Here are some interesting news for the day:
Switzerland’s seven-member cabinet will convene an extraordinary meeting Monday to discuss UBS AG’s settlement talks with the U.S. Internal Revenue Service, a move analysts said means Switzerland is close to bowing to the U.S. on demands to hand over data.
Treasury Secy says the $12.1 trillion debt limit could be reached as soon as mid-October.
As profits shrank over the past nine months, those who argued that a reversion to the mean was inevitable seemed to be vindicated. But that belief is wrong. Companies are increasingly less constrained by any national economy, and their success is no harbinger of national economic growth or sustained economic health for the United States.
The resurrection of the guaranteed bonus is sure to become a hot-button issue for the Obama administration’s pay czar, Kenneth Feinberg, who is preparing this week to review how compensation should be structured at seven companies that received two or more federal bailouts.
GDP RIP – NYT
The author is basically arguing that we should stop using GDP as a measure of national wealth for it does not include things such as environmental benefits – whose numerical value we can’t identify. Maybe GDP as a measure has its flaws but for now that we don’t have a viable replacement, let’s stick to it.
The global recession is spoiling the summer for a lot of industries, but not the U.K.’s supermarkets. They’re loving it.
With an estimated five million Britons staying home this summer instead of traveling, the country’s leading grocers are slugging it out for shoppers’ time and money. They’re slashing prices, launching new budget brands and taunting the price claims of rivals in advertising.
Averting the worst – NYT
Economist Paul Krugman highlighting what Big Government can do.