Mindful Money’s news round-up: Tuesday 30th August 2011

30th August 2011

Story of the day:

From This is Money, Bob Geldof, the anti-poverty campaigner and former Boomtown Rats lead singer, has raised around £120m for a private equity fund to invest in Africa.

Bob Geldof launches private equity fund to invest in Africa

And the best of the rest:

The Guardian is reporting the market update this morning, the FTSE 100 soared 150 points on Tuesday, a rise of almost 3%, as London caught up with strong gains on Wall Street and in Asia after the bank holiday weekend.

FTSE 100 posts strong gains as optimism returns to world markets

Eurozone news from the Financial Times, some European financial institutions should have taken bigger losses on their Greek government bond holdings in recent results announcements, according to the body that sets their accounting rules.

IASB criticises Greek debt writedowns

More from the eurozone in the Financial Times, eurozone inflation risks are being reassessed by the European Central Bank, Jean-Claude Trichet, its president, has said in comments that hinted at a change in interest rate strategy by the euro's monetary guardian in the face of a gloomier economic outlook.

ECB to reassess inflation risks

And in the Wall Street Journal, German Chancellor Angela Merkel faces growing resistance within her ruling coalition over expanding the powers of the euro zone's bailout fund, forcing a domestic political debate she will have to win to preserve confidence in her leadership.

German Debate on Bailout Fund Is Test for Merkel

Mixed news on the property market today:

From the BBC News, the housing market will be plunged into "crisis"' without government action to address the "chronic under-supply of homes", a body representing housing associations in England has warned.

Call for action on homes 'crisis'

While the Wall Street Journal are reporting, the number of new mortgage approvals in the U.K. rose to its highest in more than a year in July, data from the Bank of England showed Tuesday, but net lending to companies contracted.

U.K. Mortgage Approvals Rise

Business lobbies have stepped up their campaign against plans to force banks to ringfence their retail operations from other parts of their business ahead of publication of a government-commissioned report next month, from Reuters.

Business steps up lobbying over bank rules

And in the Independent, confidence among British businesses has slumped over the summer months, new figures reveal today, adding to the concern that the economic recovery has stalled.

Business confidence slumps for second month running

Also from the Independent, business activity in Britain's dominant services sector has fallen at the fastest rate since the economy was barely crawling out of recession, a CBI survey shows.

Plunge in vital services sector adds to fears of UK double dip

German group latest to volunteer for higher contributions, saying country could raise €100bn in two years with a 5% wealth tax, says the Guardian.

Tax us more, say wealthy Europeans

According to the Telegraph, Britain's banks are directly responsible for more than a third of the country's economic slump since September 2008, official figures show.

Banks responsible for over a third of UK economic slump

Also from the Telegraph, news of a potential merger; ITV could join forces with Silvio Berlusconi's Mediaset to buy Endemol, the debt-ridden production giant behind Big Brother and Secret Diary of A Call Girl.

ITV, Mediaset in talks to buy Big Brother owner Endemol

Leave a Reply

Your email address will not be published. Required fields are marked *