With less than two weeks left before the XXX Olympics (hold your snickers) kick off on July 27th, brands that paid big bucks to be involved are getting their names out there in every way possible while those who didn’t unload their wallets are keeping busy figuring out how they can capitalize on all those eyeballs without getting themselves into any kind of trouble. But first, a word from an Olympics sponsor:

McDonald’s Succumbs to Chip Pressure

Britain, of course, is known for its fine fish and chips so it seemed like blasphemy, especially to the workers at this year’s Games, that the only fries that would be available in Olympic venues would be sold by American fast-food giant McDonald’s — which is, of course, an official IOC sponsor — at its temporary restaurants on the Olympics site. Following an outcry, the London 2012 Organizing Committee has agreed to allow other vendors of chips on the premises, which comes as good news to the 800 food vendors who can now sell their chips to Olympics visitors and personnel. It's not a huge chip off the shoulders of McDonald's UK, which projects that revenue from Olympics sales will represent less than 0.1% of its annual sales.Continue reading...

Best Buy admits UK launch lacked impact.  

Bridgelux raises $21M in funding.

CNN anchor says network is getting outFoxed in 2010 election prep. 

Coca-Cola recognized for packaging design while Pepsi unveils "skinny can."  

eBay prepares plan to help PayPal repel Google and Apple threats. 

Facebook gains foothold in China with Hong Kong office.Continue reading...

In today's just-wrapped press conference, US President Obama said he holds BP responsible, with the federal government, for stopping the spill: "Make no mistake. BP is operating at our direction." He also vowed to tighten regulation on offshore drilling, and closed by saying the spill is all he thinks about. "This has concrete implications not just for this generation, but future generations." To watch the video and read a transcript of his remarks and Q&A, click here. In other news:

Microsoft's unseating by Apple was downplayed by CEO Steve Ballmer.

News Corp. may shed digital properties including Beliefnet and Jamba/Jamster mobile arm.

Target ad resonated more than Home Depot, AmEx and Macy ads during Lost finale.

US TV upfront ad marketplace is heating up and could wrap up shortly.Continue reading...

Amazon & Dell founders fund healthcare startup.

Armani plans 10 more hotels.

Audi announces Iron Man 2 Challenge.

Bentley unveils two models for Chinese market.

British Gas ad banned over misleading claims.

California county bans toys with fast-food meals.Continue reading...