3rd August 2011
From the Independent, time is running out for stuck-in-the-mud companies that are still failing to take seriously the issue of getting more women on to their boards – and there are plenty of them. Back in February, Lord Davies, who lead an inquiry into the shocking lack of women directors at large companies, gave those firms six months to explain what they intend to do remedy the problem. That deadline expires in a matter of weeks, yet we have heard precious little from far too many companies.
Update from the US:
From the BBC News, President Barack Obama has signed legislation to increase the US debt ceiling and avert a financial default, after Congress voted in favour of a bipartisan compromise deal.
While the Guardian is reporting, US president refuses to rule out tax rises for wealthiest Americans as he signs debt limit bill into law.
And the New York Times is looking at how the stock markets are looking, stock markets tumbled across the Asia-Pacific region and in Europe on Wednesday and the price of gold shot up as investors around the globe remained nervous about the debt problems in the United States and Europe.
The Telegraph is discussing the UK economy, unemployment will be permanently higher than its pre-recession level once the economy is back to full strength due to the "scar" left by the financial crisis, the National Institute of Economic & Social Research (NIESR) has warned.
And from Reuters on the UK, the government should postpone spending cuts or temporarily lower taxes to support a fragile economy, a leading think tank said on Wednesday.
While the Independent concentrates on the eurozone, Italy's 10-year borrowing costs have hit a new euro-era high amid ongoing fears that Europe's debt crisis could spread to the country.
The Swiss central bank on Wednesday said it has taken measures to counter the strong Swiss franc, cutting its key three-month Libor-rate target to as close to zero as possible, from 0.25%. The Swiss National Bank said the "current strength of the Swiss franc is threatening the development of the economy and increasing the downside risks to price stability in Switzerland", from the Wall Street Journal.
The BBC News is discussing how the eurozone is effecting businesses, Second-quarter profits at Societe Generale, France's second-biggest bank, have fallen as a result of its exposure to Greek sovereign debt.
Bids for EMI suggest that the British music company could fetch more than $4bn , allowing Citigroup to recoup about three-quarters of the money it lent to Guy Hands' ill-fated private equity buy-out in 2007, reports the Financial Times.
Some good news for consumers from the Independent, clothing retailer Next offered some relief to hard-up shoppers today by signalling a "more benign year" for prices during 2012. The group, which has more than 500 stores in the UK and Ireland, said a sharp reduction in cotton prices and an easing of manufacturing constraints in the Far East would take some of the pressure off its own prices.
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