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Morning Wrap: today's top business stories

News stories from around the web.

Cisco cuts jobs on ‘inconsistent’ global demand (FT)

Cisco warned that global demand for IT equipment and services continued to be unstable and the computer networking company would cut 5 per cent of its workforce in response.

Lenovo mobile devices outstrip PC sales (FT)

Lenovo sold more mobile devices than personal computers for the first time in the three months to June 30, as the Chinese company pushes to replicate in the smartphone and tablet business its rise to world’s top PC vendor.

Smartphones sales top feature phones (BBC)

Smartphone sales exceeded feature phone sales for the first time in the April-to-June period, according to research firm Gartner.

Worldwide mobile phone sales totalled 435 million units. Smartphone sales accounted for 225 million units, up 46.5% from the previous year.

Britain has 'Alice in Wongaland' economy (Telegraph)

Britain has an "Alice in Wongaland" economy in which people are taking out payday loans and raiding their savings to fuel shopping sprees.

Bank warned that Help to Buy may be stoking housing bubble (Telegraph)

The Bank of England has been warned that the Government’s subsidised mortgage scheme has already started to drive up house prices due to a shortage of properties for sale.