1st September 2011
From the Guardian, for too long mining companies have used the mantra of growth to excuse environmental destruction
Reuters is reporting how the markets are moving this morning, miners led the top share index lower on Thursday morning, as investors paused after strong gains in the past two sessions, awaiting more clues as to whether the U.S. Federal Reserve will launch further stimulus measures.
The Justice Department, in the suit it filed Wednesday to block AT&T's $39 billion purchase of T-Mobile, asserted that T-Mobile "places important competitive pressure" on the larger cellular carriers. Keeping T-Mobile away from AT&T, the government contends, will spur innovation and give consumers lower prices and more choice, from the New York Times.
From the Telegraph, pressure is growing on the Government to pull back from imposing draconian new rules on banks amid worries that a new banking crisis is brewing.
And the Independent is discussing how banking shares are looking, bank shares rose sharply today amid signs that a far-reaching shake-up of the sector will be delayed until after the planned 2015 general election.
Manufacturing data is out:
In the Guardian, China's manufacturing industry bounced back last month, suggesting the country's growth is stabilising.
While in the UK, from the BBC News, activity at UK factories fell to a 26-month low in August, with output, new orders and employment all down, a survey has suggested.
More disappointing news for the UK, from This is Money, the British Chambers of Commerce has scaled back its forecasts for the UK economy for the third time this year after the anaemic 0.2 per cent growth recorded in the second quarter. The business lobby group now expects the economy to expand at a rate of 1.1 per cent this year, down from the 1.3 per cent June figure and 1.9 per cent predicted at the start of the year.
From the Financial Times, UK house prices fell for the first time in four months in August, according to a closely watched index, contributing to the picture of a generally sluggish housing market.
International Monetary Fund staff have provoked a fierce dispute with eurozone authorities by circulating estimates showing serious damage to European banks' balance sheets from their holdings of troubled eurozone sovereign debt, reports the Financial Times.
And from the BBC News, Brazil's central bank has unexpectedly cut the country's key interest rate to 12% from 12.5%, citing a "substantial deterioration" in the outlook for the global economy.