15th June 2011
From the Independent, for an organisation working towards an orderly break-up as part of a shake-up in financial regulation, the Financial Services Authority (FSA) is keeping itself busy. Yesterday, it revealed two big disciplinary results before lunch – a £700,000 fine and a two-year jail term – and returned to the fray in the afternoon with a broadside against Britain's wealth-management industry.
Today on the Telegraph, Unleashing high inflation on the economy in the hope that it will afford a painless route to slashing the nation's £910bn sovereign debt burden could have "disastrous consequences", Capital Economics warns.
Also on the Telegraph, Billionaire investor George Soros has criticised international authorities for "not providing a solution" for the European debt crisis as Greek sovereign bond yields were pushed to record levels again.
In the Guardian, Chancellor George Osborne argues that invisible walls between investment and high street operations would protect British economy.
Also from the Guardian, Despite its first results statement as a public company showing a 47% rise in net profits, the shares lost 22.4p to 501p as the City fretted about the performance of the group's marketing division, which trades the natural resources Glencore produces as well as selling them on behalf of other miners and farmers.
While in the Financial Times they are reporting, Glencore has warned of a slowdown in demand for commodities from China and the US, the two most important consumers of raw materials, in its first public results since its $10bn (€6.9bn) flotation last month.
Also on the Financial Times is reporting, trading has turned cautious again as investors await news on Greek debt negotiations and any further data that may bolster new found hopes that the global economy can swiftly recover from its current "soft patch".
The BBC News is looking across the pond, the chairman of the US Federal Reserve, Ben Bernanke, has warned that the country's creditworthiness is at risk if its borrowing limit is not raised.
On the Wall Street Journal, French President Nicolas Sarkozy on Tuesday ramped up calls for increased regulation of the trading of commodities such as oil, wheat and copper, invoking countries' fight against the mafia in a rare speech to policy makers here.
Employment figures are causing confusion on Reuters, The number of Britons claiming jobless benefit rose at its fastest pace in almost two years in May while a broader measure of unemployment fell at its sharpest rate in more than a decade, reinforcing the uncertain outlook for the shaky economic recovery.