Mindful Money’s news round-up: Wednesday 21st September 2011

21st September 2011

Story of the day:

From the Financial Times, Lloyd's of London posted a pre-tax loss of £697m for the first half of 2011 after the specialist insurance market shouldered heavy losses from catastrophes in Japan, Australia and New Zealand.

Catastrophes push Lloyd's to £697m loss

And the best of the rest:

The MPC's September minutes are out, from Reuters, the Bank of England stands ready to pump more money into the faltering economy, minutes to the BoE's Sept 7-8 meeting showed on Wednesday, flagging the chance of more asset purchases as soon as October.

Bank flags readiness to pump more money into economy

Bad news from the IMF, in the Telegraph, bad policy decisions could condemn the US to a "lost decade", tip America and the eurozone back into recession, and lead to "stagnation" in the world's major economies, the International Monetary Fund (IMF) has warned.

Bad policy decisions could push the US into a 'lost decade' and put the eurozone into recession, warns IMF

Complex charges and misleading information means UK holidaymakers are paying too much for foreign currency, a watchdog has said, from the BBC News.

Currency exchange is too costly, says Consumer Focus

More from the eurozone on the Guardian, a full mission of international inspectors is set to return to Greece early next week, after progress was made between the mission heads and Greek officials, the European commission has said.

Price of Greek bailout is swingeing job cuts

Nouriel Roubini has a solution for Greece, in Citywire, he believes Greek should default and abandon the euro if it wants to avoid a 'chaotic implosion'.

Roubini: Greece should default and exit the euro

Interrative chart showing the extend of the problems in for the eurozone, also from the Guardian, the figures show the cost of insuring against a country defaulting on its five-year bonds, using a credit default swap (CDS). A CDS of 100 basis points (1%) means it cost €100,000 per year to insure €10m of a country's debt. In Greece's case, it costs €6m each year to insure €10m against default.

Government debt – who's most at risk: interactive

Commodities on the slowdown, from the Telegraph, Worries about the health of the world's developed economies mean commodities markets have deteriorated since the start of the year, Rio Tinto, the world's second biggest mining group, warned.

Rio Tinto warns of slowing markets

The Wall Street Journal is reporting, SABMiller PLC said Wednesday it has agreed to buy iconic Australian peer Foster's Group Ltd. for 9.9 billion Australian dollars in cash ($10.17 billion), as the global brewing giant bids ramps up its presence in mature world beer markets.

SABMiller to Buy Foster's for $10.17 Billion

There is trouble in Toytown: Thomas the Tank Engine, Bob the Builder and Mr Tickle may be about to leave the country. The debt-laden businesses behind some of the biggest names in childrens' TV and books are selling off some of the nation's best-loved characters, from the Guardian.

Trouble in Toytown as sell-off looms

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