Mindful Money’s news round-up: Monday 11th July 2011

11th July 2011

Story of the day:

Australia is taking a step to help with climate change, reports the Independent, Australia, one of the worst per capita greenhouse gas emitters in the world, stepped up its fight against climate change yesterday with plans to tax its biggest polluters.

Australia slaps carbon tax on big polluters

Best of the rest:

From the New York Times, top European officials planned to meet on Monday to wrestle with threats to the currency union as fears mounted that Italy could become a victim of the debt crisis even as discussions stalled over a second bailout for Greece.

Italian Debt Adds to Fears in Euro Zone

Today in the Telegraph, British Sky Broadcasting had another £877m wiped off its value on Monday morning, as shares crashed back to the level of News Corporation's original proposed bid for the company.

Phone hacking scandal: BSkyB shares plummet as doubts grow over deal

Reuters is discussing News Corp as well, the government has asked the media regulator to consider whether undertakings provided by News Corp to secure a buyout of BSkyB are still credible in light of a phone hacking scandal.

Ofcom asked to look at News Corp-Sky undertakings

Also from the Telegraph, Southern Cross, the embattled care home operator, confirmed on Monday that it is to close down after the landlords of its properties abandoned the group.

Troubled Southern Cross to close after landlords abandon group

From the Guardian, the prospects for Britain's economy remain bleak as consumers continue to cut back on their spending and export sales fail to take up the slack, according to a number of gloomy reports .

Business confidence at its lowest for two years

The BBC News is discussing confidence, confidence among UK manufacturing firms has fallen to its lowest level in two years, a survey suggests.

UK manufacturing confidence 'falls to two-year low'

The Guardian is reporting, figures revealing that Britain's depression will last longer than the slump of the 1930s should shock us all. In the circumstances it is reasonable to ask how the government can still be sitting on its hands.

Our policymakers have no plan for growth

Also from the Guardian, Tony Hayward, the former BP chief executive, is in talks to acquire control over a controversial exploration business centred on Iraq whose boss was fined £1m last year in London for insider dealing. The Vallares investment vehicle just launched by Hayward and financier Nat Rothschild is discussing a possible reverse takeover of Genel Enerji, a big oil producer in Kurdistan, northern Iraq.

Tony Hayward in talks to buy Iraqi oil fields

In the Financial Times, Nestlé, the Swiss food group, is set to acquire Hsu Fu Chi, the Chinese sweets company, for S$2.1bn ($1.7bn) in a deal that marks one of the largest foreign acquisitions in China and underscores the race for the country's food sector.

Nestlé agrees $1.7bn deal for Hsu Fu Chi

More discussing of company takeovers in the Wall Street Journal, U.K. utility Northumbrian Water Group PLC said Monday Cheung Kong Infrastructure Holdings Ltd., or CKI, had made a revised nonbinding proposal valuing it about £2.41 billion ($3.87 billion), as the Asian company inches closer to a takeover amid plans to expand its European footprint.

Northumbrian Water Gets New £2.41 Billion Bid

The BBC News is reporting that, oil prices have fallen after figures showed a drop in Chinese oil imports and as worries persist about the US economy's strength.

Oil prices fall after a decline in Chinese imports

This is Money are going in depth on commodity prices and the consumer.

Probe into impact of rising commodity prices on consumers

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