Bank of England Governor Mervyn King said the U.K. must press on with reforms to the banking industry and repeated his gloomy outlook for the euro-area debt crisis, which is impeding Britain’s economy.“If the rest of the world were growing normally, the rebalancing and recovery of our economy would be much easier,” King wrote in an article in the Mail on Sunday newspaper, published today. “But it isn’t. Even the rapidly expanding emerging-market economies are slowing, and the problems of the euro area continue with no obvious end in sight.”Enlarge image
Bank of England Governor Mervyn King said the U.K.’s long-term economic performance will depend on measures such as “reforming our banking system so that banks focus less on making money in the short term, and more on building businesses to serve their customers.” Photographer: Chris Ratcliffe/BloombergKing’s comments come days after the Bank of England cut its U.K. growth forecasts and said the outlook is “unusually uncertain.” The central bank is in the middle of a 50 billion- pound ($78 billion) four-month program of bond purchases and has left the door open to more stimulus for the economy if needed.King, a sports fan who attends the Wimbledon tennis tournament every year, pointed to the success of London’s Olympic Games and said achievements such as winning a gold medal take “years of hard work.”He said the U.K.’s long-term economic performance will depend on measures such as “reforming our banking system so that banks focus less on making money in the short term, and more on building businesses to serve their customers.”“The government’s plans to build a wall between banks’ risky trading on one side, and their lending to businesses and families on the other, will help,” King said. “As will the injection of new competition into our banking system. And, as recent scandals have shown, banks could learn a thing or two about fair play from the Olympic movement.”BOE Succession
http://www.bloomberg.com/news/2012-08-12/euro-area-crisis-has-no-obvious-end-in-sight-boe-s-king-says.htmlMerkel Returns To Crisis As Leaders Squabble Over Bond Purchases
German Chancellor Angela Merkel returns to the front line of the European debt crisis this week as the bloc’s leaders squabble over measures including bond purchases to relieve concerns the single currency may fragment.Merkel ends her summer vacation and travels to Canada Aug. 15-16 for talks with Prime Minister Stephen Harper as a spiraling euro crisis threatens to constrain the global economy. With the region’s leaders awaiting a German high court decision on bailout funding next month, they’re struggling to smooth divisions over a European Central Bank plan to buy the bonds of indebted nations.“It makes no sense for the ECB to start financing” Spain and Italy, ECB Governing Council member Luc Coene said in an interview with newspapers De Tijd and L’Echo published on Aug. 11. “It would only lead to the ECB taking on the whole public debt of Spain and Italy onto its balance sheet.”ECB President Mario Draghi suggested earlier this month the central bank could purchase sovereign debt alongside euro-area bailout funds. While the plan offered Europe an initial respite from the turmoil, Spanish and Italian yields climbed last week on concern that a debt-purchasing program won’t be sufficient to curb the crisis. Concern over the euro may compound flagging global growth following reports last week that China’s exports and industrial production slowed.Spanish two-year note yields last week posted a first weekly gain since the five days ended July 20, while the Italian two-year rate also climbed. The euro slid from a monthly high against the U.S. dollar of $1.2444 on Aug. 6, closing the week at $1.2289.Divided ECB
http://www.bloomberg.com/news/2012-08-12/merkel-returns-to-crisis-as-leaders-squabble-over-bond-purchases.htmlApple’s Jobs Confronted Samsung Over Galaxy, Witness Says
Aug. 11 (Bloomberg) --Steve Jobs, Apple Inc. (AAPL)’s late co- founder, confronted Samsung (005930) Electronics Co. executives in 2010 after the South Korean company introduced its Galaxy smartphone, Apple’s patent licensing director testified.Boris Teksler, director of patent licensing and strategy, was called as a witness yesterday in Apple’s multibillion-dollar intellectual property trial against Samsung in federal court in San Jose, California. He said Apple made a presentation to Samsung executives in August 2010 intended to warn the company against copying the iPhone.“We were quite shocked,” he said. “They were a trusted partner of ours and we didn’t know how a trusted partner would build a product like that.”Apple sued Samsung in April 2011. Apple and Samsung are the world’s largest makers of the high-end handheld devices that blend the functionality of a phone and a computer. The trial is the first before a U.S. jury in a battle being waged on four continents for dominance in a smartphone market valued by Bloomberg Industries at $219.1 billion.While the companies are bound by lucrative commercial ties, each is trying to convince jurors that its rival infringed patents covering designs and technology.During cross-examination, Teksler confirmed that he wasn’t at the August 2010 meeting. He also acknowledged that at least five of the seven Apple patents at issue in the trial didn’t appear on a list Apple identified to Samsung in the 2010 presentation.Utility Patents
http://www.bloomberg.com/news/2012-08-11/apple-executives-were-shocked-by-samsung-galaxy-witness-says.htmlSpanish commercial Property on the brink
The Spanish and Italian commercial property markets have all but collapsed with the number of transactions in both countries falling more than 90 per cent in the three months to July as investors worry about the future of the eurozone.
Only three property transactions were registered in Spain during the second quarter, down from 58 deals in the previous quarter. In Italy the slide was even more pronounced, with just two buildings being traded during the period, down from 56, according to data from Real Capital Analytics.
http://www.ft.com/intl/cms/s/0/96705c5a-e2ea-11e1-bf02-00144feab49a.html#axzz23NJLvHtF
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