Morning papers: Olympic effect on economy may not last long
Sir Mervyn King, governor of the Bank of England, warned that the impact of the Olympics may not be long-lasting on the economy as he said there were lessons for the banking sector from the “fair play” of the games, reports the Guardian.
King urged to widen recovery measures
An outgoing member of the Bank of England’s rate-setting committee has challenged Sir Mervyn King, its governor, over his insistence that central banks should buy only government bonds in quantitative easing, the programmes to stimulate growth, reports the Financial Times.
Debt crisis: Germany ready to block Greek aid if country misses targets
The deputy head of chancellor Angela Merkel’s conservative parliamentary bloc, Michael Fuchs, told business daily Handelsblatt that Berlin was ready to use its veto if it is unhappy with findings from the Greece creditors “troika”, reports the Telegraph.
Property markets in Spain and Italy close to collapse
The Spanish and Italian commercial property markets have all but collapsed with the number of transactions in both countries falling more than 90 per cent in the three months to July as investors worry about the future of the eurozone, reports the Financial Times.
Dog days of August spell calm but no relief
Weakness, weakness almost everywhere with only the odd pocket of resilience. That’s been the state of the global economy for a while, and this is unlikely to be the week when things change for the better, reports Reuters.
Banks can expect more pain, warns City’s top enforcer Tracey McDermott
The Financial Services Authority’s new chief policewoman has warned the City that there will be no let-up in the tough line taken in response to a string of scandals, reports the Independent.
Regulators seek unity in UK bank talks
US authorities are forming a group with New York’s top financial regulator to negotiate a settlement with Standard Chartered over allegations it illegally hid financial dealings with Iran, reports the Wall Street Journal.
Olympics ‘to pay for itself by 2021’ - but people working from home has cost the economy £1bn
People working from home during the Olympics have helped wipe £1bn off the UK economy this year, according to a think tank, reports the Daily Mail.