Daily snapshot

A eurozone recession “looks almost inevitable before the end of the year, even if the debt crisis does not intensify further”.

Treasury select committee is calling for a “radical overhaul” of the accountability and governance of the Bank of England, through the establishment of a supervisory board that would reduce the power of the governor of the Bank, and increase the influence of government.

Three leading US retailers have announced moves aimed at increasing their online sales, as an increasing number of customers shop both online and in the ‘real world’. (Barnes & Noble, Walmart and Best Buy.)

China is “aggressively” expanding its overseas television broadcasting, offering English language services from Washington and Nairobi, for example. A centre in Europe to spread China’s view on events is planned.

The Spanish oil company Repsol has made a substantial discovery of shale oil in Argentina, the equivalent of around 1bn barrels of oil. Shale oil and gas discoveries are still being seen in terms of the financial value they can generate rather than the ‘external’ costs that burning the fossil fuels will generate: dust bowls, deserts, droughts, species and biodiversity loss, human deaths, damage to property through floods and rising sea levels.

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