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Morning Wrap: today's top business stories

News stories from around the web.

Advance of Android eats into developer loyalty to Apple (FT)

In December 2011, Google chairman Eric Schmidt predicted that within six months, developers would be releasing their apps on smartphones running his company’s Android operating system first, before the iPhone.

A year after his suggested deadline, that has still not come to pass. However, while Google’s smartphone platform is not yet seen by developers as outpacing Apple’s iOS, it now matches it in many respects.

China blocks MasterCard processing renminbi transactions (FT)

China has blocked MasterCard from processing credit card transactions in renminbi, raising concerns about Beijing’s willingness to fully open up the sector after the World Trade Organisation found that it unfairly restricted foreign card companies.

BP wrecked our Gulf’ says Robert Kennedy Jr (Telegraph)

BP is “getting off lightly” for the Gulf of Mexico disaster, a prominent member of America’s most famous political dynasty has claimed.

Labour will axe rich elderly fuel payments - Ed Balls (BBC)

Labour would cut winter fuel payments for the UK's richest elderly people if they won the next general election, Ed Balls is due to say.

Wells chief warns Fed over debt proposal (FT)

Wells Fargo’s chief executive has warned the Federal Reserve against forcing banks to hold more long-term debt, a measure that central bank officials believe will help end the phenomenon of institutions judged “too big to fail”.

Energy firm says UK's shale gas resources could be huge (BBC)

One of the energy firms hoping to exploit the UK's resources of shale gas says it may be sitting on significantly more gas than previously thought.

UK firm IGas says there may be up to 170 trillion cubic feet of gas in the areas it is licensed to explore in northern England.