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Saturday 19 May 2012

UK Financial News on 2012-05-19

G8 backs Greek euro membership
The leaders of the G8 group of major economies say they want Greece to remain in the eurozone, and commit to promoting growth......

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......

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......

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......

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......

Argentine gas exports cancelled
Spanish energy giant Repsol cancels a contract to provide gas to Argentina, in a continuing row after Buenos Aries nationalised one of its subsidiaries......

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......

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......

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......

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

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......

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......

Sierra Leone league resumes
Sierra Leone's football league resumed on Friday, less than a week after suspending operations because of a shortage of funds......

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: Eurozone in spotlight at G8 talks
The leaders of the G8 group of the world's most powerful economies say they want debt-stricken Greece to remain in the eurozone......

VIDEO: Facebook shares see modest debut
Facebook shares ended their first day of trading at $38.23, barely above the company's initial pricing of $38......

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: '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: 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: 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.....

Pawnbrokers attracting new custom
Offering shoes and handbags as security for a loan.....

Huge economic challenge awaits Egypt's next leader
Egypt's economic crisis sets major task for country's next leader.....

Merkel's "referendum comment" irks Greeks
May 19 - Greeks are upset with a report that German Chancellor Angela Merkel suggested the country hold a referendum on euro zone membership. Andrew Raven reports......

G8 leaders arrive at Camp David
May 19 - Leaders from eight of the world's largest economies gather in Maryland for a economic talks. Julie Noce reports......

Facebook in historic, yet messy debut
May 18 - Facebook closed its debut in a lackluster fashion, finishing near its initial public offering price amid technical glitches. Analysts reflect on investor interest, target prices and whether the IPO lived up to the hype. Jill Bennett reports......

Facebook fails to stop Wall St. slump
May 18 - A sloppy market debut for Facebook, following the biggest initial public offering from a U.S. tech company, added to Friday's downbeat tone with investors already worried about Europe. Conway G. Gittens reports......

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......

Dashwood: Opening the fizz, Waitrose-style
Unlike his opposite number at M&S, Mark Price, the preternaturally jolly managing director at Waitrose, has plenty to smile about. Sales are hitting record levels and the retailer's Tesco price-match strategy has been a hit with customers.<img.....

The UK's new aircraft carriers: in pictures
Britain's new aircraft carrier, the Queen Elizabeth, will move a key step closer to completion this week when the front section of the hull is shipped from Portsmouth to Rosyth in Scotland, where it will be assembled with the rest of the ship. We tak.....

BAE Systems: building the UK's new aircraft carrier
It is the second biggest engineering project in the UK behind the Olympics, generates enough energy to power every home in Swindon and has been a topic of political debate for years - the building of Britain's new aircraft carriers is continuing apac.....

G8 Summit: World leaders push for Greece to stay in the eurozone
World leaders have thrown their weight behind Greece staying in the eurozone after a day of crisis talks at the G8 summit in Camp David.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f81e49d/mf.gif' border='0'/.....

A4e seeks details on 'secret' frauds
Pressure is growing on the Government to publish details of more than 100 investigations into potential fraud at back-to-work providers since 2006, after the chief executive of A4e backed calls for greater transparency to tackle genuine "market issue.....

Odey takes 20pc stake in Buddi
Odey Asset Management, the $7bn (4.4bn) hedge fund run by Crispin Odey, has taken a multi-million pound stake in Buddi, the personal tagging firm led by Sara Murray.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Barclays backs RBS share deal for voters
Barclays has held talks with UK Financial Investments over plans to give voters shares in Royal Bank of Scotland and Lloyds Banking Group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f82da12/mf.gif' border='0.....

David Cameron urged to boost growth
David Cameron is to come under fresh pressure over the Government's growth agenda with businesses and modernising Tory MPs pressing for new policies to boost the economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Pressure lifts on Glencore as Xstrata shares tumble
The pressure on commodity giant Glencore to raise its offer for miner Xstrata is decreasing as Xstrata shares traded at their lowest level in relation to Glencore's since the companies' planned 50bn-plus merger was announced.<img width='1' height=.....

Qinetiq seeks partners to mass-produce hi-tech kit
Qinetiq, the defence and aerospace technology group, is for the first time to seek partners for some of its most advanced products in the next stage of chief executive Leo Quinn's turnaround programme.<img width='1' height='1' src='http://telegrap.....

Energy revamp 'will cost billions'
Ministers will press ahead this week with the biggest overhaul of the energy sector in two decades - amid escalating warnings from the industry that it remains seriously flawed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

David Cameron's radical plan to reform jobs red tape
The Prime Minister is to throw his weight behind a far-reaching report from Adrian Beecroft, a venture capitalist, which calls for a bonfire of regulations that employers say are stifling job creation.<img width='1' height='1' src='http://telegrap.....

David Cameron pushes for workplace shake-up
Business leaders are set to welcome radical plans to overhaul employment rights which the Government hopes will make it easier to hire new workers and spark growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Why Cameron wants a war on how we work
There are essentially two views of the relationship between the employer and the employee.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f826d94/mf.gif' border='0'/><br/><br/><a href="http://d.....

Bosch in talks to return to UK
Bosch and other leading automotive parts companies have held secret talks with the Government and leading car makers about opening new UK plants.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f826d95/mf.gif' bo.....

London Stock Exchange moves into European markets
The London Stock Exchange is in the early stages of planning an assault on the continental European market, pitting it against rivals Euronext and Deutsche Borse on their own turf.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Prudential to name Paul Manduca as new chairman
Prudential is to name Paul Manduca as its new chairman following a five-month search to replace the departing incumbent, Harvey McGrath.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f82414c/mf.gif' border='0'/.....

Lord Browne's red tape warning
Business leaders appointed as non-executive directors of Whitehall departments to speed up Civil Service reform face "significant issues" in carrying out their duties, according to Lord Browne of Madingley, the Government's lead non-executive.<img.....

Vodafone's 1bn C&WW bid may be diluted
Vodafone could be forced to share Cable & Wireless Worldwide with the company's biggest shareholder, Orbis, in the face of considerable shareholder unrest over its 1bn bid.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Shell latest victim of pay backlash
Shareholders in Royal Dutch Shell have been advised to oppose the oil giant's "excessive" executive pay, which saw chief executive Peter Voser's total remuneration double to more than 10m last year.<img width='1' height='1' src='http://telegraph.f.....

UK retail sales falter as Marks & Spencer misses targets
Hopes for recovery to receive setback when official data reveals lacklustre retail sales in April, underlined by M&S which is expected to say UK growth is slowing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

NBNK 'in Catch-22' over Lloyds sell-off
NBNK is struggling to convince Lloyds Banking Group it has the requisite financial firepower to buy the 632 branches the high street bank is trying to sell.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f825e98.....

We are going to have to get used to volatile markets
If the past week feels familiar, there's a good reason.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f825e99/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/133516537839/u/.....

Demand for class action over bank mis-selling
The Treasury is looking at legal changes to allow small businesses to bring collective actions against the banks they accuse of mis-selling them interest rate hedges.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

The Sunday interview: A4e chief Andrew Dutton
Andrew Dutton sits in a drab, small office at A4e's central London headquarters - known locally as the "grey towers" - and recalls one by one the events of the past few months, which have led to eight staff arrests and five official inquiries.<img.....