Mindful Money’s news round-up: Friday 23rd September 2011

23rd September 2011

Story of the day:

From Reuters, the most China can realistically do for the struggling global economy is to ensure its own growth holds up, and that won't be nearly enough to lift the world.

Why China can't and won't save the world

And the best of the rest:

From the Financial Times, Hewlett-Packard has named former Ebay chief executive Meg Whitman as its new chief executive, replacing Léo Apotheker after he had served less than a year at the top of the world's largest computer maker by revenue.

Whitman replaces Apotheker at HP

Also from the Financial Times, a pledge of support for the global economy by the G20 has helped ease the latest wave of risk asset bloodletting, although global investor sentiment is still fragile on worries about the economic outlook and the eurozone fiscal crisis.

G20 pledge of support lifts shares

Some slightly positive news on the Independent this morning, Shell-shocked investors were given some respite today after the City's worst trading session in nearly three years.

Respite as FTSE rises slightly

However, postal company FedEx saw its shares tumble on Wall Street as the world's second-largest package delivery business warned that demand is sliding across the globe, from the Telegraph.

FedEx shares tumble as global growth stalls

There is discussion around the prospect of a double dip recession, but some think we are already in it: from This is Mone
, a slew of gloomy data from the UK, eurozone and China stoked fears over the state of the global economy, as billionaire investor George Soros declared America was already back in recession.

Legendary speculator George Soros insists US is already in a double-dip recession

And from The Wall Street Journal, Moody's Investors Service Inc. downgraded eight Greek banks by two notches Friday, citing expected losses due to their holdings of Greek government bonds, increasing concerns about the impact of a recession as well as fragile liquidity and funding positions.

Moody's Downgrades 8 Greek Banks

Panic set in yesterday according to Citywire, in times of uncertainty, old habits die hard. In the face of what appeared to be pure fear and panic yesterday, investors turned not to gold, but to the familiar comfort blanket of the dollar.

Dollar trumps gold as precious metal technicals break down

Reforms to the banking sector proposed by Sir John Vickers will boost London's standing as a top financial centre in the world, according to the head of Songbird Estates, the company that owns Canary Wharf Group (CWG), reports the Guardian.

Banking reforms will boost London's standing, says Canary Wharf owner

Also from the Guardian, gender and lack of higher education are the key brakes on people moving up the earnings ladder, with occupation, part-time work and residency outside London also proving a hurdle towards a better standard of living.

Upward mobility less likely for women and low earners, says study

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