ING wants to show it’s no AIG, Shoppers want to just say no
Good day for learning from AIG, Bad day for conspicuous consumption
GOOD DAY FOR: Learning from AIG, after Amsterdam-based financial giant ING, the recipient of a Dutch bailout, asked 1,200 employees to return their bonuses from last year. Other European banks, including UBS and Societe Generale, are also asking executives to return some of last year’s compensation. (Bloomberg)
BAD DAY FOR: Conspicuous consumption, after a new study from consultants Retail Forward and PricewaterhouseCoopers suggests that U.S. consumers will continue with their newfound frugality even after the economy picks up. “The habits learned during this economic crisis have the potential to permanently alter the mind-set of consumers,” the report said. (Reuters) Separately, luxury jeweler Tiffany reported a 75 percent drop in quarterly profit, to $31.1 million. (AP in Yahoo! Finance)
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
On VE Day, is Europe alone once again?
Today's Big Question Donald Trump's rebranding of commemoration as 'Victory Day for World War Two' underlines breakdown of post-war transatlantic alliance
-
Kashmir: India and Pakistan's conflict explained
The Explainer Tensions at boiling point in the disputed region after India launched retaliatory air strikes on its neighbour
-
David Attenborough at 99: a 'radical' voice for climate action
In The Spotlight In his new film 'Ocean', TV's best-known naturalist delivers his strongest message yet