|HMV Group plc sales drop nearly 20 per cent|
|Friday, 09 September 2011 08:16|
News round up: HMV, SABMiller, US long-term deficit, OECD, Obama, Coca-Cola, Jean-Claude Trichet and bank balances.
Grolsch and Peroni beer giant SABMiller is set to launch a formal £6.2billion takeover bid for Foster’s after regulators rejected its claim that the Australian brewer had made “misleading and deceptive” statements over its future earnings and debt levels.
US long-term deficit
The US economy's long-term potential will be damaged unless policy-makers take steps now to address the country's challenges, Federal Reserve chairman Ben Bernanke has warned. Politicians on Capitol Hill must lay out a plan to tackle America's long-term deficit without jeopardising the fragile recovery, Mr Bernanke told the Economic Club of Minnesota on Thursday, according to the Telegraph.
The OECD yesterday urged developed nations to be prepared to do more to support the global economy. Revealing a sharply downgraded international growth outlook for the second half of 2011, the Paris-based economic organisation said that countries that have "credible fiscal frameworks" should enact "short-term fiscal stimulus" if there is a prolonged slowdown in economic activity, the Independent reports.
Barack Obama used a televised address to the nation to unveil a $447bn package aimed at bringing down the country's high jobless total, the issue that could determine whether he wins re-election next year. In a rare joint session of Congress on Thursday night, the president challenged the Republicans to end the "political circus" in Washington by approving legislation he is to send them next week, the American Jobs Act, says the Guardian.
Coca-Cola has become embroiled in a dispute with the French government over a new tax on fizzy drinks, leading the company to threaten to cut its investment in the country, before making an abrupt U-turn after drawing criticism.
The president of the European Central Bank lashed out yesterday at German critics of its support to beleaguered eurozone economies. In a rare display of emotion, the nornally unflappable Jean-Claude Trichet launched into a six-minute tirade defending the central bank’s “impeccable” record.
Britons' bank balances
Record low interest rates have boosted Britons' bank balances to the tune of £8billion, new statistics from the Bank of England indicate. While savers are estimated to have lost out on £43billion in interest earnings since the bank rate hit 0.5 per cent two-and-a-half years ago, mortgage borrowers have saved £51billion in payments, reports the Daily Mail.
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