In China, authorities are still counting the cost of heavy weekend flooding in Beijing. Officials now say 37 people died and more than 60,000 homes were damaged. Loses are estimated at nearly two billion dollars, but as NPR's Louisa Lim reports from Beijing, some of the damage is to the government's credibility.
NPR's business news starts with a boost from Caterpillar.
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MONTAGNE: Caterpillar is reporting a big increase in its profits - up 67 percent for the second quarter. The world's largest manufacturer of heavy construction and mining equipment is on pace to rake in record profits this year. But that hasn't motivated Caterpillar to sweeten its offer to union workers who are on strike at a plant outside of Chicago.
Some churches are singing the praises of source a new source of revenue. Here is the church and here is the steeple. Open the door and see the cell phone towers?
LINDA WERTHEIMER, HOST:
That's right. And that's our last word in business today. Cellphone carriers are having a hard time finding places to build new freestanding towers, so they've reached agreements with churches like Catonsville Presbyterian in Maryland to put the antennas in steeples. There are three in that church.
It's the start of state fair season, which means lots of weird and fried food. The Indiana State Fair decided on spaghetti and meatballs ice cream as the fair's official food. The noodles are made of gelato, the sauce is strawberry tomato, and the meatballs are chocolate. It's topped with shredded white chocolate cheese. Yummy. At the Iowa State Fair you can try a double bacon corndog. Last year, Iowa featured deep fried butter. Transcript provided by NPR, Copyright National Public Radio.