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Friday 18 May 2012

UK Financial News on 2012-05-18

Facebook shares see modest debut
Facebook shares end a volatile first day of trading at $38.23, barely above the company's initial pricing, having initially jumped more than 10%......

Merkel 'suggests Greek euro vote'
Greek officials say Germany's Chancellor Merkel has suggested a euro referendum, but Berlin denies the report, as world leaders gather in the US for a G8 summit meeting......

Market jitters over eurozone woes
European markets suffer a nervous session with investors unsettled by a downgrade for Spanish banks and the political crisis in Greece......

Yahoo jumps on Alibaba deal talk
Shares in internet giant Yahoo rise 5% on reports that it is close to selling its valuable stake in Alibaba Group, the Chinese e-commerce company......

N Rock rescue 'could cost 2bn'
The taxpayer could lose about 2bn once the assets of collapsed bank Northern Rock are wound down, the National Audit Office estimates......

JP Morgan boss to testify in US
JP Morgan chief executive Jamie Dimon will appear before a Senate committee to explain the bank's $2bn trading loss on a failed hedging strategy......

UK in 50m pork deal with China
The UK agrees a 50m trade deal to sell pork to China, the world's biggest market for pig meat, where parts such as offal and trotters are more popular......

HMRC defends child benefit plan
Asking people to reveal financial information to their partners is legal, HM Revenue & Customs says, despite claims it breaks confidentiality rules......

Cuban offshore oil attempt fails
Spain's Repsol oil company says a first attempt to find oil off Cuba's northern coast has been unsuccessful......

LSE reveals strong profits rise
The London Stock Exchange bucks the economic turmoil to deliver a better-than-expected rise in annual profit......

Rain dampens sales at pub group
Pubs group Mitchells & Butlers reports a sharp slowdown in sales, saying the recent wet weather has led to fewer customers......

EU 'plans for Greek exit option'
The EU Commission and European Central Bank are making contingency plans for a possible Greek exit from the euro, an EU commissioner says......

Stagecoach in 100m US expansion
Perth transport group Stagecoach is to buy parts of a US bus firm for about 100m, helping it expand its operations......

Moody's downgrades Spanish banks
Ratings agency Moody's cuts the credit ratings of 16 Spanish banks, as shares in struggling lender Bankia fell another 14%......

Private rents 'increasing again'
Private rents in England and Wales went up by 0.5% in April, according to letting agency group LSL Property Services......

China property prices fall again
Chinese property prices continued to fall during April after the government kept policies in place to curb speculation......

More households in fuel poverty
Gas and electricity price rises at the end of last year are expected to have pushed 400,000 more households in England into fuel poverty......

9k fees 'to push debt up 100bn'
A study suggests public sector debt will be pushed up by 100bn over next two decades by higher university fees......

English house building falls back
The number of new homes started by house builders in England fell again in the first three months of the year, according to official figures......

Some work schemes 'of no benefit'
A parliamentary committee questions the length and quality of some apprenticeships, saying six month programmes are of no real benefit......

Spain's cost of borrowing jumps
The cost of borrowing on the international money markets rise sharply for Spain as investors fear further financial turmoil in Europe......

Cameron defends his euro warning
David Cameron says it was "more dangerous to stay silent than to speak out" - and insists there will be no retreat on deficit reduction......

France questions EU fiscal pact
France's new finance minister reiterates that the country's new socialist government will not ratify the European Union's fiscal pact......

Jobs boost as UK gets Astra deal
Vauxhall's Ellesmere Port car plant will build a new Astra car in a deal that means huge investment and the creation and support of thousands of jobs......

US puts tariffs on Chinese panels
The US says it will impose import tariffs of about 30% on Chinese solar companies, saying China is flooding it with subsidised products......

Buffett in newspaper investment
Berkshire Hathaway, the holding company of legendary investor Warren Buffett, invests in 63 local newspapers in the south-eastern US......

Ticketus deal 'being terminated'
Charles Green says administrators at Rangers have told Ticketus they are terminating its contract over future ticket sales......

