FURTHER FURTHER READING
- Central bank competence is a technology.
- Just how useless is the asset management industry?
- Matt Klein with some out-of-the-box Fed chair picks.
- Europe’s double-dip is now longer than its original Great Recession.
- Greece, austerity and public health.
- Vikram Pandit resurfaces with an Indian connection.
ROUND-UP
FT markets round-up:“Global stocks and the dollar paused for breath following their recent strong run as a batch of weak US data releases rekindled uncertainty about the outlook for global growth. The headline consumer price index fell 0.5 per cent in April, largely due to falling gasoline prices, and was up just 1.1 per cent from a year earlier – the smallest 12-month gain since November 2010. Core prices, which exclude food and energy, rose by just 0.1 per cent over the month. ‘Until inflation moves meaningfully back toward the Fed’s long-run 2 per cent target, it will be too soon to expect the Fed to taper – let alone end – its purchases,’ said Michael Hanson, senior US economist at BofA-Merrill Lynch.” (Financial Times)
Citi unit bans Bloomberg chat groups: “Citigroup is banning traders in its foreign exchange division from accessing internal chat groups on their Bloomberg terminals, in the latest sign of concern by banks over online security issues. Bloomberg has come under fire over the past week from some of its largest clients over concerns that its journalists accessed private details regarding how they used its powerful financial data terminals.” (Financial Times)
Dell earnings fall short of expectations: “Dell has reported profits well below Wall Street expectations as it acted to increase its competitiveness, after its founder has argued it needs to go private and invest heavily in its technology business. The third largest PC maker by shipments reported $14.07bn in first-quarter revenues, ahead of analyst expectations of $13.52bn but down from $14.4bn a year ago.” (Financial Times)
Saudi princes deny laundering claim: “A brother and nephew of Saudi Arabia’s King Abdullah were involved in a scheme to launder millions of dollars, including to the Lebanese militant group Hizbollah, according to a London court claim filed by a former business partner. Prince Mishal bin Abdulaziz al Saud, a former defence minister, and his son, Prince Abdulaziz, have rejected the allegations as “scandalous and outrageous”. Their lawyers have argued that they amount to a malicious attack on their reputations, and “extortion”.” (Financial Times)
US farmland prices rise despite weak grain market: “Farmland prices in the US corn belt have risen at double-digit clip this year despite weaker grain markets in a move that will intensify debate over whether loose monetary policy and congressional largesse are inflating a bubble. Agricultural land values increased 15 per cent on last year during the first quarter in a district that includes Illinois, Indiana, Iowa, Michigan and Wisconsin, the Federal Reserve Bank of Chicago said on Thursday. The region’s farmland values have trebled in the past decade.” (Financial Times)