Friday Papers: US turns up heat over renminbi - other news

Financial Times

* Tim Geithner, US Treasury secretary, encouraged the US Congress to pile pressure on China to force it to allow its currency to rise.

* In the three months to the end of August, Oracle reported sales of $7.59bn, up 50% on a year earlier and ahead of an analyst consensus of $7.32bn.

* Spain has raised nearly €4bn in a successful government bond sale.

* The full impact of the new global bank capital rules is likely to be 30% tougher than the headline ratio suggests, according to regulators and industry participants.

* Richard Staite, an analyst with Atlantic Equities, predicted that Morgan Stanley’s fixed-income, currencies and commodities revenue would total $2.1bn in the third quarter, down 10% from the period ending in June; Goldman Sachs’ fixed-income desks would produce $4.2bn in revenue, a 4% drop from the second quarter, Staite wrote in a client note this month.

* A new photonic chip that works on light rather than electricity has been built by an international research team, paving the way for the production of ultra-fast quantum computers.

* The “back-to-school” shopping season in the US was marked this year by slow but steady growth, according to assessments from a number of leading US retailers.

* Poverty among the working-age population of the US rose by 1.3 percentage points to 12.9% - the highest level for almost 50 years - in 2009. 

The Daily Telegraph

* Retail sales volumes in Britain shrank 0.5% last month against forecasts of 0.2% growth, according to the ONS;
July's figures were also revised down from growth of 1.2% to 0.8%.

* FSA has issued a warning to Europe not to interfere in the running of the UK's financial markets.