Debt-ridden Glens to get IFA loan
Glentoran's cash flow crisis is expected to be eased by a loan from the Irish Football Association......

Stadium retail park plan approved
Controversial plans for a community stadium and retail development in York are approved by councillors......

AUDIO: Peston: Rock loss 'not a disaster'
A report published by the National Audit Office into the creation and sale of Northern Rock reveals that the government is likely to lose 2bn overall by the time all the assets are wound down. The BBC's business editor Robert Peston has the details......

VIDEO: EU 'taking all neccessary action'
EU Economic Commissioner Olli Rehn has said the eurozone is taking "all neccessary action in order to overcome" the debt crisis......

VIDEO: Should Britain build a spaceport?
A new report is recommending that the UK builds its own spaceport, to enable tourists to go into space......

VIDEO: Facebook shares due to go on sale
One of the biggest floatations ever seen on world stock markets will take place today when shares in the social networking site Facebook go on sale......

VIDEO: From prison to Belfast distillery
A notorious Belfast prison that held IRA inmates during the worst of the city's sectarian troubles is to be transformed into a whiskey distillery......

VIDEO: G8 leaders gather at Camp David
World leaders are gathering at Camp David in the US, for talks dominated by the unresolved crisis in the Eurozone......

VIDEO: 'Business leaders should work harder'
Former Sun editor Kelvin MacKenzie has said British business leaders should work harder to get the UK out of the current economic downturn......

VIDEO: UK signs pig deal with China
The government has signed a multi-million pound deal to export British pork to China......

Euro fears on the streets of Spain
Spain, feeling fragile, looks to Germany for help.....

The entrepreneurs aiming to rebuild Greece
The young entrepreneurs aiming to rebuild Greece.....

Asian trading heads for online
The social networks breaking Asia's stock market traditions.....

U.S. Week Ahead: Facebook's fizzle could continue Monday
' PeHub Editor Jonathan Marino......

Wealth Strategies: Facebook could see bumpy road
May 18 - The next 48 hours could be volatile for Facebook shares after the $100 bln dollar company sees its launch on the NASDAQ delayed by about 30 minutes, according to Bruno Del Ama, CEO, Global X Funds......

Mark Zuckerberg during Facebook IPO launch: "This is an awesome moment"
May 18 - At the launch ceremony of Facebook's IPO, CEO Mark Zuckerberg tells employees and supporters to stay focused as the company enters a new phase as a publicly traded company. Rough Cut (no reporter narration)......

Facebook debut adds to IPO frenzy
May 18 -Shares of Facebook jumped as high as 18 percent in opening trade after raising more than $16 billion in one of the biggest U.S. initial public offerings. Conway G. Gittens reports......

Trading at Noon: Facebook Makes its Debut
May 18 - Facebook shares open 13 percent higher at $42.05, after the social network site raised as much as $18.4 billion in one of the biggest IPOs in U.S. history......

Bronx teens storm Cannes in Gondry return
'The We and the I' follows a group of Bronx highschool students as they take a bus journey home on the last day of school, learning tough lessons about themselves and their peer group along the way......

Europe Week Ahead
May 18 - A look to the close of the European markets and a look ahead to next weeks trading, as well as what to expect from the Asian markets on Monday......

The computer that knows how you feel
May 18 - Palestinian students in Hebron say they have designed a software program that can measure a person's emotions. Ethan Bilby reports......

Newly-elected Hollande arrives in U.S.
May 18 - Newly-elected French President Francois Hollande arrives in the United States for a meeting with President Barack Obama ahead of the G8 summit. Rough Cut (no reporter narration)......

Blockupy blocked from central Frankfurt
May 18 - Small scuffles have erupted between police and anti-capitalist protesters who were trying to block access to the Germany's leading financial district in Frankfurt. Andrew Potter reports......

3XSQ: Under the Hoodie - Facebook's big deal
May 18 - Analysts see Facebook climbing 50 percent to $57 or even higher on surging demand today......

