Morning papers: Jobs boost adds to ‘economic puzzle’
This morning’s papers brought to you by Investment Adviser: Thursday August 16 2012.
Unemployment in Britain fell to its lowest level in nearly a year in the second quarter, even as the country’s double-dip recession deepened, reports the Financial Times.
JPMorgan Chase, Deutsche subpoenaed over Libor
JPMorgan Chase, Deutsche Bank and Barclays are among a handful of banks recently subpoenaed in a joint New York-Connecticut investigation of possible manipulation of the Libor benchmark international lending rates, according to a person familiar with the probe, reports Reuters.
Experts urge George Osborne to make U-turn on austerity
George Osborne has been urged to abandon his austerity plans and boost infrastructure spending to rescue the economy by a group of top economists who backed his deficit cutting plans just two years ago, reports the Telegraph.
Sterling gains on jobs data
The pound rose thanks to some impressive UK labour market data and after the minutes of the latest Bank of England policy meeting showed the decision to keep interest rates and asset purchases on hold was unanimous, reports the Financial Times.
More than £100bn could be wiped off the UK economy if crisis in Greece shatters eurozone
More than £100bn would be wiped off the value of the British economy if the crisis in Greece led to the breakup of the eurozone, reports the Daily Mail.
Treasurys drop as odds of Fed action go lower
Investors’ waning confidence that the US Federal Reserve will start another fresh round of bond-buying next month is damping the market appetite for US treasurys, reports the Wall Street Journal.
Find ‘backbone’ to punish Standard Chartered, US senator tells regulator
A leading US senator has asked other regulators to find the “backbone” to take action against Standard Chartered following the London-based bank’s $340m (£220m) settlement in New York over sanctions breaches with Iran, reports the Guardian.
Resolution calls off bids plan in rocky markets
The financial entrepreneur Clive Cowdery has called time on the takeover tactics set in place at his insurance vehicle Resolution, reports the Independent.