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   | | | | Business this week Jun 10th 2010 From The Economist print edition Stockmarkets had another rocky week amid more concern over sovereign debt in Europe. Remarks by an official in Hungary that the country might default on its debt alarmed investors before the government distanced itself from the comments. The Hungarian prime minister rushed out an economic plan that included cuts to public-sector wages. As nervousness spread, the main Greek share index hit its lowest level since March 1998; the euro sank to a four-year low against the dollar. See article Fitch, a credit-rating company, warned Britain that its fiscal challenge was “formidable”, and called for much deeper reductions in public spending. David Cameron, Britain’s prime minister, gave notice that the measures to be unveiled in an emergency budget on June 22nd would produce cuts that would change Britons’ “whole way of life”. See article The Financial Crisis Inquiry Commission, which is compiling a report for Congress, issued a subpoena to Goldman Sachs “for failing to comply with a request for documents and interviews in a timely manner”. Phil Angelides, the panel’s chairman, suggested that the bank was stalling and taking people for “chumps”. The subpoena is more evidence of Washington’s souring relationship with the Wall Street titan; the Securities and Exchange Commission brought civil-fraud charges against Goldman in April. Britain’s Office of Fair Trading announced an inquiry into the equity underwriting services of investment banks, including the fees they charge. The watchdog noted that “there is some dissatisfaction with these services among corporate users of the market.” The trial began in Paris of Jérôme Kerviel, a former trader at Société Générale who is accused of a breach of trust and forgery in racking up unhedged bets that ultimately led in January 2008 to a €4.9 billion loss (then worth $7.2 billion) at the French bank. The scandal sent shock waves through the banking industry when it broke. Mr Kerviel insists he “hid nothing”. Finance ministers from the G20 killed off a proposal for a global bank levy after strong opposition to the idea from several nations, led by Canada, which has not had to nationalise its financial companies. But some countries, including Britain, remain determined to introduce some sort of national tax on banks. After several suicides of staff at its industrial park in Shenzhen, Foxconn outlined more changes to pay and conditions, which could see a doubling in the basic wage for assembly-line workers. The world’s largest electronics contract manufacturer wants its customers, which include Apple, Dell and Sony, to share the cost of increasing salaries. Meanwhile, more Chinese workers took industrial action over pay and conditions. Police broke up a protest by employees at a machinery factory near Shanghai, and workers downed tools at a Honda car-parts supplier in Guangdong province. Chinese exports rose by 48.5% in May compared with the same month last year, when trade was at a low ebb. Imports grew by 48.3%. Reliance Communications, India’s second-largest mobile-phone operator, said it would sell a stake to a strategic investor or investors of up to 26%. Various companies were mooted as Reliance’s potential partners, though AT&T denied reports that it was one of them. See article In one of the largest ever orders for commercial aircraft, Emirates announced that it would buy an extra 32 Airbus A380 super-jumbos, at a total list price of $11.5 billion. The deal brings the number of A380 planes that the Gulf airline will eventually operate to 90, by far the most of any carrier, and represents a giant stride forward in plans by Dubai and its Gulf neighbours to turn the region into a major hub for long-range jets. Emirates signed the A380 order in Berlin, where it is seeking to persuade the German government to lift restrictions on access to German airports.
The International Air Transport Association said it now expects the world’s airlines to turn an industry-wide profit of $2.5 billion in 2010, a sharp upward revision to its March forecast, when it predicted a global loss of $2.8 billion. But with a crisis in the euro zone and the disruption to flights caused by a drifting volcanic-ash cloud, IATA projected that European airlines would lag behind their rivals and record a regional loss of $2.8 billion. A survey of charity donations in America found that amid the recession charitable giving fell by 3.2% to $304 billion last year when adjusted for inflation, the biggest drop since 1974. Most of the decrease was accounted for by a 24% decline in charitable bequests. Customer service To change your subscription settings or to unsubscribe please click here, (you may need to log in) and select the newsletters you wish to unsubscribe from. As a registered user of The Economist online, you can sign up for additional newsletters or change your e-mail address by amending your details. If you received this newsletter from a friend and you would like to subscribe to The Economist online's wide range of newsletters, please go to the The Economist online registration page and fill out the registration form. This mail has been sent to: eleccion@yahoogroup
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