Tuesday 3rd July

The China OMG moment, more on China slow down, (J Brown & Barron)
{http://ftalphaville.ft.com/blog/2012/07/02/1067021/the-china-omg-moment/}

5 Signs of the Chinese Economic Apocalypse
Although China's outlook may still be positive by, say, European standards, the numbers show that the country's storied growth engine has slipped out of gear. Businesses are taking fewer loans
{http://www.foreignpolicy.com/articles/2012/07/02/5_signs_of_the_chinese_economic_apocalypse}

Death of the China Cult
People in Hong Kong have a long history of mistrust of China
{http://www.nakedcapitalism.com/2012/07/death-of-the-china-cult.html}

The Only Advanced Country Without a National Vacation Policy? It's the U.S.
{http://www.theatlantic.com/business/print/2012/07/the-worlds-worst-advanced-country-for-vacation-time-its-the-us/259317/}

America's Jaw-Dropping Shale Gas Boom Is Starting To Slow Down
{http://www.businessinsider.com/america-shale-gas-boom-slowing-down-2012-6}


Eurozone unemployment rises to record high 11.1%
{http://money.cnn.com/2012/07/02/news/economy/europe-unemployment-manufacturing/index.htm}

France faces tougher cuts despite Hollande promises
(Reuters) - French President Francois Hollande, elected in May on a promise to avoid growth-sapping austerity measures, should make tough savings and public sector job cuts to meet a European deficit target, the national audit office said on Monday.
{http://www.reuters.com/article/2012/07/02/us-france-economy-idUSBRE8610CV20120702}

UK watchdog and BoE may have missed Libor red flags
Officials from the Bank of England and Britain's financial watchdog missed several opportunities to investigate how banks set the London interbank offered rate, now the subject of a scandal that has forced the resignation of the chairman of Barclays, according to U.S. and UK government records.
{http://www.reuters.com/article/2012/07/02/uk-watchdog-idUSBRE86110E20120702}

Now Labour is dragged into bank rate scandal as leaked documents show Brown's baroness proposed scheme to drive down rates
{http://www.dailymail.co.uk/news/article-2167940/Now-Labour-dragged-bank-rate-scandal-leaked-documents-Browns-baroness-proposed-scheme-drive-rates.html#ixzz1zYBx6r9E}

Libor scandal: How I manipulated the bank borrowing rate
An anonymous insider from one of Britain's biggest lenders – aside from Barclays – explains how he and his colleagues helped manipulate the UK's bank borrowing rate. Neither the insider nor the bank can be identified for legal reasons.
{http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9368430/Libor-scandal-How-I-manipulated-the-bank-borrowing-rate.html}

Crisis-Hit Cyprus Takes Europe's Helm
The island republic of Cyprus has taken over the EU's rotating presidency at a particularly inauspicious moment. Not only does it have an ongoing dispute with Turkey, but the euro-zone member has just requested a bailout. But the small country is determined to show that it can perform its EU duties with aplomb.
{http://www.spiegel.de/international/europe/crisis-hit-cyprus-takes-over-eu-presidency-a-842229.html}


{Catholic Church Fears Growing Vatican Bank Scandal}
A new scandal threatens to engulf the Catholic Church and this time the focus is money. Senior Vatican officials are battling over the future of the Vatican bank. While some would like total transparency, dubious transactions from the past and present could harm the Church's image.
{http://www.spiegel.de/international/europe/a-growing-vatican-bank-scandal-threatens-catholic-church-image-a-842140.html}

Xi Jinping Millionaire Relations Reveal Fortunes Of Elite
The man in line to be China’s next president, warned officials on a 2004 anti-graft conference call: “Rein in your spouses, children, relatives, friends and staff, and vow not to use power for personal gain.”
{http://www.bloomberg.com/news/2012-06-29/xi-jinping-millionaire-relations-reveal-fortunes-of-elite.html}