23rd August 2011
From the Guardian, the recent riots in London and other big cities were the product of an "out-of-control consumerist ethos" which will have profound impacts for the UK economy, a leading City broker has said.
The Government has been accused of "dawdling" while European rivals have moved to help domestic companies secure lucrative contracts to rebuild Libya, reports the Telegraph.
In Reuters this morning, world stocks, the euro and commodity prices advanced on Tuesday after a gauge of Chinese and German manufacturing activity was not as weak as some had feared.
However, reported in the Telegraph, bank shares dived on Monday despite a widespread rally across Europe's major stock markets as questions were raised about their ability to fund themselves.
From the BBC News, the price of gold has briefly risen above the $1,900 an ounce mark for the first time.
In the Guardian, with the Swiss franc at a record high, the country's shoppers are abandoning local business and tourists are being extra frugal
Banks are seeing a lack of demand for borrowing according to the BBC News, householders and companies are continuing a safety-first approach to debt reflecting slow growth in the economy, a banking body has said.
Lloyd Blankfein, the chief executive of Goldman Sachs, has hired one of America's top criminal defence lawyers to help him address claims that the bank misled clients in the run-up to the financial crisis, and Congress afterwards, from the Guardian.
More bad news for bank employees, from Reuters, Swiss bank UBS AG plans to slash around 3,500 jobs, almost half of them from its investment bank, as it seeks to shave some 2 billion Swiss francs (1.5 billion pounds) from annual costs by the end of 2013.
From the Wall Street Journal, Standard & Poor's President Deven Sharma is leaving the credit-rating firm at the end of the year, the company said Monday night.
More pension woes, in the Independent, the broadcaster ITV yesterday sought to draw a line under the rapidly rising cost to its underfunded final salary pension scheme of people living longer by paying Credit Suisse to take on the risk.
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