Economic Roundup, Friday 1st May 2009
- This week we learn that relatives of US Vice President Joe Biden (but not Joe himself) have become embroiled in a news story regarding some iffy hedge funds, details here, here, here, here and here. (hat tip: Zero Hedge)
- The US has been subjecting it's banks to stress tests, it appears that a number have been found a bit short. The European Commission has got itself in a bit of a spat with hedge funds over new regulation and we learn that novelty value has caused a huge rise in the value of the now defunct Zimbabwe dollar
- Swine Flu! has exposed the horrifying fact that our country's clunking bureaucratic monolith of a health service is actually really well prepared for the situation. It's also lead to a few ridiculous numbers being thrown around, the Telegraph reckons it could cost the world up to $4.4 Trillion.
- On the domestic front, a deal with landlords has saved JJB, the BBC is planning a resource sharing deal with local media and that the government is confident that it can continue to raise cash. Less good is the news that pay raises will be in short supply.
- The shenaningans of bankers continue to keep your correspondent entertained, we learn that our banks could be forced to hold extra capital as a buffer against future disasters, we learn that banking salaries are likely to rise as bonues shrink and that this year bonus payouts will be a mere £7bn, your correspondent wonders how these folks manage to get by.
- Finally, the FTSE continues to rise to the point that the folks at Alphaville have unleashed the rally monkey. The pound also appears to be up a bit on last week.
About the author: Andreas is a Labour activist based in Norwich, he's organiser for his local ward of Town Close. He works as a software developer and being the mercenary soul that he is has found himself working in the insurance, financial services, electronics and marketing industries at various points in time. He blogs at
CitizenAndreas.
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