Greek default almost certain, Chinese safety standards questioned and two fake Apple stores closed

25 Jul

CNBC – Moody’s: Greek default is almost certain. Here’s why Ratings agency Moody’s cut Greece’s sovereign debt by three notches on Monday to Ca, just one notch above default, saying the new bailout set a negative precedent for creditors of other debt-burdened countries. New York Times: Train wreck in China heightens unease on safety standards deadly train accident in eastern China has added to a national sense of unease that safety may have been sacrificed in the country’s rush to modernize. Financial Times: Deep cost cuts loom at Europe’s investment banks European investment banks are expected to reveal deep cost cuts amid declining trading revenues and concern over their exposure to the region’s debt-laden economies. Employees at UBS are preparing for up to 5000 job cuts across the group on Tuesday, when the Swiss bank, and Germany’s Deutsche Bank, kick off the quarterly reporting season. Bloomberg: China orders two of five fake Apple Stores to close, Chinese authorities shut two unauthorized Apple Inc. stores in Kunming for operating without business licenses, Dushi Shibao newspaper reported. The move comes about a week after photographs of a fake Apple store complete with an acrylic staircase and crew of blue-shirted sales staff appeared on blogs. Remaining three stores, owned by Yu Cheng, remain in operation. The owner’s lawyer said his client is “doing Apple a favor”. Daily Express: Jumped in the boat and saved 20 Marcel Gleffe has emerged as one of the heroes of

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