Mindful Money’s news round-up: Wednesday 27th July 2011

27th July 2011

Story of the day:

From Reuters, British workers put pay above job satisfaction when changing jobs, in a reversal of priorities from last year, a survey showed on Wednesday.

Britons put pay over job satisfaction – survey

And the best of the rest:

The New York Times is concentrating on what is happening in the US this morning, Economists and analysts are trying to gauge the costs to the economy and consumers if the United States loses its solid-gold credit rating – a move that appears more likely now that the standoff in Washington over government spending has calcified.

On All Levels of the Economy, Concern About the Impasse

The Wall Street Journal is reporting on how a possible default in the US may affect the oil markets, Debt ceiling? Whatever. The oil market is used to dealing with somewhat more dramatic political spats, such as the odd revolution or invasion. Yet it's hard to simply ignore the possible default and downgrade of the world's No. 1 oil consumer.

Oil Bumps Up Against Glass Ceiling

And the Telegraph is writing about the UK's financial issues today, George Osborne has vowed to stay the course and deliver the Government's £110bn of austerity measures, despite claims he is "in total denial" over the economy's failure to gather momentum.

Chancellor vows no compromise on cuts despite weak growth

Also from the Telegraph, George Soros, the billionaire financier who famously made $1.1bn (£670m) betting against the pound on Black Wednesday, has been forced to close his funds to outside investors – because of changes to American regulations.

George Soros 'retires' as hedge fund manager, blaming US regulations

The Financial Times is reporting, Banco Santander, the eurozone's largest lender, announced on Wednesday that it had set up a €620m ($897m) fund for claims on Payment Protection Insurance policies in the UK, a move which sent its first-half 21 per cent lower on last year to €3.5bn.

Santander to take €620m PPI charge

In the Independent, energy giant British Gas has been fined £2.5 million by the energy watchdog for failing to deal with complaints correctly.

British Gas fined £2.5m by Ofgem over customer complaints

BAA has reported smaller losses for the first half of the year after more passengers used its airports, according to the BBC News.

BAA reports smaller losses as airport traffic grows

Also from the BBC News some good news for investors, ITV has announced that it is to pay a dividend this year, despite falling advertising.

ITV restarts dividends despite falling advertising

This is Money brings us back down to earth with this news, Sir Richard Branson has dealt a further blow to Britain's economic recovery with plans to relocate part of his Virgin empire to Switzerland, it is claimed.

Sir Richard Branson 'to relocate part of Virgin empire to Switzerland' in blow for British economy

From the Guardian, Britain has lost its status as the investment capital of Europe with flows of capital into and out of the country plunging since the crash of 2007, it was revealed on Tuesday. From the third ranked country in the world, for investment from overseas, the UK slipped to seventh place overall

Foreign direct investment into Britain halved to £46bn in 2010

Also from the Guardian, BP has raked in profits of more than £3bn in the past three months – just a year after the near-terminal Deepwater Horizon disaster – but faces renewed demands for its break-up from some City quarters.

BP profits soar but calls for break-up continue

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