Mindful Money’s news round-up: Tuesday 20th September 2011

20th September 2011

Story of the day:

From Reuters, the government is calculating the cost of Scotland splitting from Britain to reinforce its case against nationalist demands for independence, a cabinet minister said on Monday.

Britain calculating cost of split with Scotland

And the best of the rest:

More transparency needed within business, in This is Money, BP and Glencore have been named as the worst offenders in a report detailing the extraordinary lengths to which companies go to cover up their tax affairs.

Glencore and BP named as worst offenders at top of tax secrecy table

Also from This is Money news from the eurozone: Greece was last night told it must take the axe to the public sector to save the country from financial ruin. The International Monetary Fund urged George Papandreou's government to cut spending and improve tax collection to avoid a default on its £315bn debt mountain.

International Monetary Fund tells Greece to slash public sector

The Wall Street Journal is reporting, Standard & Poor's Ratings Services on Monday cut Italy's sovereign-debt rating a notch, saying the Mediterranean nation's weak economic growth and fragile government coalition will make it harder to head off the growing crisis sweeping the euro zone.

S&P Cuts Italy's Sovereign-Debt Rating

How is it going to effect the UK, in the Independent, Britain could be hit by a second financial crisis or face years of stagnation similar to that suffered by Japan, the Business Secretary Vince Cable warned last night as he painted a grim picture of the nation's economic health.

Eurozone crisis could push Britain back over the edge, Cable warns

And from the Financial Times, Siemens withdrew more than half-a-billion euros in cash deposits from a large French bank two weeks ago and transferred it to the European Central Bank, in a sign of how companies are seeking havens amid Europe's sovereign debt crisis.

Siemens shelters up to €6bn at ECB

Help is at hand in the form of emerging markets, Brazil will propose that it and other large emerging market countries make billions of dollars in new funds available to the International Monetary Fund as a way to help ease the crisis in the euro zone, an official said on Monday, from Reuters.

Brazil seeks to help Europe via IMF

The Wall Street Journal is discussing the ‘rogue trader', the alleged unauthorized trading at UBS AG that resulted in a $2.3 billion loss is shining a spotlight on a loophole in European trading rules that soon could be closed.

UBS Loss Reveals Gaps

From the Telegraph, President Barack Obama has proposed a "Buffett Rule" designed to ensure that American millionaires pay more tax as part of his latest effort to tackle the country's deficit and lacklustre recovery.

Barack Obama proposes 'Buffett Rule' to make wealthy pay more tax

More tax news from the Telegraph, leading entrepreneurs regard the 50p rate as an "obstacle to enterprise and incentive", according to a survey by accountancy firm Ernst & Young (E&Y).

Entrepreneurs blast 50p tax rate as 'obstacle to enterprise'

Profits at Italian luxury goods brand Prada have jumped 74% on surging demand for its products in Asia, reports the BBC News.

Prada half-year profits soar on growing Asian demand

The Guardian is reporting, shares in Ocado tumbled 11% on Monday after the online grocer said profits were being squeezed as it fights to hold on to its affluent shoppers in London and the south-east.

Ocado shares plunge as it battles to stop Waitrose poaching its best customers

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