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News review
Updated July 16 2010
Obama faces growing credibility crisis
Robert Gibbs, Barack Obama’s chief spokesman, got into hot water this week for daring to speak the truth – that the Democrats could lose control of the House of Representatives in November. But it could be even worse than that.
Russian agent had job at Microsoft
Alexey Karetnikov’s position suggests that he and the other 11 Kremlin spies apprehended in the US were seeking inside information on technology as well as personal contacts
UK recession worse than first thought
The UK economy was more reliant on government spending in the first quarter and the recession deeper than previously thought, official data have shown
Netherlands kick, Spain score
The difference in class was most apparent in the first five minutes, when Spain passed the Dutch apart
New BP oil well cap to take days to fit
BP will take until Wednesday at the earliest to fit the new sealing cap to its leaking Macondo well in the Gulf of Mexico, the company said
G20 looks to Beijing to drive global growth
The G20 appears to be placing a large bet on China’s policymakers. Beijing is trying to find a growth model that relies less on the 20 per cent-plus increases in exports that it enjoyed for most of the past decade
Spy exchange biggest since cold war’s end
Russia and the US on Friday completed the biggest spy swap since the cold war, trading spies between two aircraft on the tarmac at Vienna airport in a bid to prevent damage to an otherwise improved relationship
Chinese economy starts to cool down
The country’s economy slowed in the second quarter to a growth rate of 10.3% compared with the year before, as government efforts to cool the housing market and infrastructure investment began to bite
Senators question BP’s Libyan links
With BP still trying to cap the leaking Gulf well and a permanent fix weeks away, US politicians are increasingly looking for other ways to target the company
Fed cuts its 2010 growth forecast
The Federal Reserve has cut its 2010 growth forecast for the first time since the economic recovery began last year, as debate at the central bank turns from when to tighten policy to whether to ease it further
Net neutrality comes back to haunt Google
‘Search neutrality’ becomes the rallying cry of activists who believe the search engine has too much power to decide which internet sites are granted the attention that comes with a high ranking
BP pins hopes on new cap for well
BP was preparing to fit a new containment cap on its blown-out Macondo well in the Gulf of Mexico that could allow it to stop the leaking oil before the end of the month
Sprint’s 4G move opens way to merger
The troubled US mobile phone operator is examining a technology shift that could pave the way to a merger with T-Mobile USA, Deutsche Telekom’s struggling US unit
Diller calls Google travel deal ‘disturbing’
Google’s use of its search engine to support its expansion into new internet services gives it an unfair advantage and puts it on a collision course with antitrust regulators, according to a prominent US media mogul
JPMorgan signals end of Wall St rebound
The US bank confirms investors’ fears that Wall Street’s year-long rebound from the financial crisis had come to a halt, offsetting steady improvement in the financial health of the country
Bank teams rush to set up new funds
The hedge fund industry is seeing a rush of start-ups amid a series of high-profile spin-outs from the in-house trading teams at investment banks
Aon to buy Hewitt in $4.9bn deal
Aon the US insurance broker said it would acquire Hewitt Associates, bolstering its human resources consulting arm in a cash and stock deal worth $4.9bn, excluding debt.
Europe’s bankers discuss bail-out fund
Project will vie with other ideas for dealing with a future financial crisis – such as government levies and the forced conversion of unsecured debt into equity
Huawei in drive to land big US deal
The Chinese telecommunications equipment supplier launches a push to secure its first major contract in the face of strong security concerns in Washington
FSA looks to impose checks for mortgages
Financial regulators plan to step up sharply their scrutiny of mortgage lending and investment product sales because they have concluded that disclosure and free markets do not do enough to protect consumers
Pimco makes U-turn on UK bonds
World’s second-biggest bond fund manager has been forced to reverse an earlier forecast that the gilt market would suffer heavy losses this year following the surprise strength of UK government debt
China offers Spain €1bn confidence vote
Deal buoyed the broader markets, helping last week’s global equity rally and marking a potential turning point for the eurozone
Hedge funds look for a golden edge
With gyrating financial markets and fears of a double-dip recession some hedge managers are becoming increasingly bullish about the precious metal
Big inflows into money market funds
Investors have poured tens of billions of dollars into money market funds amid fears that a double-dip recession in the developed world could send financial markets tumbling
Cautious tone ahead of US earnings
Global Markets Overview: There was a cautious tone to markets as traders absorb the sharp risk asset rally of recent days and contemplate the prospects for the US second-quarter earnings season
Solid start to US earnings season trumps China worries
Global Markets Overview: A positive start to the US second-quarter earnings season overpowered worries about China’s property market and evidence of waning investor confidence in the German economy.
Debt shuffling will be a self-defeating exercise
European Financial Stability Facility must not repeat the mistakes that led to the financial crisis, writes Satyajit Das
Bolton bets on Chinese domestic consumption
Anthony Bolton says China Special Situations fund is heavily weighted towards stocks in the consumer sector
Euro pares gains as risk rally slows
The recovery in global stock markets continues after South Korea increases interest rates, but a falling euro pares gains
Dovish Fed minutes knock rush to risky assets
Global Markets Overview: Strong results from chipmaker Intel overnight fail to ease worries about prospects for US the economy, highlighted by another weak US retail sales report and gloomy FOMC minutes
