Mindful Money’s news round-up: Monday 6th June 2011

6th June 2011

Story of the day:

From the Guardian, Government intervention may be needed to burst the huge bubble that has developed in the price of commodities such as food staples and oil, a UN report says .

UN report calls for regulation to curb speculators pushing up food prices

And best of the rest:

From the New York Times, Michael Scanlon is tempted by bank stocks, truly he is. They are cheap – selling at near their lows for the year, and trading at well below the valuation of other large companies. But Mr. Scanlon, who helps oversee $7.5 billion for the John Hancock family of mutual funds in Boston and specializes in financial companies, is not about to give in and buy more shares.

Bank Shares Take a Beating, and It May Not Be Over Yet

The Telegraph are reporting, despite high unemployment, companies say a lack of candidates with the right skills is forcing them to consider automating systems – replacing people with machines.

UK skills shortage threatens recovery

From the Guardian, 47 economists sent a letter to the Observer over the weekend, urging the government to have a plan B for austerity measures, today George Osborne is defending the cuts, saying they would provide much-needed credibility and stability for the UK economy.

George Osborne fends off criticism of spending cuts

While in the Telegraph, they have rounded up the economists who are supportive of the cuts, the supportive economists argued that abandoning the fiscal plan now would lead to even greater economic damage.

Economists urge ministers to stand firm on austerity programme as IMF verdict on Britain looms

In the Independent, apparently inflation is no longer the a big worry factor for many economies, it is now time to worry about lack of economic growth worldwide.

Inflation fears have vanished – suddenly it's all about growth

Also from the Independent, how the ‘unfashionable' old Europe countries have shown it's not always beneficial to follow the crowds when it comes to economic growth. Forget the noise about the PIIGS, Germany and France, the powerhouses of northern Europe, are recovering fast from recession.

Old Europe is back in the driving seat

The Wall Street Journal are discussing, this debatable statement, "the euro zone's economic crisis is over and it is now enjoying a broad-based recovery", Bank of France Governor Christian Noyer.

Economic Crisis 'Successfully Exited'

From the Daily Mail, Ed Balls has said the tax on extravagant City packages would pay for a youth jobs scheme and fund thousands of new homes.

'Britain's Lost Talent': Ed Balls lashes Tories on youth jobs and wants £2 billion tax on bank bonuses

In the BBC News, many people in middle and low income jobs have barely seen any improvement in their incomes over the past 30 years, a report from the TUC says.

TUC: Wage stagnation over decades as income gap widens

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