Mindful Money’s news round-up: Wednesday 8th June 2011

8th June 2011

Story of the day:

From the Independent, We keep witnessing successful and monied individuals putting their companies and liberty at risk. It begs the question, is corporate culture becoming increasingly corrupt? Is ethical bankruptcy on the rise?"

US investigator attacks Wall Street's risk culture

And the best of the rest:

In the New York Times, HSBC agreed Tuesday to pay $62.5 million to settle class-action claims by investors in a fund that had invested with Bernard L. Madoff Securities, but has admitted no wrongdoing or liability.

HSBC Settles Madoff Claims for $62.5 Million

From the Telegraph, An intense battle over the soaring oil price will come to a head today, amid growing political tensions between Saudi Arabia and other members of the Organisation of Petroleum Exporting Countries (Opec).

Oil price battle flares ahead of Opec showdown

In the Independent, how another example of how high oil prices are effecting the consumer: The era of cheap holiday air fares is coming to an end as European airlines ramp up prices to cope with rising taxes and fuel costs, the International Air Transport Association (Iata) signalled yesterday.

Soaring fuel costs and taxes spell the end for cheap flights

Also from the Telegraph, Brussels has told the Government to stick to its strategy to shrink the budget deficit, warning against any "slippage" from the planned cuts.

Europe backs Britain's 'Plan A' for the economy

In the Guardian, Iceland's Geir Haarde becomes first world leader to face charges in relation to the global financial crisis

Iceland's former premier denies criminal negligence over banking crisis

Also in the Guardian is saying, A fresh surge in oil prices and a rise in the cost of food pose the biggest threats to the recovery of poor countries from the global recession of 2008 and 2009, according to the World Bank.

Rising food and oil prices are biggest threat to recovery, says World Bank

In This is Money, Financial adviser Chelsea Financial Services has released its latest Relegation Zone report which names and shames investment funds that have performed badly compared with their peers over three years or more. Once again, many of the worst offenders are run by banks and life insurers.

Investors have £26bn in dud funds

Reuters is discussing the likelihood of a UK downgrade by Moody's. The outlook for Britain's prized triple-A credit rating remains stable but weaker growth and slippage in the government's fiscal plans could lead to a reassessment, credit ratings agency Moody's said on Wednesday.

Moody's UK rating at risk if growth slips

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