Mindful Money’s news round-up: Wednesday 31st August 2011

31st August 2011

Story of the day:

From the New York Times, Hurricane Irene will most likely prove to be one of the 10 costliest catastrophes in the nation's history, and analysts said that much of the damage might not be covered by insurance because it was caused not by winds but by flooding, which is excluded from many standard policies.

Hurricane Cost Seen as Ranking Among Top Ten

And the best of the rest:

Global economies aren't feeling particularly positive today:

This morning in the Telegraph, the Western world is at mounting risk of a double-dip recession after key measures of confidence collapsed in both the United States and Europe, with Germany suffering the steepest one-month fall since records began in the 1970s.

Double-dip fears across the West as confidence crumbles

While according to the Guardian, Vince Cable says bankers are using this and other such woes as an excuse to stop reforms. He has accused bankers of using the economic turmoil in Europe to try to derail reform of the financial sector.

Vince Cable: disingenuous bankers are trying to derail reforms

Also in the Guardian, Adam Posen has been pushing his fellow Bank of England monetary policy committee members to engage in more easing for more than a year now.

Bank of England's Posen backs more QE

Finland and other euro zone countries might get Greek bank shares as security in exchange for new loans to Athens, German newspaper Handelsblatt said, from Reuters.

EFSF proposes Greek bank shares as loan collateral – report

And from the Wall Street Journal, Federal Reserve officials are as deeply divided as they've been in decades about how to spur the flagging economy, records released Tuesday show, as they stake out positions on what, if any, action to take at their September meeting.

Economy Deeply Divides Fed

And in other news:

In the Financial Times, ExxonMobil has formed an Arctic exploration partnership with Rosneft, the Russian state oil company, in a strategic coup over rival BP.

Exxon and Rosneft sign Arctic deal

Supermarket giant Tesco is to sell its stores in Japan after admitting defeat in its eight-year push to become a major player in the country, reports the Independent.

Tesco pulls out of Japanese market

And from the BBC News, it will take almost a century for UK women managers to be paid the same as their male counterparts, a study says.

Gender pay gap 'to last for another 98 years'

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