International Digest

BoE chief backs CEO pay restraint
LONDON – The governor of the Bank of England has joined calls from Britain’s government and Parliament for banks and other big businesses to curb lavish executive pay.
Mervyn King also said Tuesday that there is scope for the bank to pour more billions into economic stimulus, a step some analysts believe could come as early as next month.
Speaking in Brighton, King said those who set executive pay need to accept that the market economy relies on a perception that rewards are distributed fairly.
Major British banks are in the spotlight of public concern about high pay and the bonus culture.

S&P downgrades French wealth fund, 2 major banksPARIS – Standard & Poor’s says it has stripped France’s sovereign wealth fund of its top credit rating and downgraded two major private French banks.The downgrades are a direct consequence of S&P’s move to strip France itself of its top AAA-rating. French banks hold a substantial amount of their government’s debt.The ratings agency lowered the rating of the state-backed Caisse des Depots et Consignations to AA+ from AAA late Monday. Credit Agricole and Societe Generale were also downgraded. The ratings agency confirmed the rating of the country’s other major bank, BNP Paribas.Ford marks turnaround juncture with new sloganA HISTORY of Ford Motor Co could be told with the succession of slogans it has used over the decades – some remembered within the company as rallying cries, some more as punch lines.Now, six years into a comeback from near collapse, the automaker has a new slogan that underscores confidence that its recovery is almost complete: ‘Go Further.’ ‘Go Further’ will be used in marketing campaigns, replacing ‘Drive One’ in North America and ‘Feel the Difference’ in Europe. Those slogans were coined to help overcome wariness on the part of consumers about the quality and performance of Ford cars as the car maker bounced back. – Reports: Nampa-Reuters-AP-AFP