Mindful Money’s news round-up: Friday 19th August 2011

19th August 2011

Story of the day:

From the Wall Street Journal, Pope Visits Spain, Says Ethics Should Guide Economies

And the best of the rest:

How the markets are looking this morning?

From the Telegraph, the FTSE was last trading at 4,995, down 3% on yesterday's close.

FTSE 100 slides as markets plunge raises fears of double-dip recession

And from This is Money, gold has hit a new record above $1,860 as investors reach for the safety of bullion amid a worsening economic outlook for the United States and concern about the health of Europe's banks.

Gold hits new record above $1,860 on U.S. recession and European bank fears

"Psychological scarring" in the wake of the financial crisis and a growing reluctance to take risks in financial markets can lead to over-pessimism and threatens to delay the economic recovery, a top Bank of England official has warned, reports the Guardian.

'Psychological scars' of financial crisis may delay recovery, warns Bank official

More bad news, in the Telegraph, British bank shares fell to their lowest levels in more than two years yesterday amid fears of a new funding crisis, raising the prospect that authorities may ban short-selling.

Bank shares dive amid fear of funds crisis

And in the Eurozone, Reuters reports, Spain will announce further austerity measures on Friday in a bid to fend off debt market attacks but avoid the kind of drastic cuts that could damage the ruling Socialists' chances in November's general election.

Spain to unveil more austerity moves on Friday

An influential committee of MPs launched a stinging attack on the private finance initiative (PFI) yesterday and claimed it offered taxpayers "poor value for money", from the Independent.

Treasury committee demands overhaul of 'poor value' PFI

Deals are being made, reports the Financial Times, shares in Autonomy soared after Hewlett-Packard announced an $11bn (£6.7bn) deal to buy the UK's largest software company in the latest takeover of a FTSE 100 company by a foreign acquirer.

Autonomy shares soar on $11bn HP deal

From the BBC News, private rents in England and Wales rose to an average £705 per month in July, according to a survey by LSL Property Services, a firm of letting agents.

Rents 'reach new high' as demand remains strong

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