Osborne accused of bowing to City
The UK chancellor was yesterday accused of bowing to City pressure and watering down key provisions to make Britain’s banks safer, as the Banking Reform bill began its passage through the House of Lords. Lord Lawson, the Tory former chancellor, said the Treasury was guilty of an “unacceptable” attempt to weaken bank regulation and a coalition of cross-party peers will fight to make the bill tougher. Labour’s Lord McFall said ministers had “neutered” proposals to “electrify” a ringfence designed to keep retail and investment banking operations apart.
MI5 and GCHQ urge cyber checks
Security chiefs have taken the unprecedented step of writing to all FTSE 350 chairmen under a new initiative to sharpen corporate awareness of cybercrime. MI5 and GCHQ are urging to take part in a “cyber governance health check”.
Fears over ETF structural issues
Falling equity markets have resulted in the highest level of failed trades in the $2 trillion exchange-traded fund (ETF) market for nearly two years – reviving a debate about the structure and liquidity of the popular investment vehicles in times of volatility.
Mystery over rise in death rates
Thousands of elderly people have died unexpectedly during the past year, driving a rise in overall death rates that is baffling public health chiefs, a leaked government report has revealed.
About 600 more people died every week this year than the weekly average for the past five years which is about 10,000 deaths.
Vinyl boosts indie record shops
Sales at the UK’s 300 independent music stores surged 44 per cent in the first half of the year, driven by thriving demand for vinyl records.
The Daily Telegraph
Dozens killed in Spanish train crash
At least a thirty-five people have been killed and more than 50 injured after a passenger train derailed outside the northern Spanish city of Santiago de Compostela. All 13 train carriages carrying 218 passengers plus crew left the tracks and four carriages overturned completely.
Under-25s still expect to retire at 65
Most young Britons still expect to retire by age 65, a new report suggests, even though they won't qualify for a state pension until much older.
THE WALL STREET JOURNAL
Detroit bankruptcy challenge fails
The federal judge handling the largest municipal-bankruptcy in the US case has ruled that Detroit is entitled to protection from state lawsuits challenging the bankruptcy filing.But the judge said he would leave open the door for future challenges to Detroit’s 18 July bankruptcy filing.
Ireland could lose upper chamber
Ireland will hold a vote in October on whether to abolish one of the nation’s two legislative chambers, creating the rare prospect of Europe’s political class falling victim to austerity measures.