PRESS DIGEST - Financial Times - July 24

July 24 Tue Jul 23, 2013 10:09pm EDT

July 24 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

Cable attacks Bank's 'capital Taliban'

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iPhone sales boost Apple shares

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Former HSBC man leads external race to head RBS

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Jindal brothers vie for control of Stemcor's Indian assets

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Higher operating costs hold back AT&T

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Ford and Toyota end joint drive on hybrids

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Overview

Business Secretary Vince Cable has accused the Bank of England of holding back the economic recovery by imposing excessive financial burdens on banks and demanding that they build up high levels of capital.

Sales of Apple Inc's iPhone trumped Wall Street estimates countering concerns that the best years of smartphone growth were behind it, even as third-quarter earnings fell sharply.

Mark McCombe, the former head of HSBC's Hong Kong operations, has emerged as the external frontrunner for the top job at Royal Bank of Scotland, three people close to the process said.

Sajjan Jindal-led JSW Steel and Jindal Steel and Power Ltd, headed by brother Naveen Jindal, are competing to buy the iron ore assets of UK's Stemcor, the world's largest independent steel trading company, people familiar with the negotiations said.

Largest U.S. telecom group AT&T Inc posted a second-quarter profit on Tuesday held back by higher operating costs, mainly in mobile operations, which has been investing heavily in its new 4G network based on LTE technology.

Ford Motor Co and Toyota Motor Corp ended their partnership to develop hybrid pickup trucks and sport-utility vehicles amid robust statements from Ford about its strong future in the technology, the U.S. automaker said on Tuesday.

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