Mindful Money’s news round-up: Tuesday 23rd August 2011

23rd August 2011

Story of the day:

From the Guardian, the recent riots in London and other big cities were the product of an "out-of-control consumerist ethos" which will have profound impacts for the UK economy, a leading City broker has said.

UK riots were product of consumerism and will hit economy, says City broker

And the best of the rest:

The Government has been accused of "dawdling" while European rivals have moved to help domestic companies secure lucrative contracts to rebuild Libya, reports the Telegraph.

Libya: UK government 'dawdling' as European rivals win lucrative contracts

In Reuters this morning, world stocks, the euro and commodity prices advanced on Tuesday after a gauge of Chinese and German manufacturing activity was not as weak as some had feared.

German, Chinese data lift world stocks

However, reported in the Telegraph, bank shares dived on Monday despite a widespread rally across Europe's major stock markets as questions were raised about their ability to fund themselves.

Bank shares dive on funding fears

From the BBC News, the price of gold has briefly risen above the $1,900 an ounce mark for the first time.

Gold hits record high of $1,900 on global growth fears

In the Guardian, with the Swiss franc at a record high, the country's shoppers are abandoning local business and tourists are being extra frugal

Strong Swiss franc strangles economy

Banks are seeing a lack of demand for borrowing according to the BBC News, householders and companies are continuing a safety-first approach to debt reflecting slow growth in the economy, a banking body has said.

Banks see lack of demand for borrowing

Lloyd Blankfein, the chief executive of Goldman Sachs, has hired one of America's top criminal defence lawyers to help him address claims that the bank misled clients in the run-up to the financial crisis, and Congress afterwards, from the Guardian.

Goldman Sachs boss hires top defence lawyer Reid Weingarten

More bad news for bank employees, from Reuters, Swiss bank UBS AG plans to slash around 3,500 jobs, almost half of them from its investment bank, as it seeks to shave some 2 billion Swiss francs (1.5 billion pounds) from annual costs by the end of 2013.

UBS slashes 3,500 jobs in cost-cutting drive

From the Wall Street Journal, Standard & Poor's President Deven Sharma is leaving the credit-rating firm at the end of the year, the company said Monday night.

Head of S&P to Resign

More pension woes, in the Independent, the broadcaster ITV yesterday sought to draw a line under the rapidly rising cost to its underfunded final salary pension scheme of people living longer by paying Credit Suisse to take on the risk.

ITV pays Credit Suisse to take on the risk on its pension scheme

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