UK industry closes on Mittelstand
Britain’s often neglected medium-sized companies are closing the gap in revenue growth with the Mittelstand, Germany’s admired cadre of mighty midsized businesses. UK mid-market companies came close to matching their German counterparts for revenue growth over the past year, according to research by GE Capital, the finance provider.For the year ahead, British companies with turnover between £15m and £800m are even more bullish about revenue prospects than those in Germany, France and Italy.
Bank fees up despite dealmaking dip
Investment banks revived their fortunes during the first half of the year by generating a nine per cent rise in fees because of a recovery in capital markets – despite less dealmaking. JP Morgan jumped up the league tables for mergers and acquisitions and fees, overtaking Goldman Sachs
Facebook backers bet on start-up
A trio of early Facebook’s investors have reunited to invest another company born in college – mobile payments firm Clinkle. The $25m of finance is one of the largest-ever sums given as an initial investment to a new Silicon Valley firm.
‘Zip it Carney’, warns trader
The incoming governor of the Bank of England, should talk publicly as little as possible, according to Jim Leaviss, one of the most influential investors in the bond market, pointing to Ben Bernanke’s “miscommunication”.
Google sets plan for King’s Cross HQ
Google has applied for planning permission for its £650m British headquarters at the King’s Cross Central development. The one million sq ft building will occupy a 2.4 acre site in the 67 acre scheme.
The Daily Telegraph
French tempers fray as cuts loom
France’s budget watchdog has called for another round of drastic cuts and an immediate freeze in public sector pay and benefits, warning that public finances are badly off track as deep recession eats into tax revenues.
Watchdog to fine mobile insurer
One of the country’s biggest mobile phone insurers will be fined next month after the Financial Conduct Authority issued a damning verdict into standards. One firm was found to be turning down 41 per cent of all theft claims.
THE WALL STREET JOURNAL
Huawei says UK market is still open
Huawei will continue to work with operators in the UK, an executive said, despite a parliamentary committee releasing a report saying Huawei’s strong presence in the country’s telecom sector raises national-security issues.
Ecuador blasts US on Snowden
Ecuador sharply criticised Washington’s diplomatic efforts to close any escape routes for Edward Snowden, while reiterating that it hasn’t provided the fugitive former intelligence analyst with travel papers that could help him.