Mindful Money’s news round-up: Monday 27th June 2011

27th June 2011

Story of the day:

From the Independent, the era of cheap clothing on the high street is probably over, as soaring demand from emerging markets keeps the price of natural fibres stubbornly high, a body representing the US cotton industry has warned.

Rising cotton price puts pressure on retailers

And the best of the rest:

Today in the Telegraph, European leaders have admitted they are preparing for a Greek default as the eurozone debt crisis enters a pivotal week.

European leaders prepare for a Greek default

Also from the Telegraph, the former chairman of Lloyds Banking Group has broken his self-imposed silence and demanded greater pay restraint from bankers and said that Lloyds should not be forced to sell off more branches.

Ex-Lloyds chairman Sir Victor Blank breaks his silence with an attack on bank pay

The Financial Times are reporting on Lloyds as well, Lloyds Banking Group's exposure to the riskiest kind of mortgages is more than double that of any of its top five rivals in what is potentially a ticking time bomb for Britain's largest high-street lender.

Lloyds has largest exposure to risky loans

Also from the Financial Times, Ocado has overcome capacity constraints at its high-technology distribution warehouse in Hatfield to boost sales by more than 20 per cent and report its first interim pre-tax profit. But the swing to the black did not impress investors on Monday, who drove down shares in the online grocer by almost 10 per cent, or 18p, to 169p – below the 180p float price.

Ocado shares slide despite debut profit

The Guardian is discussing, Britain's biggest array of solar panels has begun generating in Oxfordshire. The first large ground system to feed into the national grid will benefit from the tariff scheme paying a premium for supplying clean electricity.

UK's biggest solar energy farm connects to national grid

The Guardian is reporting on, Central banks around the world must raise interest rates soon to bring inflation under control, international regulators have warned.

International banking regulator calls for rates to be raised worldwide

Today in the Independent, Chinese premier Wen Jiabao arrived at Downing Street today for talks with David Cameron expected to seal more than £1 billion of deals for British business.

China set to agree £1bn of deals for British business

BBC News, the Swedish carmaker Saab has announced a big order from a Chinese company, which means it now can afford to pay its staff.

Saab says a big order means it can pay employee wages

Also from the BBC News, Oil prices have extended their falls from the end of last week amid continuing concerns about the Greek debt crisis and the weak US recovery.

Oil prices slide gathers pace on Greek worries

Reuters is reporting, French Finance Minister Christine Lagarde appeared poised to become the head of the International Monetary Fund this week despite a strong challenge to Europe's traditional hold on the job.

France's Lagarde poised to become next IMF chief

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