Morning roundup: China lowers lending rate; Goldman names fewer partners

We’re committed to keeping you and your clients up-to-date with global industry news. Every morning, we offer articles from around the web. Here are some selections:

China lowers benchmark lending rate

China has cut its benchmark lending rate for the first time in nearly four years, in an effort to prevent further economic slowdown. The cut adds to a string of measures in recent weeks.

Read: Canadas fortunes tied to China’s

The Chinese central bank said yesterday that the interest rate on a one-year loan would be reduced to 6.31%, effective today.

Beijing has promised extra spending on public works, and has approved a multibillion-dollar series of corporate investments to pump money into the hard-pressed economy.

Read: Don’t bet on a China slowdown

Goldman Sachs to name fewer partners

Shortly after Goldman Sachs pared its ranks, it’s also revealed plans to name fewer partners this year.

The firm may name fewer than 100 new partners this fall, one of the smallest classes in recent years, say inside sources. The number is down from the 110 partners chosen in 2010.

Those selected, however, are chosen carefully and are typically rewarded lavishly.

More Fed help for U.S. bondholders?

Weak U.S. economic data and macro fears have sparked dramatic declines in Treasury yields. This development comes shortly after the Federal Reserve’s launch of a fresh round of bond purchases.

The plunge in Treasury yields, along with record low mortgage bond rates, suggests a third round of quantitative easing may be in cards following the Fed meeting scheduled for later this month.

Ben Bernanke is expected to give a hint during his appearance before the Senate Banking Committee today.

Technology has more to offer than Facebook

Facebook‘s botched IPO reflects the weakness of the stock market, as well as a systemic misunderstanding of the true value of technology, says Joel Kotkin, of Forbes.

Instead of focusing on apps and hot new IPOs, he says we should consider the growing divergence between the two main aspects of technology; on one hand, technology is being used to efficiently deliver information and entertainment. On the other, advancements are being made to improve productivity in traditional industries and service sectors.

While information and products like iPads are popular, Kotkin believes that productivity developments showcase the real value of technology and how it will boost the economy.

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Enjoy your day, The Editors