Mindful Money’s news round-up: Tuesday 5th July 2011

5th July 2011

Story of the day:

From the Guardian, Britain's richest man is planning a giant new opencast mine 300 miles inside the Arctic Circle in a bid to extract a potential $23bn (£14bn) worth of iron ore.

Britain's richest man to build giant Arctic iron ore mine

And the best of the rest:

Today in the Telegraph, forensic accountants hired by Ofgem will scrutinise the wholesale fuel prices paid by the Big Six energy companies, as it emerged there was a 27pc difference in how much suppliers paid for electricity and 15pc in gas last year.

Energy companies face investigation over 27pc gap in wholesale price

Also from the Telegraph, one in ten insurance companies do not have enough capital in the event of a new financial shock, according to industry-wide stress tests.

Insurance sector 'robust' but thirteen companies fail stress test

The New York Times reports, as Europe turns from its latest short-term fix for Greece to planning a longer-term bailout for the debt-plagued country, the ratings agency Standard & Poor's indicated Monday how difficult it would be to offload some of the cost of rescuing Greece onto creditors without also provoking a default that could shock the global economy.

Europe Faces Tough Road on Effort to Ease Greek Debt

From the Guardian, Bombardier is to cut more than 1,400 jobs at the UK's last remaining train manufacturing plant, in Derby, after losing a £3bn government contract to a German rival.

Bombardier cuts 1,400 jobs after German rival wins Thameslink contract

The Financial Times is reporting, Paulson & Co, the hedge fund that made billions from betting on a collapse in mortgage-backed securities during the financial crisis, has made more than $550m from a recovery in the value of bonds it bought in failed investment bank Lehman Brothers.

Paulson enjoys $550m Lehman boost

Today on the BBC News, bad debts held by local governments in China are a far bigger problem than first estimated, ratings agency Moody's has warned.

Moody's warns over China bad debt

Reuters is discussing, China's Baidu is to partner with Microsoft for English-language search, giving the U.S. software giant a chance to expand its tiny Web presence in a market Google has stepped back from, and helping the Chinese company's international ambitions.

Baidu picks Microsoft for English search

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