Hollingsworth Daily Post

• European regulators have backed tougher than expected draft rules on bankers' pay despite pressure from the UK and France to water down the restrictions.If the draft rules are implemented, it would cap the amount of a bonus able to be taken in cash to a maximum of 30%.On Thursday, the measures were passed by the Committee of European Banking Supervisors, made up of financial watchdogs from the EU's 27 members.London argues that the new regime will make the European Union uncompetitive.
• The Japanese cabinet has approved a plan to pump more than $60bn (£38bn) into the country's struggling economy.The aim of the plan - which still needs approval from parliament - is to boost growth, jobs and spending.The Japanese economy is suffering from deflation and a strong currency; prices keep falling, but consumers hold off spending in hope of lower prices.Analysts said the key problem is that the yen is at a 15-year high, making exports more expensive.
• Migrant workers are suffering worst in the aftermath of the global recession, according to a special report commissioned by the BBC World Service.Foreign workers in developed nations are more likely to be jobless than their native-born counterparts, as the employment gap widens between the two.At the same time, immigration to developed countries has slowed sharply.
• Hollywood film studio Metro Goldwyn Mayer has begun plans to file for bankruptcy protection in an effort to rid itself of $4bn (£2.5bn) of debts.The company behind the James Bond films wants more than 100 of its creditors to agree plans to enter chapter 11 bankruptcy while it restructures.Creditors will get a 95% stake in the company as part of the deal.Chapter 11 allows MGM to operate as normal, but money troubles have held up production of new 007 and Hobbit films.
• Global currency wars pose "a real threat" to economic recovery, the head of the International Monetary Fund, Dominique Strauss-Kahn, has warned.In an interview with the BBC, he said currency disputes showed countries were not co-operating as well as they had during the financial crisis.In recent weeks both the US and Europe have led criticism of China over its undervalued yuan.Meanwhile, Japan has been forced to intervene to curb rises in the yen.
• Shanghai authorities have imposed limits on home buying in an attempt to cool the city's property market.Families in Shanghai will temporarily be allowed to buy only one more home, and banks must restrict mortgages.It follows moves by the central government to curb property speculation on the back of big price rises.Earlier this week, authorities in Shenzhen announced that anyone owning two houses or more would be stopped from buying further properties.
• Thomas Cook and the Co-operative Group are to merge their High Street travel businesses to create the largest such network in the UK.The move will bring together 1,204 stores, but both Thomas Cook and Co-operative Travel will retain their separate branding.They will create a new joint subsidiary company to be 70%-owned by Thomas Cook, with 30% held by the Co-operative.Thomas Cook admitted the deal may mean "hundreds" of job cuts.

BBC Business News 8th October 2010