Mark Zuckerberg rings NASDAQ opening bell on Facebook debut
May 18 Mark Zuckerberg, Facebooks founder and CEO, rings the NASDAQ opening bell at the companys Silicon Valley headquarters to kick off trading for the worlds No.1 online social networks initial public offering. Rough Cut (no reporter narration)......

U.S. Morning Call: The hype, the hack, the Facebook IPO
May 18 - A look at how Facebook employees celebrate becoming rich, and how the stock may fare today......

Market Pulse: Hype builds for Facebook coming out party
May 18 - One of the most talked about IPO's in stockmarket history values Facebook at $104 billion; optimists expect shares to rise sharply, sceptics wonder if Facebook's earnings can ever match its valuation......

Reuters Asks: How high will Facebook shares fly?
May 18 - Insider asks financial professionals how successful will the Initial Public Offering of Facebook be in the long term?.....

Reuters On the Road: Meet the Queen of the City
May 18 - Vanessa Vallely, the Pearly Queen of the City of London, tells Insider why her reign is an important one for the financial square mile......

Reuters Breakingviews
global commentary unit Breakingviews......

Asian stocks tumble, lose 2012 gains
Asian markets erase year-to-date gains, amid signs of further banking instability in the euro zone; regional stocks set to post their worst weekly performance since September......

Reuters Today: G8 drive to pull Europe from financial abyss
May 18 - U.S. President Barack Obama will use the G8 summit at Camp David, Maryland, to press European leaders to focus on growth over austerity in an attempt to head off economic meltdown......

Myanmar: Now open for business
May 18 - A big boost for Myanmar with the lifting of U.S. sanctions. But with its economy largely stuck in the stone age, the country has a long way to go before businesses can rush in and cash in......

Asia Week Ahead: Tech mania as Facebook goes public
May 18 - Markets in Asia get ready as Facebook shares hit the Nasdaq. CEOs of Samsung and Apple will meet in court, and Lenovo reports full year results......

Markets fall on Spain banking crisis
May 18 - Moody's downgrades 16 Spanish banks adding to the country's economic woes as Madrid's stock market opens in red and the risk premium shoots up again. Ciara Sutton reports.....

Techs tumble ahead of Facebook IPO
May 17 - Summary of business headlines: Facebook lands biggest technology IPO in history; Wall Street sinks to a four-month low on soft U.S. economic data and euro zone break up fears. Conway G. Gittens reports......

Facebook: The price is right at $38
May 17 - Facebook has priced at $38 a share but now the next chapter begins for the top social network, and the pressure will be on to turn users into revenue. Bobbi Rebell reports......

Facebook priced to pop
Jonathan Weber break down the social media giant's prospects......

US regulators 'examining' how Wall St invests excess deposits
US regulators are said to be examining how Wall Street banks invest their excess deposits in the wake of JP Morgan's $2bn (1.3bn) trading loss.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f7d3d99/mf.gif' bord.....

Facebook IPO: bank support spares blushes as shares end first day flat
It was the day Facebook failed to live up to the hype. The world's largest social networking site was spared the embarrassment of seeing its shares fall on the company's multi-billion stock market debut in New York because the banks advising it stepp.....

Debt crisis: as it happened May 18, 2012
European Commissioner for Trade admits to emergency plan for Greek euro exit for first time, while David Cameron says the euro crisis could get 'a lot worse' as he travels to G8 summit.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Debt crisis: live
European Commissioner for Trade admits to emergency plan for Greek euro exit for first time, while David Cameron says the euro crisis could get 'a lot worse' as he travels to G8 summit.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

News International newspapers could be spun off into trust
Rupert Murdoch's News International titles - The Sun, Times and Sunday Times - could be spun off into a trust under plans being worked on by senior News Corp executives.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Row over Angela Merkel call for Greek euro referendum
German relations with Greece were further strained last night as Angela Merkel called for Greece to determine its European future once and for all by holding a referendum on its euro membership alongside next month's general election.<img width='1.....

