Mindful Money’s news round-up: Wednesday 3rd August 2011

3rd August 2011

Story of the day:

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.

The clock is ticking in the old-fashioned boardrooms of Britain

And the best of the rest:

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.

US avoids default as Obama signs debt bill into law

While the Guardian is reporting, US president refuses to rule out tax rises for wealthiest Americans as he signs debt limit bill into law.

Barack Obama hints at tax rises after US debt bill goes through Senate

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.

Markets Slip in Asia and Europe Over Debt Woes

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.

Financial crisis to leave 'permanent scar' on unemployment, warns NIESR

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.

Government should ease austerity drive – NIESR

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.

Italy's borrowing costs hit a new euro-era high

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.

SNB Cuts Rate to Zero to Counter Franc Strength

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.

Societe Generale profits hit by Greek debt writedown

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.

Early bids raise hopes of $4bn EMI sale

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.

'Next' signals 'more benign year' for prices

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