Morning papers: Bleak jobs outlook raises heat on the Fed
This morning’s papers brought to you by Investment Adviser: Monday July 23 2012.
The US will make little progress tackling high unemployment before 2014 unless the Federal Reserve eases policy further, one of the central bank’s leading officials has warned in the run-up to a meeting next week where the option of QE3 will be on the table, reports the Financial Times.
Greece seeks more cuts as deadline looms
Greece’s newly elected government is seeking billions of euros of additional budget cuts - and looks poised to announce the first steps toward streamlining the country’s bloated public sector - ahead of the return of a troika of international inspectors to Athens this week, reports the Wall Street Journal.
Debt crisis: Shares drop, euro hits low on Spain woes
Stock markets tumbled and the euro slumped to its lowest level against the yen in almost 12 years on Monday as Spain’s debt crisis deepened, raising concerns over the wider eurozone, reports the Telegraph.
Prosecutors, regulators close to making Libor arrests
US prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rigging scandal, reports Reuters.
Europe’s banks stage US retreat
Eurozone banks have retreated dramatically from the US over the five years since the financial crisis began, cutting their assets in the country by more than a third, according to a Financial Times analysis of Federal Reserve data.
China’s stocks fall to lowest since 2009 on slowdown concerns
China’s stocks fell, dragging the benchmark index down to the lowest level since March 2009, after a central bank adviser said economic growth will slow this quarter and as Europe’s crisis worsened the outlook for exports, reports Bloomberg.
Coalition in pension fees clampdown
Pension funds whose high charges have “torn the heart” out of savers’ retirements should scrap unfair terms and offer them new deals that do not penalise them, the Pensions Minister says, according to the Daily Telegraph.
Tax avoiders may be ‘named and shamed’ by HMRC
The Treasury will announce a crackdown on tax avoidance schemes on Monday in the wake of the row over the tax affairs of the comedian Jimmy Carr, reports the Guardian.