Monday Papers: Fed set to downgrade outlook for US - other news

Financial Times

* The Federal Reserve is set to downgrade its assessment of US economic prospects when it meets on Tuesday to discuss ways to reboot the flagging recovery.

* Some 21 mortgage fraud cases with a value of £96m were reported during the period, according to KPMG’s fraud barometer, compared with 18 cases valued at £24m in the same period of 2009.

* Bankruptcy decisions made by US courts could be enforceable in England and Wales after an important court ruling; the Court of Appeal recently ruled in the case of a trust created by Eurofinance SA that English courts could recognise overseas insolvency proceedings made by US courts.

* Fitch Ratings will on Monday announce it has pushed back its expectations for broad rating upgrades for European companies into next year.

* New US whistleblowing incentives within the Dodd-Frank financial reform act are likely to generate a surge in allegations against US-listed companies and Wall Street banks, lawyers say.

* The number of complaints to the Financial Ombudsman Service about small business bank loans has risen by 119 per cent in the past year.

* Karen Kaiser and her current husband were awarded record $1m by the SEC for information about Mrs Kaiser’s ex-husband that helped lead to hedge fund Pequot Capital Management paying $28m to settle an insider trading case.

* The price of barley has more than doubled in six weeks in response to the drought affecting Russia and Ukraine.

* Saudi authorities have agreed to delay until today a ban blocking BlackBerry’s instant messaging services so that its carriers in the kingdom can test a server that bypasses overseas equipment.

* Turquoise, the share trading platform, is ahead of schedule on hitting profitability.

The Daily Telegraph