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Introduction: President Obama cautiously calls bottom to the recession, but Wall Street’s finest worry about pending stress tests for the banks; anti-tax tea party protests break out in the US heartland; Thailand erupts into red-shirt versus yellow-shirt violence; and Westminister is convulsed by an internet smear campaign mounted by a top aide to Gordon Brown.
Themes of the Week: Larry Summers says the US economy has stopped falling off a cliff; Bob Gates at the Pentagon takes an axe to the military-industrial complex; Japan unveils (another) stimulus package; tensions erupt in the former Soviet borderlands in Moldova and Georgia; Royal Bank of Scotland announces 9,000 job losses in one day; and Britain’s top anti-terrorist cop resigns over a schoolboy error.
Themes of the Week: Gordon Brown produces a (slightly mangy) rabbit out of the hat at the G20 summit; Barack Obama charms his hosts in Britain, France and Germany, while turfing out Rick Wagoner at General Motors; mark-to-market accounting takes a blow; equity markets stage a bear rally; and Gillian Tett is voted Journalist of the Year in the British press awards (Sam Jones winning a highly commended citation for his ground-breaking Moody’s coverage).
Themes of the Week: The US unveils fresh toxic asset clean-up plan, Mervyn King warns Gordon Brown against further deficit spending, a UK gilt auction fails for the first time in seven years, populist outrage against corporate bonuses spreads across Europe, the FT secures an exclusive interview with President Obama – and President Lula of Brazil blames white, blue-eyed people for the financial crisis.
A brief note on the G20 summit: thanks to our news coverage and ground-breaking Future of Capitalism series, the FT now occupies the high ground. The Obama scoop comes on top of other news-making exclusive interviews with Angela Merkel of Germany, Felipe Calderon of Mexico plus visits and interviews at the FT this week from many other world leaders. Now for the big test of covering the summit.
Introduction: The Federal Reserve introduces quantitative easing to revive the US economy; the House of Representatives passes a punitive law on bankers’ bonuses; Lord Turner calls time on light-touch regulation; Switzerland buckles on banking secrecy; President Obama extends the hand to the Islamic republic of Iran; and an Ivory Coaster takes over the reins at the Pru, the first black CEO in the FTSE.
And if you failed to read or view the FT or ft.com this week, you would have missed the following unique items…
The FT’s deputy editor rounds up the best of the FT and ft.com
The big event was our launch of the Future of Capitalism series. It has got off to a cracking start, underlined by strong web traffic.
Martin Wolf‘s introductory analysis piece on day one was a brilliant tour de force and we also had the perfect day one front page story – an exclusive Ed Luce and Chrystia Freeland interview with Larry Summers in which he stirred up a transatlantic hornet’s nest by calling for a greater co-ordinated global stimulus.
The analysis pages throughout the week were of a very high standard and thought-provoking, so a big thanks to Gillian Tett and Krishna Guha, Chrystia Freeland and John Thornhill, Francesco Guerrera and Richard Milne – and to everyone who contributed ideas/profiles to the “50 most influential people” page. The expanded online, interactive version of the 50 influentials, by Steve Bernard and Jeremy Lemer, was a smart piece of work.
The FT’s deputy editor Martin Dickson rounds up the best of the FT and ft.com
This update has to start with the reporting highlight of the week – Jamil Anderlini’s brave and brilliant account of China’s ancient petitioning system and how it is not working, despite being an important outlet for protest in a one-party state under growing economic pressure. Jamil’s analysis was the result of months of painstaking interviews with petitioners from the provinces who had tried and failed to get redress. The three-part video and interactive graphic that accompanied the story is powerful and in parts very moving. Production plaudits to Du Juan, Ed Cheng, Richard Edgar and Cleve Jones.
Introduction: Equity markets slump and the price of gold soars amid growing fears of US bank nationalisation, notably Citigroup and Bank of America; Sir Allen Stanford, the Texan cricket tycoon, is charged with fraud by the SEC; the Department of Justice fines UBS $780m and seeks to force the disclosure of the names of 52,000 clients suspected of tax evasion; UK public borrowing heads toward 10 per cent of national income; and Japan’s pickled finance minister is forced to resign.
And if you failed to pick up or read the Financial Times or ft.com this week, you would have missed the following gems:
Themes of the week: The Geithner plan to save the US banking system receives a raspberry; Rio Tinto agrees to a rescue plan with Chinalco, the Chinese metals giant; HBOS reveals appalling results driven by reckless property lending; Lloyds admits it failed to do due diligence ahead of the purchase; bankers are barbecued in the House of Commons and Capitol Hill; Israel’s elections produce deadlock; and a Dr Strangelove satellite collision takes place in space.
And if you failed to pick up and read the FT or ft.com, you would have missed the following unique items.