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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Tuesday, #7

Question of the day: why would you have a referendum about the money that others are giving you to stop your country from imploding? read article

MF Global, a private equity backed American brokerage firm run by banker-turned-politician-turned-banker Jon Corzine, is what Reuters calls “the biggest U.S. casualty of Europe’s debt crisis, and the seventh-largest bankruptcy by assets in U.S. history.” Risky assets and crazy exposure to Greek, Italian and Portuguese debt made it impossible for the firm to find people to do business with. It’s private equity parent J.C. Flowers is expected to lose close to $48m through the default. read article

Everybody [in the UK] seems to be really upbeat about 0.5% GDP growth… Fair enough, that’s 0.4% more than in quarter 2, but still far away from recession-proof, which is what Vince Cable seems to think it stands for. Funnily enough, the biggest contribution to the “upswing” in growth comes from the business and finance sectors. Did you hear that Occupy [insert-city]? (still waiting for Occupy Cardiff, by the way…)
But the PMI, Purchasing Managers’ Index, is down. Pretty down. What that means is that disregarding the ‘ridiculous’ growth Q3 has seen, businesses are not really in the mood for spending much money. The PMI is a bit like the consumer sentiment index for businesses, it keeps track of contracts that companies make with one another, and according to Reuters it declined as badly this October as is did in June 2009. Hm. read article

Businessweek has a really interesting article on Google’s lobbying techniques, which largely consist of “we like what you do, because you support what we stand for, so we will give you money. just like that.”-kind of donations. I don’t think that’s morally questionnable, neither are loyalty cards, but people seem to be weary considering the companies size and impact. read article

Finally, this on the note of hitting the 7bn.

So long.

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