Mindful Money’s news round-up: Friday 16th September 2011

16th September 2011

Story of the day:

From the Guardian, many of the world's biggest and most elite fashion houses pay virtually no regard to corporate ethics and have yet to take even the first steps on reporting on the social and environmental impact of their operations

Luxury brands must wake up to ethical and environmental responsibilities

And the best of the rest:

IMF chief, Christine Lagarde has criticised some countries for "pushing too hard" to reduce their deficits, fuelling fears that the UK is cutting too much and too fast, in the Telegraph.

Christine Lagarde hints UK 'pushing too hard' with austerity cuts

In Reuters, the Bank of England should be ready to reopen its programme of quantitative easing to prevent weak demand threatening Britain's fragile recovery, Business Secretary Vince Cable said on Friday.

Cable backs further QE to boost demand

From the Telegraph, Britain is to close a tax loophole used by some financial services companies when they lend each other securities in a reform that could save taxpayers £40m a year.

UK Treasury to close tax loophole that could save taxpayers £40m a year

Eurozone news:

The Wall Street Journal is reporting, the world's leading central banks joined forces to offer Europe's beleaguered banks easy access to dollars Thursday, acting to quell fears that the region's lenders could fall victim to the euro-zone's government debt crisis.

Central Banks Pour Dollars Into Europe

The markets are looking healthy after the news from the central banks, from the Financial Times, global stocks are recording their fourth straight day of gains as traders bet that policymakers' attempts to address the eurozone fiscal crisis have succeeded in reducing stresses in the financial system.

Mood improves as eurozone tensions ease

Euro-area finance ministers begin meeting here Friday to seek agreement on several crisis-fighting measures left unresolved despite weeks of talks, amid worries that governments lack the political will to prevent financial catastrophe from striking the southern euro zone, from the Wall Street Journal.

Finance Chiefs Meet to Resolve Splits on Crisis

After the news yesterday of UBS's rogue trader, there are lots of opinions and views on the matter:

The BBC has learned that the UBS trader being questioned on suspicion of unauthorised trading alerted the bank himself.

UBS trader told bank of error, the BBC learns

Also in the Financial Times, the last Facebook post of Kweku Adoboli, the 31-year-old UBS trader at the centre of a $2bn rogue trading scandal, read simply: "need a miracle".

Scandal a heavy blow to fragile UBS

From the Telegraph, what cost will the UBS rogue trader inflict on the wider financial system?

While in the Independent, city veterans called for a ban of Exchange Traded Funds (ETFs) yesterday as the UBS rogue trading scandal put a spotlight on to the financial market's latest money-spinning wheeze.

Calls for ETF ban in wake of UBS rogue trader scandal

A report looking into financial advice has revealed that investors could be £4,200 better off with a financial adviser who is fee-based opposed to a commission-based one, says This is Money.

Investors would be £4,200 better off with a fee-based adviser, research suggests

From the New York Times, in the name of fighting pollution, China has sent the price of compact fluorescent light bulbs soaring in the United States. By closing or nationalizing dozens of the producers of rare earth metals – which are used in energy-efficient bulbs and many other green-energy products – China is temporarily shutting down most of the industry and crimping the global supply of the vital resources.

China Consolidates Grip on Rare Earths

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