EU fears US bank rule hurts Europe
Top EU official Michel Barnier has written to the Fed to protest against rules which make foreign banks in the US hold extra capital. The commissioner argues the rules risk “a protectionist reaction” that threatens global regulatory harmony.
Pimco’s Gross attacks spending cuts
Bill Gross, manager of bond fund Pimco, criticised the efforts of the UK and much of the Eurozone to cut deficits yesterday. “Fiscal austerity in the short term is not the way to produce growth,” he said. “You’ve got to spend money.”
Ralph Lauren settles bribe claims
US fashion group Ralph Lauren yesterday agreed to pay $1.6bn (£1bn) to US authorities to settle allegations it bribed Argentinian government officials. The firm said in the settlement that a manager paid customs officials $568,000 in bribe payments.
Drinkers buy more expensive wine
British drinkers are surviving the economic crisis by turning to ever more expensive bottles of wine. Sales for bottles costing £8 or more have increased by 17 per cent.
Shareholder spring still alive at Anglo
More than a quarter of Anglo American’s investors refused to back the company’s pay for its top executives yesterday. Nearly 28 per cent did not back the pay.
The Daily Telegraph
Asda launches same day deliveries
The supermarket will be the first to offer the service in a trial next month. It will also start a click-and-collect service to let customers to pick up clothes at any store.
Twitter signs its biggest ad deal yet
Social network Twitter signed a multi-year deal worth hundreds of millions of dollars with Publicis’ Starcom Mediavest Group.
THE WALL STREET JOURNAL
Barroso: Austerity not the answer
European Commission President Jose Manuel Barroso yesterday hinted that deficit reduction programmes across the Eurozone should be slowed down. “While I think this policy is fundamentally right, I think it has reached its limits,” he said. The International Monetary Fund last week said the Eurozone should ease back on austerity, arguing its belt-tightening is holding back the global recovery.