Business Diary: Roubini's reports from foreign land

Nouriel Roubini, economics' "Dr Doom", missed out on the chance to pile on the misery following Standard & Poor's' downgrade of the US economy last week, on account of being on holiday.

Poor Roubini was reduced to tweeting his views from his holiday in Maine – though he was at least able to boast about his views over the lake to Canada, the US's still-AAA-rated neighbour.

Hangover to come for Merkel?

The Diary rather enjoyed this spoof letter doing the rounds of City dealing rooms yesterday. "Dear Mrs Merkel, Thank you for your very generous bid at last night's charity auction in support of poor Italians. We realise that your exuberant generosity may have been the result of the copious supply of Spanish wine provided, but though you are now suffering a God-awful hangover and in the cold light of day are regretting your actions, we are going to hold you to your bid and can assure you that the pain you feel now will be nothing compared to that you will feel tomorrow. Yours kindly, the ECB."

The City can't escape Umunna

Bankers who breathed a sigh of relief when Chuka Umunna, one of Labour's rising stars, stepped down from the Treasury Select Committee in the spring, ought to think again. Although Umunna no longer has the opportunity to lambast the likes of Bob Diamond in public, he is still making trouble for the City in his new role as shadow Small Business minister. In an interview with the City newspaper Financial News yesterday, Umunna promises to keep campaigning for another bonus tax – and to hold the banks' feet to the fire over their lending to small business.

It's good to throw your toys out

Has your boss just had a temper tantrum? Don't feel too bad about the outburst – he or she is simply trying to get the best out of you. While anger is widely seen as an emotion that one is meant to suppress while at work, a study from the University of Liverpool suggests this might be a mistake. Anger helps managers to get results, the Liverpool academics concluded following a study of behaviour in the construction industry, and ought to be harnessed more rather than less often.

businessdiary@independent.co.uk

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