, warning that Congress needs to reach a credible deal on deficit reduction in order to remain triple-A rated. David's post has the details of the report. Facebook update at Disrupt conference: Mark Zuckerberg admitted the social networking company had "burned two years" betting on the wrong mobile technology, in his first public comments since the company's poor stock market debut in May, reports the FT. He also referred to the drop in his company's share price, since its IPO in May, as "disappointing." Separately, the FT reports that Twitter has taken an early lead over Facebook in the mobile advertising market, analysts say, despite the 140-character messaging site's fewer users. However, Bloomberg reports that Facebook's stock rose 4.7 per cent in German trading off the back of Zuckerberg's comments. Shale oil gives boost to rail: US railways are scrambling to at least treble capacity to move oil after rail-borne crude volumes soared in the first half beyond full-year 2011 levels amid booming shale oil production, the FT says. Knight Capital has hired IBM to review its product development process after a software glitch caused the electronic trading and brokerage company to suffer a $440m loss last month that left it on the brink of bankruptcy, reports the FT. The company will also create a new chief risk officer position, according to the firm's chief executive Thomas Joyce. Peregrine chief agrees to plead guilty as part of a agreement with prosecutors admitting to mail fraud, making false statements to regulators and embezzling customer funds, Reuters reports. Former CEO Russell Wasendorf Sr stood accused of stealing over $200m from customers of the futures brokerage he headed. The firm filed for bankruptcy in July and the search for client funds is ongoing. Mr Wasendorf could face up to 50 years at sentencing. Markets: The euro has hit a fresh four-month high against the dollar and stocks are firming as traders welcome news that Germany can support the ESM, according to the FT's Global Market Overview. This entry was posted by Lisa Pollack on Wednesday, September 12th, 2012 at 10:35 and is filed under Uncategorised.