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Sunday 20 May 2012

UK Financial News on 2012-05-20

Obama: EU 'must focus on growth'
US President Obama wraps up a G8 summit saying that leaders agree economies must focus on jobs and growth to boost recovery......

Balls warns of cuts 'catastrophe'
Labour's Ed Balls warns the world economy faces a "catastrophe" unless Germany abandons pressure on eurozone countries to cut public spending......

Single 30% income tax rate urged
A single 30% rate of income tax is needed in order to boost growth in the UK, according to a report by a campaign group and business leaders......

Report 'to urge cutting red tape'
The prime minister is this week expected to back a plan to help boost growth by cutting employment red tape......

Euro banks 'in tatters' - Clarke
Former chancellor Ken Clarke says Europe's banking system is "in tatters" and warns the UK is "heavily exposed" to potential problems......

HSBC machines hit by IT failure
UK customers of HSBC report problems using cash machines, making card payments and online transactions, but the bank says the problem is fixed......

Facebook boss in surprise wedding
Facebook founder Mark Zuckerberg ends a hectic week by getting married to long -time girlfriend Priscilla Chan in a surprise ceremony at his home......

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......

What next if Greece quits the euro?
What happens if Greece quits the euro?.....

Facebook: How the others fared
How did other internet companies fare after flotation?.....

Smaller engines drive petrol revival
Smaller engines drive petrol revival.....

Jubilee: Your rights to a day off
Your rights to a day off to mark the Diamond Jubilee.....

US firms put principles before profits
The US firms putting social values before chasing the highest profits.....

Bleak times for Calcutta business
Political change in Calcutta isn't working for eithers.....

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......

Cracks are appearing in Europe's state-backed lenders
European taxpayers face having to bankroll a new wave of bailouts amid growing funding problems at state-backed borrowers across the region, according to senior bankers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Betfair to launch fixed-odds betting website
Betfair is taking on traditional bookmakers at their own game by launching a fixed-odds betting service in time for the Euro 2012 football tournament.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f87e21d/mf.gi.....

News Corp bid for BSkyB could cause shareholder battle
Rupert Murdoch will face a battle with shareholders if News Corp makes another attempt to take full ownership of BSkyB, one of the broadcaster's most significant investors has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

German pay deal offers eurozone hope
Germany's largest industrial union secures biggest pay rise for members in two decades in what is seen as a major breakthrough in dealing with the eurozone's chronic imbalances.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

SFO warned Tchenguiz brothers that investigation could take 'five to ten years'
The Serious Fraud Office warned Robert and Vincent Tchenguiz that a high-profile investigation into their activities could drag on for "five to 10 years" if they didn't come to a financial settlement.<img width='1' height='1' src='http://telegraph.....

Multinationals sweep euros from accounts on daily basis
When it comes to contingency planning for a eurozone break-up, it is typically a German company that has been ahead of the game.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f875ede/mf.gif' border='0'/><.....

Mis-sold interest rate hedges leave businesses with 1m average break cost
Mis-sold interest rate hedges have left small businesses with average break costs of almost 1m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f875edf/mf.gif' border='0'/><br/><br/><a href="htt.....

Martin Glenn, Birds Eye's 'codfather', aims for frozen food sweet spot
Martin Glenn, the chief executive of Birds Eye owner Iglo Group and 'Codfather' of frozen foods, is trying to sell the 3bn (2.4bn) business in a market where debt is drying up fast.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Facebook investors face anxious first full week of trading
Investors face an anxious countdown to the stock market opening in New York amid reports that hedge funds are aiming to profit from any weakness in the website's shares price.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Hedge funds aim to profit from any Facebook weakness
Facebook investors face an anxious countdown to the stock market opening in New York tomorrow amid reports that hedge funds are aiming to profit from any weakness in the social networking site's shares price.<img width='1' height='1' src='http://t.....

Rising US recession risk poses the real threat to Europe
The US economy has slowed to stall speed. A few lonely forecasters fear that America has already fallen back into recession, replicating the terrible double-dip of 1937.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Pru to appoint man who led selection process as chair
Insurer Prudential is to take the unusual step of handing its chairmanship to Paul Manduca, the man initially charged with finding the best person for the job.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f874.....

Pro-bailout parties could win majority in Greek elections
The parties which support Greece's bailout package are set to win an overall majority in elections due next month, according to two opinion polls published today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f.....

Is this the beginning of the end for gold?
Drama in the gold market this week. The metal was at one point trading around 20pc below its summer peak, sparking warnings that the traditional "safe haven" is now in a bear market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Platinum industry needs to cut production
With about half of platinum producers facing losses at the current price, something has to give.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f874f96/mf.gif' border='0'/><br/><br/><a href="ht.....

The most pro-European thing to do now is reject the euro
Those readers who have been berating me for years for even considering the possibility of a country leaving the euro have recently fallen silent. (You know who you are.)<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Personal view: Capitalism must be redefined in order to be seen as a force for good
Growing up in a middle class family where my father worked two jobs to put his four children through college, law school and medical school, I never questioned the power of capitalism to deliver success to any person who worked hard, took risks and p.....

The week ahead in business and economics: May 21-25 2012
Marks & Spencer and Vodafone report annual results, and the latest inflation figures come out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f8628fa/mf.gif' border='0'/><br/><br/><a href=".....

Ken Clarke: European banking system is 'in tatters' and fallout for Britain could be serious
Ken Clarke delivered a stark warning about the consequences of Greece crashing out of the eurozone today, saying Europe's banking system was already "in tatters".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f.....

Google wins final approval for Motorola Mobility takeover
Google won approval from Chinese regulators for its $12.5bn (7.9bn) purchase of Motorola Mobility, clearing a final hurdle for a deal that boosts its patents portfolio and steps up competition with Apple.<img width='1' height='1' src='http://teleg.....

Wealthy eurozone countries must back weak nations, George Osborne warns
The wealthiest eurozone nations must support the weaker, indebted nations such as Greece and Portugal or face the prospect of the currency union breaking up, the Chancellor has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

France's Hollande to set out eurobond plans at summit
French President Francois Hollande said he will make proposals for eurobonds at an upcoming European summit as he outlined his ideas help ailing economies within the eurozone at the G8 summit.<img width='1' height='1' src='http://telegraph.feedspo.....

Facebook founder Mark Zuckerberg marries one day after $104bn IPO
Facebook CEO Mark Zuckerberg weds longterm girlfriend Priscilla Chan the day after $104bn IPO<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f851b09/mf.gif' border='0'/><br/><br/><a href="http:.....

Phil Daniels: 'I've got no savings so I'll work till I drop'
Phil Daniels has been an actor for 40 years - and he has always spent what he earns.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f8440c6/mf.gif' border='0'/><br/><br/><a href="http://da.feed.....

Questor share tip: Compass's cash points the way for investors
From providing finger food to the Welsh Assembly to serving strawberries at Wimbledon, Compass' operations make it the largest catering group in the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f844a8e/.....