Mindful Money’s news round-up: Thursday 21st July 2011

21st July 2011

Story of the day:

From the Guardian, workers in the manufacturing heartland of the West Midlands faced the sharpest increase in unemployment during the recession, while London and the south-east were cushioned from the worst of the job cuts.

Recession hit Midlands workforce hardest

And the best of the rest:

The New York Times is concentrating on the US debt problems, lawmakers in Washington are racing to reach a deal to save the country from defaulting on its debt, but on Wall Street, financial players are devising doomsday plans in case the clock runs out.

Wall St. Makes Fallback Plans for Debt Crisis

The Financial Times is reporting, Scottish and Southern Energy has followed in the footsteps of Scottish Power and British Gas by increasing electricity and gas prices for millions of domestic customers, adding to pressure on beleaguered British consumers.

Scottish and Southern raises energy prices

Also in the Financial Times,  any move by the European Union to suspend credit ratings for countries being bailed out is "wholly impractical and smacks of censorship", according to policymakers in the UK's upper parliamentary chamber.

Lords attack EU credit ratings threat

From the Telegraph, Angela Merkel and Nicolas Sarkozy held crisis talks in Berlin amid warnings that a failure to break the debt crisis deadlock within 24 hours would send shockwaves around the global economy.

Euro reaches eleventh hour as Angela Merkel and Nicolas Sarkozy hold crisis talks

Also from the Telegraph, The UK banking sector is gearing up for a collision with Europe's top financial regulator after it set out harsh new rules for the industry that could see banks fined as much as 10pc of their entire annual turnover if they don't comply.

UK banks set to clash with EU over tough new capital rules

The Independent is reporting on banking reforms as well, Santander's planned part-flotation of its UK business is set to be delayed until next year because of uncertainty created by the Independent Commission on Banking's (ICB) reform proposals and volatile markets.

Santander set to shelve flotation of UK business

Time for the retail sales numbers again, and they recovered slightly in June, official figures have shown, according to the BBC News.

Retail sales post slight recovery in June

Also in the BBC News, Japan has posted a trade surplus for the first time in three months, as exports start to recover after the 11 March earthquake and tsunami disrupted production.

Japan posts surprise trade surplus as exports recover

The Wall Street Journal is reporting, the U.K. Chancellor of the Exchequer George Osborne's goal of reining in the nation's budget deficit looked further out of reach Thursday when figures showed the public sector borrowed more in June than it did a year ago.

U.K. Struggles to Haul in Deficit

To receive our free email newsletter sign up here.

Leave a Reply

Your email address will not be published. Required fields are marked *