Mindful Money’s news round-up: Thursday 25th August 2011

25th August 2011

Story of the day:

From the New York Times, Steven P. Jobs, whose insistent vision that he knew what consumers wanted made Apple one of the world's most valuable and influential companies, is stepping down as chief executive, the company announced late Wednesday.

Jobs Steps Down at Apple, Saying He Can't Meet Duties

And the best of the rest:

A more severe crash than the one triggered by the collapse of Lehman Brothers could be on the way, according to alarm signals in the credit markets, reports the Telegraph.

Market crash 'could hit within weeks', warn bankers

Reforms to try and cull tax evasion in the UK, from the Guardian, the Treasury has struck a deal with the Swiss government to repatriate unpaid British taxes from private bank accounts and end the exploitation of the country's secretive banking system.

Treasury strikes tax evasion deal with Switzerland to recoup unpaid cash

Reuters is reporting the news from the eurozone, after being held up as a model of strength in a region saddled with debt and low growth, Germany suddenly finds itself in a perfect economic storm that could force it to rethink its approach to the crisis plaguing the wider euro zone.

Slowdown could make Germany rethink euro crisis stance

Downbeat Britain from the Telegraph, consumer confidence continued to fall last month amid increased uncertainty around the UK's economic outlook and is set to dip further in August, according to the Nationwide's latest survey.

UK consumer confidence continues downward slide

Gold's Bull Run is slowing, for now… from the Wall Street Journal, Gold's glittering rise came to an abrupt halt on Wednesday as investors piled out of the metal, driving prices down 5.6%.

Gold's Price Tumbles 5.6% in Abrupt Halt to Its Rise

It's good news for commodities traders today:

In the Financial Times, Glencore's first-half profits jumped 57 per cent on the back of higher commodities prices and production, and the world's largest commodities trader offered a rosy outlook for the second half of the year for the natural resources sector.

Glencore upbeat after 57% first-half rise

And in the Independent, BHP Billiton, the Anglo Australian mining giant, yesterday catapulted itself into the world's top 10 companies by earnings as the global commodities boom saw it post record profits.

Global commodities boom fuels record profits for BHP Billiton

Also good news for beverage company, Diageo. BBC News reports, the drinks group has reported a 5% rise in annual profits. Pre-tax profits for the year to the end of June came in at £2.36bn, as growth in emerging markets and North America made up for problems in Europe.

Diageo boosted by emerging markets

While retail results have not been as positive, in the Independent, the boss of The Co-operative Group today said trading conditions were the worst he had experienced in over 40 years of retailing as the mutual unveiled a drop in half-year profits.

Co-op profits hit amid hard trading conditions

Britons earning the average £26,000 salary will fall £6,000 a year short of a 'comfortable' retirement, even after the Government's radical pension reforms come into play, pension experts are warning, from This is Money.

Coalition's big pension reforms set to leave average earners £6,000 a year short in retirement, experts warn

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