Mindful Money’s news round-up: Tuesday 31st May 2011

31st May 2011

Story of the day:

In Reuters, Food prices are forecast to increase by something in the range of 70 to 90 percent by 2030 before taking into account the effects of climate change, which would roughly double price rises again, Oxfam said.

Hunger crisis worsens, food system broken: Oxfam

And the best of the rest:

From the Guardian, The euro hit a three-week high against the dollar and Greek bond yields edged lower this morning as concerns over the Greek debt crisis eased, following a report that Germany could make concessions to facilitate a new bailout package for the highly indebted country.

Euro hits three-week high on report Germany to relax demands for debt restructuring

Also in the Guardian, how the advance sales of 2012 Olympic tickets may boost the UK economy.  But at the same time, with the possibility of large amounts of money coming out consumers accounts, this may slow consumer spending in others areas even further.

Advance Olympics ticket sales could boost the economy now

The Independent report on how customers still show little faith in their banks, even though several years has passed since the financial crisis. "These results provide further evidence that even several years since the financial crisis hit, the relationship between banks and their customers continues to decline,"

Fewer would recommend bank to friend

Also in the Independent, even with the lack of economic growth, this hasn't affected the pay of top executives of the FTSE 100, who saw their median pay increase by 32 per cent in the last year to an average of £3.5m. During the same period, average earnings across the UK rose by 2 per cent – half the rate of inflation – meaning an effective pay cut for most.

Anger as pay for top FTSE bosses soars by a third

BBC News is discussing the ‘locked out ‘generation. Two-thirds of young people without their own home believe they have no prospect of getting on the property ladder, a survey has suggested.

First-time house buyers fear lock-out

The Wall Street Journal, a raft of planned stock listings are betting on the future spending power of the Chinese consumer. The trends underlying this rush to market are real, but investors should avoid heedlessly buying all the hype.

Beware the Hype in China's Story

From the Telegraph, Analysis of Financial Services Authority (FSA) data demonstrates just how desperate families have become as they contend with what Mervyn King, the Governor of the Bank of England, has described as the most dramatic squeeze on family finances since the 1920s. Up to 300,000 cash-strapped households have switched more than £60bn of mortgage debt from repayment into risky interest-only deals over the past three years to help cover their living costs.

Cash-strapped families switch £60bn-worth of mortgages to interest-only

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