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Morning Wrap: need to know business stories

Top stories from around the web.

HP turnround plan begins to show results (FT)

Hewlett-Packard shares surged in extended trading, boosted by better than expected second-quarter earnings as a five-year turnround plan began to pay off earlier than expected.

“The patient is showing more signs of recovery, but we still have a lot of heavy lifting to do,” Meg Whitman, chief executive, said in an FT interview.

Ford exits Australia amid mounting losses (FT)

Ford is to cease production in Australia by 2016 and cut about 1,200 jobs – almost half its local workforce – after concluding the business case for producing vehicles locally “did not stack up”.

The US carmaker blamed the high cost of doing business in Australia, the small scale of the market and mounting losses for the decision to close two manufacturing plants in the state of Victoria.

Nissan to recall more than 800,000 cars (BBC)

Nissan has said it plans to recall about 841,000 vehicles worldwide due to a faulty steering wheel.

In the UK, the recall will affect 133,869 models of the Nissan Micra, built between 2002-2006 in Sunderland.

French court questions IMF chief Christine Lagarde (BBC)

IMF chief Christine Lagarde has arrived at a court in Paris for questioning over a payout to a controversial tycoon during her time as finance minister.

She is being asked to explain her handling of a row in 2007 which resulted in some 400m euros (£342m; $516m) being paid to Bernard Tapie.

Head of Waitrose Mark Price refuses to meet me, says Ocado chief Tim Steiner (Telegraph)

Speaking after he delivered the annual British Retail Consortium lecture, Tim Steiner said the reaction of Waitrose to Ocado’s tie-up with Morrisons has been a “joke”.

Waitrose has said it is consulting its lawyers and studying the Morrisons deal, warning it could represent a breach of Ocado’s contract to be supplied with Waitrose products.