Mindful Money’s news round-up: Thursday 28th July 2011

28th July 2011

Story of the day:

From, the Telegraph, Britain knows it will never be Hollywood, but the domestic film industry has carved out a unique niche in the movie world, cemented by the success of The Kings Speech.

King's Speech makes UK film investing fashionable

And the best of the rest:

Updates from the US: In the Telegraph, Stock markets across the world tumbled and gold hit a fresh high as leaders in Washington failed to halt America's slide towards default.

US fails to halt slide towards debt default

and from the New York Times, Investors are seeking alternatives to United States Treasury bonds as worries escalate that lawmakers will fail to reach an agreement to rein in the deficit and raise the federal debt limit in the coming days.

Investors, Worried About Debt Talks, Look for Havens

The Telegraph is also discussing what is happening in Europe, The German finance minister has warned that he will not bail out every troubled eurozone country in a move that rattled confidence in Europe's response to the debt crisis.

Greek bail-out was a one-off, says German finance minister Wolfgang Schaeuble

The Guardian is reporting on the UK, Nearly two-thirds of regulations specifically aimed at shop owners will be scrapped or reformed, as part of a bureaucratic tidying-up exercise by ministers. The business secretary, Vince Cable, announced the first phase of the government's "Red Tape Challenge" and expressed hopes it will help restore high-street confidence.

'Red-tape challenge' to liberate retailers from archaic regulations

While elsewhere on the Guardian, Job cuts in the retail sector accelerated last month as shops prepared for a rocky year dominated by weak consumer spending.

Retailers cut jobs as hopes of economic recovery fade

Property owners near to the Olympic stadium in east London are not benefiting much from staging of 2012 Games, according to the Guardian.

London Olympics fail to provide house price boost

Today in Reuters, James Murdoch faces the board of BSkyB on Thursday and questions over whether his role in a phone-hacking scandal leave him a fit chairman of the satellite broadcaster his father's company tried to buy.

James Murdoch faces BSkyB board, doubts about role

The Independent is reporting, Utility giant Centrica faced more public outrage today after reporting £1.3 billion in half-year profits – including £270 million for its residential arm British Gas – just weeks after announcing a price hike.

Energy giant Centrica unveils £1.3 billion profits

and This is Money are looking into Royal Dutch Shell raked in profits of nearly £5billion in the second quarter of this year as it reaped the rewards of soaring oil prices. The result, which comes at a time of continued fuel price misery for British motorists, represented a jump of 77 per cent on a year earlier.

Shell enjoys £5billion payday as profits soar 77% on back of soaring oil price and 'improved performance'

Bogus insurance claims in the UK rose almost 10% in 2010 from 2009 to an average £18m every week, according to the Association of British Insurers, reports the BBC News.

Insurance industry warns of sharp rise in fraud

From the Financial Times, Credit Suisse on Thursday became the latest bank to shed staff after a poorer-than-expected performance in the second quarter, announcing that it would cut 4 per cent of global headcount – approximately 2,000 jobs – in response to weak trading conditions.

Credit Suisse to axe 2,000 jobs

Also in the Financial Times, Steve Hilton, David Cameron's enigmatic strategy director, has startled colleagues by proposing the abolition of maternity leave and all consumer rights legislation, as part of an initiative to inject life into Britain's sluggish economy.

Hilton wants to abolish maternity leave

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