Mindful Money’s news round-up: Monday 1st August 2011

1st August 2011

Story of the day:

From the Independent, Ministers must try to avoid making schoolboy errors on investment

And the best of the rest:

From the New York Times, President Obama and Congressional leaders of both parties said late Sunday that they had agreed to a framework for a budget deal that would cut trillions of dollars in federal spending over the next decade and clear the way for an increase in the government's borrowing limit.

Obama and Leaders Reach Debt Deal

While in the Financial Times, Global investors have reacted with relief to news of a debt ceiling deal in Washington that, if passed by lawmakers, removes the chances of an imminent technical default by the US.

Shares rally sharply on US debt deal

A commission set up by the National Association of Pension Funds uncovered "widespread concern" about the charges, risks and complexity of the pensions of 23 million workers, reports the Independent.

Pensions system in 'urgent need' of reform

The Telegraph are discussing, one more quarter of weak growth will force the Government's hand and trigger a policy response, the CBI business lobby group has warned.

UK Government will have to act if growth remains weak, warns CBI

Also from the Telegraph, British Airways is heading for a showdown with the Office of Fair Trading (OFT) after refusing to pay a £121.5m fine for allegedly fixing the price of fuel surcharges.

British Airways on collision course with OFT over £121m fuel price-fixing fine

Up to nine million people face a "bleak old age" because they are falling through the cracks of private sector pension provision, a review suggests, from the BBC News.

Workers facing a bleak old age says pension review

From the Financial Times, London's position as a global financial centre is under threat from the proposed merger of Deutsche Börse and NYSE Euronext as key investment decisions affecting the group's UK businesses may shift abroad, the chief executive of the London Stock Exchange, Xavier Rolet, has warned.

LSE chief warns of merger's threat to UK voice

Reuters is reporting, HSBC will shed 30,000 jobs as it retreats from countries where it is struggling to compete, Europe's biggest bank said Monday after it reported a surprise rise in first-half profit.

HSBC sheds 30,000 jobs, posts surprise profit rise

Britain's manufacturing sector has suffered its first contraction in two years, fuelling fears that the UK economy is stumbling, from the Guardian.

Manufacturing activity fall fuels fears for economy

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