Mindful Money’s news round-up: Thursday 16th June 2011

16th June 2011

Story of the day:

Reported on the Financial Times today, Successful cities are set to open a wider gap with struggling ones in terms of jobs and business growth over the next four years, as public spending cuts intensify an already powerful trend, according to research for the Financial Times.These forces threaten not only to widen the north-south divide but also to open an economic gulf between strong regional centres and their weaker neighbours

High-flying UK cities trade on strengths

And the best of the rest:

Today in the New York Times, Abercrombie is the latest in a stampede of American retailers opening in Europe. The expansion is based on a major shift in how young Europeans think about American fashion. In countries where protests against globalization were common a decade ago, American retailers are being welcomed by screaming fans and their credit cards.

American Retailers Try Again in Europe

Today on the Guardian retailers are also being discussed, Spanish-owned fast fashion chain reports 11% rise in first-quarter sales and announces intention to open stores in South Africa, Taiwan and Peru.

Zara presses ahead with global expansion

Also from the Guardian, A stroll down the high street used to be about buying pork chops at the butcher and a bunch of carnations from the florist, but a new study suggests a haircut and a nail buff now top our shopping lists.

Traditional high street businesses lose out to coffee shops and nail bars

From the Telegraph yesterday evening, Northern Rock is to be sold rather than remutualised or floated on the stock market, the Chancellor has confirmed.

Osborne plans £1bn privatisation of Northern Rock

Today there is more discussions on the new bank rules, In the Independent, The Governor of the Bank of England last night warned European officials not to water down new bank safety rules or prevent the UK from imposing tougher measures to protect taxpayers.

King warns Europe not to weaken bank capital rules

Then the Daily Mail has reported, Shares in UK banks tumbled as investors counted the cost of the government's plan to separate high street branch networks from their riskier investment arms.

Shares in UK banks tumble as investors count cost of government's plan

From Reuters, The euro fell sharply on Thursday after a European central banker said the bail-out fund for the region's debt crisis should be doubled to 1.5 trillion euros (1.3 trillion pounds), accelerating a pullback from riskier assets that knocked Asian stocks to near three-month lows.

Euro drops on Greece contagion fears

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