FURTHER FURTHER READING
- Kevin Roose on Sillicon Valley's dysfunction fetish.
- David Beckworth's supply-side senses are starting to tingle.
- Daniel Davies on the econ Nobel prize.
- Average is over -- but the American dream lives on.
- BNP'S attempt to restore morale didn't go quite as planned.
FT EVENING ROUND-UP
US Senate strikes deal to avert default: "US Senate leaders have struck a bipartisan deal to reopen the government and approve new sovereign borrowings ending three weeks of high drama on Capitol Hill that pushed the US to the edge of a debt default. With pressure mounting from US business and also overseas creditors such as China, the Senate agreed to end the partial government shutdown and extend the debt ceiling into early next year while Democrats and Republicans start negotiations on a new budget." (Financial Times)
Hong Kong stands firm behind US dollar peg on 30th anniversary: "Hong Kong has no intention of abandoning its US dollar peg, the government said, arguing that the system remained the most appropriate way to ensure financial stability in the Chinese territory. John Tsang, Hong Kong's financial secretary, said in a statement on the 30th anniversary of the peg, that the government "sees no need and has no intention to change" the Linked Exchange Rates System that fixes the local currency at a rate of 7.8 to the US greenback." (Financial Times)
Fed survey shows rise in economic uncertainty: "Businesses across America blamed the federal government shutdown and debt ceiling debate for an increase in economic uncertainty, according to the US Federal Reserve's latest report on business conditions. But despite that, businesses remained "cautiously optimistic in their outlook", suggesting there may be little lasting damage from the latest fiscal row in Congress." (Financial Times)
DoJ and SEC prepare to charge ConvergEx: "US authorities are preparing to bring civil and criminal charges against ConvergEx, a leading transaction services provider to pension funds and institutional investors, for allegedly overcharging its clients, people familiar with the matter say. The Department of Justice and Securities and Exchange Commission are in advanced settlement talks with ConvergEx in which the broker may admit to wrongdoing as part of a civil settlement. The settlement talks are still going on and the terms of a resolution with the DoJ are still being negotiated, these people said. " (Financial Times)
