Mindful Money’s news round-up: Thursday 18th August 2011

18th August 2011

Story of the day:

From Reuters, Absolute return funds could be turning into Europe's next investment mis-selling row.

Absolute return funds – no sure refuge

And the best of the rest:

Worries loom at state of the global economy:

From the Guardian, Morgan Stanley has warned that the global economy is teetering on the brink of a recession, and slashed its growth forecasts. Fears that the world is sliding into a double dip recession are weighing on global stock markets, which resumed their recent falls on Thursday.

Global recession warning rattles stock markets

While in the Telegraph, the Bank of England is more pessimistic now about the prospects for the UK economy than it was when the country was in recession.

Bank of England more worried about recession than in downturn

No good news for the high street either according to the Independent, the struggle on the high street was underlined today as official figures revealed a greater-than-expected slowdown in retail sales.

Figures rise but retail sales struggle

From Reuters, France and Germany should abandon "economically illiterate" proposals for a tax on financial transactions because a tax could make markets more volatile rather than bring stability, a free market think tank said on Thursday.

"Flawed" financial tax plan could raise volatility – think tank

And in the Telegraph how the UK will not be accepting these ‘financial tax' ideas lying down: The Government is prepared to scupper German and French plans to introduce a European tax on financial transactions.

Government would veto tax on financial transactions

The Wall Street Journal is writing about how the US is reacting to the eurozone turmoil, Federal and state regulators, signaling their growing worry that Europe's debt crisis could spill into the U.S. banking system, are intensifying their scrutiny of the U.S. arms of Europe's biggest banks, according to people familiar with the matter.

Fed Eyes European Banks

In contrast to the rest of the world, there appears to be some good news for Japan, in the BBC News, Japan's trade surplus has widened by more-than-expected in July, boosting optimism that the country's economy is continuing to recover.

Japan's trade surplus widens in July despite export dip

And in the Wall Street Journal some good news for France, Standard & Poor's Corp. Thursday confirmed France's triple-A rating and stable outlook, dispelling investor fears that the top-notch rating of the euro zone's second-largest economy may be at risk.

S&P Backs French Triple-A Rating

Pensions news from This is Money, millions of workers could be duped into ditching their generous final salary pensions for cash bribes.

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