25th July 2011
From the Financial Times, retail sales have risen at a fierce pace as Vietnam's Communist government has opened up the economy and unleashed pent-up demand.
The main topic conversation this morning is the problems in the US:
European and Asian markets dropped as US lawmakers remained deadlocked over a deal to raise Washington's debt limit that is crucial to avoid a US default, reports the Telegraph.
However the BBC News have more confidence, US Treasury Secretary Timothy Geithner has said he is confident the White House and Congress will agree a deal to raise the US debt ceiling.
While the New York Times discusses what is going through the mind of investors, as Congress and President Obama failed yet again to break their stalemate over the debt limit, Wall Street and Washington turned their attention to a critical question: How long will investors give them?
And the Guardian is wondering how the US' credit rating will be effected, America's escalating debt crisis has severely damaged its reputation in the financial markets and could lead to the country losing its triple-A credit rating within months, one of the world's most influential investors warned on Monday.
The Financial Times is also reporting about ratings agencies, but they are concentrating on Greece: the second bail-out of Greece will weaken the credit ratings of Europe's strongest countries as well as resulting in a default for Athens, Moody's said on Monday. The US rating agency downgraded Greece by three notches to Ca, Athens' lowest rating and one that implies the country is already in default.
Reuters is slightly more upbeat about the happenings in the eurozone, Ireland sold a 1.1 billion euro (983.4 million pounds) stake in Bank of Ireland (BKIR.I) to a group of unidentified investors on Monday to keep the country's largest bank out of state hands and provide a rare boost to a battered sector and bruised economy.
In the Telegraph, British household finances have deteriorated to the lowest point since the depths of the recession, heightening concerns that the economy may be slipping back into a double-dip downturn.
More on Britain's woes in the Independent, One of the UK's first and best-known internet banks was broken up today in a move threatening up to 600 jobs.
Some good news from This is Money, millions of people were given a retirement windfall as £19billion was handed out in share dividends in the last three months – the highest level for three years.
From the Telegraph, Britain's biggest oil companies are expected to reveal bumper profits totalling a massive £9.2bn for the quarter, but troubled BP, once industry leader, will be far outstripped by Shell.
The BBC News is reporting, energy companies should compensate customers who have been mis-sold gas and electricity deals on the doorstep, an influential group of MPs has said.
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