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Tuesday, June 2, 2009
In today's FT: BP ends final pay pension for new staff, Labour in c...
Gordon Brown's government was in disarray as Jacqui Smith, home secretary, led a wave of resignations ahead of what is expected to be a dismal performance by Labour in this week's local and European elections http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/WQWCT/28/h
All major carmakers posted higher sales in the US last month than in April, with heavy discounting boosting even General Motors and Chrysler, which are both in bankruptcy protection http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/4P958/28/h
Unconventional monetary policies being pursued by the world's main central banks could aggravate rather than ease the economic crisis, Angela Merkel, Germany's chancellor, has suggested http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/WQWCM/28/h
Bank of America said it had raised $33bn since early May, putting it within striking distance of the government's mandate that it raise $33.9bn as a result of a regulatory 'stress test' conducted earlier this year. http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/4P94R/28/h
BBVA, Spain's second-biggest bank, is hoping at least some of its 29,954 Spanish employees agree not to come to work for up to five years – in exchange for nearly a third of their usual salary and a guaranteed job when they return http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/O4VTM/28/h
A Chinese company is to buy Hummer, the General Motors brand known for its military-inspired offroad vehicles and seen as a symbol of gas-guzzling, road-hogging American excess http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/X9XV8/28/h
In the run-up to the 20th anniversary of the Tiananmen Square massacre, China is censoring foreign media and the internet to an extent not seen since the crackdown that preceded the Beijing Olympics http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/AB3I7/28/h
Singapore's Temasek and the Hong Kong tycoon Richard Li are close to joining a consortium led by Franklin Templeton, the US fund manager, that is the front-runner to buy AIG's asset management business for around $500m http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/TYM6Z/28/h
Unemployment and economic insecurity will be uppermost in people's minds when voters in 27 countries start going to the polls to elect a new European parliament in the biggest multi-national election in history http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/8TFK0/28/h
Cuban-American politicians who have greatly influenced US policy towards the island for almost 50 years were fighting a rearguard action, as the Organisation of American States discussed readmitting Havana and Barack Obama's administration moved to bolster ties http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/5USWS/28/h
Barack Obama faces a test of his credibility over his call for a total settlement freeze in the West Bank and Gaza, as US legislators call on him to scale down his demands and Israel maintains its opposition http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/5USWY/28/h
PC maker Acer sets launch date for notebook computer to run on Google's Android operating software, while separately Oracle indicated it would unveil its own software for PCs and handheld devices http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/F0TJO/28/h
Citigroup has frozen millions of dollars in severance payments to five former executives, including its once-leading deal-maker Michael Klein, in an attempt to escape the political furore over bankers' pay http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/9HNYB/28/h
Pension funds, family trusts and other investors are expected to invest at least $50bn in hedge funds this year but will demand easy access to their money and will focus on the simplest investment strategies, according to a report http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/MM01Q/28/h
The downturn is forcing the trend-chasing Japanese to scale back purchases of luxury goods, accelerating a long-term shift in consumer attitudes, says McKinsey, the consultants http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/2NEMC/28/h
Stanford's John Taylor and the Harvard historian Niall Ferguson have both argued in the FT that the US fiscal path is unsustainable. Martin Wolf's view is that there are powerful arguments against fiscal retrenchment right now and he welcomes recent moves in the bond markets http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/ZJD2T/28/h
Twenty years after Tiananmen Beijing is riding high politically and economically, yet among the masses there is growing dissatisfaction with the party's post-Tiananmen policies, writes Minxin Pei http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/1FI7F/28/h
General Motors, the failing giant was the iconic corporation of the 20th century and introduced many of the industrial practices that were adopted the world over. Yet the factors that had once been the company's strengths were became its weaknesses, writes John Kay http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/TYM64/28/h
The cabinet/parliament overlap in this country means that ministers are drawn only from the 350 or more MPs on the winning side, which limits the gene pool, writes Andrew Turnbull http://link.ft.com/r/FG6LAA/LZZ6A/6Z9IU/MAKEH/D619R/28/h
The Financial Times Limited, registered in England and Wales number 227590. Registered office: Number One Southwark Bridge, London SE1 9HL. VAT number GB 278 5371 21.
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