News Headlines - 12 August 2012

▽U.S. destroyer, oil tanker collide - CNN.com

A U.S. guided missile destroyer was involved in a collision with an oil tanker near the Strait of Hormuz, the U.S. Navy announced. No one on either the USS Porter or the Japanese-owned M/V Otowasan was injured, the Navy said.

▽Iran earthquakes leave hundreds dead | The Guardian

Overcrowded hospitals in north-west Iran struggled to cope with thousands of earthquake victims on Sunday as rescuers raced to reach remote villages after two powerful earthquakes killed nearly 300 people.

▽Olympics-Bank of England's King says banks can learn from Games | Reuters

Bank of England governor Mervyn King took a swipe at bankers on Sunday, saying they should take a lesson about fair play from the Olympic Games, which have shown that money is not the only motivator for success.

▽Virgin May Lose West Coast Rail Franchise

The Government is soon to announce the winner of bidding for the West Coast rail franchise - and Sir Richard Branson may lose out.

▽AFP: Japan's Sharp Corp. running out of options, analysts say

Japan's Sharp Corp. is fast running out of options to repair its disintegrating balance sheet, analysts say, raising fears about its viability as investors bolt for the exit.