Mindful Money’s news round-up: Friday 3rd June 2011

3rd June 2011

Story of the day:

From the Guardian, as food prices reach record highs, how much is the speculation in agricultural commodities to blame?

Global food crisis: the US speculators playing with our daily bread

And the best of the rest:

In the Telegraph, Members of Opec, the oil cartel, are seriously considering raising supply for the first time since 2007 in order to dampen prices that are currently above $100 per barrel.

Opec hints it could raise oil supplies for first time in four years

The New York Times is discussing the Middle East, Even as Yemen's political crisis deepens, the country is on the brink of an economic collapse so dire it could take years to recover, and hobble efforts to rebuild its fragmented society.

Chaos in Yemen Drives Economy to Edge of Ruin

When will the tech bubble stop inflating? In the New York Times, Groupon is next company to go public and is expected to raise $3 billion.

Groupon Plans I.P.O. With $30 Billion Valuation

From the Independent, If you were to harbour a secret desire to torture a eurosceptic, there would not be many better ways of fulfilling your fantasy than forcing them to read the speech made by Jean-Claude Trichet yesterday. The European Central Bank chief, who is on the verge of retirement, thinks the European Union needs a Ministry of Finance.

The inevitable path to an even greater surrender of economic power

The Wall Street Journal are reporting on whether the US will be downgraded, Moody's Investors Service warned Thursday that it might review the government's Aaa debt rating for a possible downgrade as early as next month if there is no progress toward a deal in Washington to increase the $14.294 trillion federal borrowing limit and cut deficits.

Moody's Threatens U.S. Debt Rating Cut

From the BBC News, New York prosecutors have asked Goldman Sachs to explain its behaviour in the run-up to the financial crisis, according to several news agencies.

Prosecutors 'ask Goldman Sachs to explain behaviour'

Talk is still about the desire for luxury products in the emerging markets, in Reuters, Prada plans to use most of the proceeds from its Hong Kong initial public offering on expansion and renovation of its stores over the next 18 months as the company bets on increasing demand for luxury products in China and the rest of Asia.

Prada point to rising profits ahead of HK IPO

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