13th July 2011
From the Independent, On how to prevent another financial crisis
The eurozone is the main topic of conversation today. On the New York Times, European officials vowed on Tuesday to support banks that fail stress tests but left unresolved deep disputes that have held up a second rescue package for Greece.
From Reuters, Moody's cut Ireland's credit rating to junk on Tuesday, warning that the debt-laden country would likely need a second bailout — just the latest move amid heightening concerns about Europe's ability to address its debt crisis and prevent it from spreading.
Which has caused more unrest in Europe, the Guardian is reporting, EU declares war on agencies as Ireland's rating gets junk status
From the Independent, the International Monetary Fund called yesterday for "decisive implementation" by Italy to cut its public debt, as the country sought this week to calm market worries about the sustainability of its debt burden.
The Telegraph is reporting on China. China's rapid economic growth slowed in the latest quarter to a still robust 9.5pc, easing fears of an abrupt slowdown and giving Beijing room to tighten controls to fight surging inflation.
This is Money are writing about green energy, families face punishing increases in energy bills of up to £1,000 a year to fund a switch to green energy and build new nuclear power stations.
M&S is showing a gloomy outlook expect in food sale according to the Financial Times. Marks and Spencer has cautioned that consumer confidence remains low thanks to rising petrol prices and pressure on disposable incomes, but showed it is trading resiliently despite the gloomy outlook for the UK's high streets, reporting first quarter sales figures in line with market expectations.
The Wall Street Journal is running a News Corp update.
Also from the Wall Street Journal, Luxury retailer Burberry PLC reported a 34% rise in first-quarter sales, boosted by new store openings and continued global demand for its iconic trenchcoats and designer handbags, especially in China, and said it remained confident for the rest of the year despite a tough economic environment.
The BBC News is reporting on pleasing retail results as well, shares in Supergroup have jumped 11% after the the Superdry and Cult clothes chain owner reported profits up 110%.
Also on BBC News, UK employment fell 26,000 in the three months to May to 2.45 million, official figures show. However, the number of people claiming Jobseeker's Allowance in June rose by 24,500 to 4.7 million –
the biggest such increase in two years.
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