Electricity market reforms unworkable
The Treasury’s refusal to back the energy department’s low-carbon agenda has made flagship electricity market reforms “unworkable”, “vacuous” and counterproductive, the government has been told. A draft bill designed to spur billions of pounds of spending on power sources such as wind farms and nuclear plants is so flawed it is likely to scare off the very investors it is supposed to encourage, says a scathing report from the Commons energy committee.

Bleak jobs outlook raises heat on Fed
The US will make little progress tackling high unemployment before 2014 unless the Federal Reserve eases policy further, one of the central bank’s leading officials has warned. The comments by John Williams show how the weak economy is pushing the central bank towards action to support growth.

Nokia in secret talks with operators
Nokia is considering ripping up its traditional mass marketing strategy when it unveils its new Windows 8 smartphone in the autumn, in an attempt to recreate the excitement around Apple’s exclusive launch of the original iPhone in 2007.


Lost chance in Whitehall unused £6bn
Whitehall departments spent £6bn less than expected this year, with three ministries responsible for pushing growth unable to spend about half a billion pounds each of the money they were allocated, according to the latest Treasury accounts.

Taxman to name and shame avoiders
The names of celebrities and businessmen who use aggressive tax avoidance schemes should be disclosed to the taxman in future, the government will say today.

The Daily Telegraph

Coalition in pension fees clampdown
Pension funds whose high charges have “torn the heart” out of savers’ retirements should scrap unfair terms and offer them new deals that do not penalise them, the Pensions Minister says.

Lloyds in further loan sale turmoil
Lloyds Banking Group faces the indignity of another cut price sell off as buyers walk away from its £1.2bn Project Lundy auction. The state-backed bank has had to cut the price of the loans from a proposed 70p in the £1 to just 50p after failing to attract viable interest in a sale.


Kodak loses patent case against Apple
Eastman Kodak has lost a patent case against Apple and Research In Motion , dealing a blow to the onetime film giant’s efforts to raise billions of dollars by selling off its intellectual property.

BP urges $1bn TNK-BP dividend
BP has proposed that its Russian joint venture TNK-BP pay shareholders a $1bn interim dividend, TNK-BP said in a statement. The idea was suggested Friday at TNK-BP’s first board meeting in more than half a year.