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Friday newspaper round-up: Goldman Sachs, UK banks, Fed

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02/08/2013
Former Goldman Sachs trader found guilty of fraud; banks take £18bn hit over PPI sales fiasco; Fed calls on ECB to lift eurozone out of slump.

Former Goldman Sachs trader Fabrice Tourre has been found guilty in the US for defrauding investors in a derivatives deal linked to subprime mortgages, the Financial Times reported.

UK banks have agreed to pay the equivalent of almost £400 to every adult in the country over the mis-selling of payment protection insurance, The Times said.

The US Federal Reserve has called on the European Central Bank to bring in monetary stimulus to lift the Eurozone out of its slump, according to The Telegraph.

Lloyds Banking Group’s shares rose on Thursday above the government’s target sell-off price and within a price for taxpayers to make a profit on the bank’s bailout, The Independent noted.

The Office for National Statistics has confessed it underestimated the number of zero-hours contract workers in Britain, The Guardian revealed. It increased the number of staff on the controversial terms by 25% to 250,000.

The Financial Reporting Council has dropped an investigation into KPMG’s auditing of BAE Systems at the time the defence giant was suspected of paying bribes to win work abroad, The Times unveiled.

Google has revealed its new Motorola Moto X smartphone, its latest attempt to challenge Apple’s iPhone, according to the Financial Times.

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