Mindful Money’s news round-up: Tuesday 2nd August 2011

2nd August 2011

Story of the day:

From the Independent, as technology shares soar, it's easy to make comparisons with the 1990s dotcom boom

Tech bubble is tethered by serious profits

And the best of the rest:

The Financial Times is also reporting on the tech boom, the value of Twitter has jumped to $8bn, more than double the level accorded to the company as recently as late last year, according to the terms of a fresh $800m investment in the US internet messaging service that has just been completed.

Investment values Twitter at $8bn

And so is Reuters, Google's Android platform has taken almost 50 percent of the global smartphone market, dominating in the Asia-Pacific region, research firm Canalys said.

Android conquers almost 50 percent of smartphone market

An update on the US from the Wall Street Journal, the House passed a $2.4 trillion debt-ceiling increase Monday night with the Senate planning to follow on Tuesday, after one of the most ferocious fights ever over government spending.

Uneasy House OK's Debt Deal

The Guardian is discussing whether the US will be the next downgrade, Despite the eleventh-hour debt deal in Washington, the US is still almost certain to be turfed out of one of the world's most exclusive clubs when it is stripped out of its prized triple A credit rating. Only 19 countries – several of them tax havens – have this status with credit rating agencies and can borrow more cheaply on the world's financial markets.

Credit ratings: which country will be next in the firing line?

Also from Reuters, a consortium led by Hong Kong tycoon Li Ka-shing's Cheung Kong Infrastructure Holdings (CKI) (1038.HK) has agreed to take over Northumbrian Water Group Plc (NWG.L) in an all-cash deal which values the British utility at about 2.41 billion pounds.

CKI-led group to buy Northumbrian Water for £2.41 billion

More banking stats are out today, in the Telegraph, Barclays posted a sharp fall in first-half profits and warned jobs cuts could top 3,000 this year as the bank acts to reduce costs in a "difficult and challenging environment".

Barclays profits fall sharply, warns of 3,000 jobs cuts

Also from the Telegraph, Global manufacturing activity almost ground to a halt last month, as the deepening slowdown in the US sent its strongest reverberations yet across the world economy.

Global manufacturing retreat kills market relief rally

However the BBC News is discussing promising results from BMW, German carmaker BMW has said that its second-quarter profit more than doubled after it sold a record number of cars.

BMW doubles profit in the second quarter

In the Financial Times, bad economic news bombarded the Treasury on Monday as new International Monetary Fund forecasts cast doubt on the chancellor's deficit reduction plan, while near-term indicators suggested the recovery was losing the little momentum it had.

IMF casts doubt on UK deficit plan

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