Angela Merkel calls for Greek referendum on euro
German leader Angela Merkel last night called for Greece to determine its European future once and for all by holding a referendum on its euro membership alongside next month's general election.<img width='1' height='1' src='http://telegraph.feeds.....

Europe admits Greece exit preparation
Brussels is preparing plans for Greece to quit the euro, a senior official has revealed, as analysts warned that the country's exit would cost European taxpayers at least 225bn (180bn).<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Withdrawals at Santander UK amid Spain fears
Customers with large deposits have started withdrawing cash from Santander, the bank has admitted, as it tried to reassure concerned members of the public that their money is safe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

FTSE 100 falls 5.5pc over the week
Xstrata was in the doldrums as the blue-chip index fell for a fifth consecutive day, closing its worst week since August last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f7ca993/mf.gif' border='0'/>.....

Troubled stock market sold for 1 to Icap
More than a hundred companies have had their stock market listings saved after a last-minute deal was reached to sell the struggling exchange they are listed on for just 1.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Michael Page and Premier Oil targeted on director pay
The shareholder spring stepped up a gear on Friday as investors failed to back pay at recruitment group Michael Page and explorer Premier Oil.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f7c5a19/mf.gif' borde.....

UK may need more QE, warns Bank of England's Adam Posen as he steps down from the MPC
Bank of England policymaker Adam Posen said he had been too optimistic about the UK economy's prospects, suggesting he should not have dropped his call for more stimulus.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Lucas Papademos warns of 'catastrophe' if Greek voters reject austerity
Greece's former technocratic prime minister used a resignation letter on Friday to warn voters that rejection of the eurozone bail-out in next months election would be a "catastrophe".<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Nokia 'could exhaust cash reserves next year'
Mobile phone maker using its 4.9bn cash pile at unsustainable rate.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f7b01fd/mf.gif' border='0'/>.....

Italian lighthouses auctioned off to tackle public debt pile
They stand on imposing headlands with spectacular views of isolated bays and white sandy beaches, some of the most picturesque in the Mediterranean.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f7a928f/mf.gif'.....

Facebook: will stock markets 'unfriend' investors buying now?
The excitement and hype that surrounded Facebook's flotation have reignited interest in technology.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f7a9290/mf.gif' border='0'/><br/><br/><a href=.....

Facebook hit with $15bn privacy lawsuit ahead of stock market debut
Facebook has been hit with a class-action lawsuit over privacy, just hours before the social network is due to make its $104bn Wall Street debut.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f7a88ea/mf.gif' bo.....

Euro austerity example Ireland 'may need second bailout'
Ireland, seen as the eurozone's "poster child" for implementing austerity, could require a second bailout, economists warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f7a1b9c/mf.gif' border='0'/>.....

The G8 can talk but the euro's fate lies in the hands of others
There will be no magic wands waved at Camp David this weekend. The euro crisis will be as intense on Monday as it is now and the G8 is extremely limited in what it can do, beyond talk.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

How do I buy shares in Facebook?
It is too late to buy shares in Facebook as its initial public offering, but individuals will be able to trade Facebook stock after Nasdaq opens.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f79eb3e/mf.gif' bo.....

HSBC may sell UK banks if new regulation too tough
HSBC may sell off its British bank branches if new regulation makes it impossible for them to meet the company's profit targets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f79529e/mf.gif' border='0'/>.....

EU working on emergency plan for Greek exit from euro
The European Union is working on an emergency Greek exit plan as the break-up of the euro looms, a senior Brussels official has revealed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f79180f/mf.gif' border='0'.....

EC and ECB working on emergency plans for Greek euro exit, says trade commissioner Karel De Gucht
The European Commission and the European Central Bank are working on scenarios in case Greece has to leave the euro zone, EU trade commissioner Karel De Gucht has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

EC and ECB working on emegency plans for Greek euro exit, says trade commissioner Karel De Gucht
The European Commission and the European Central Bank are working on scenarios in case Greece has to leave the euro zone, EU trade commissioner Karel De Gucht has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....