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Friday 25 May 2012

UK Financial News on 2012-05-25

Spain's Bankia seeks 19bn euros
Spain's fourth-largest bank, Bankia, asks for a bailout worth 19bns euros ($24bn; 15bn), and admits that it made a massive loss last year......

Apple's boss rejects $75m payout
Apple's boss, Tim Cook, turns down a payout worth about $75m (48m) that he was due from the technology giant's upcoming dividend......

Some holiday money rates 'unfair'
The same currency exchange providers can offer significantly different rates across the UK, a consumer group says......

Football creditors rule to stay
The High Court has rejected an attempt by HMRC to get the so-called "football creditors rule" abolished in England......

EU challenge to Argentina at WTO
The EU files a suit against Argentina's import restrictions at the WTO in the latest stage of a trade row between the two......

Worker in 2.5m bank scam charge
The former head of fraud and security for digital banking at Lloyds is charged in connection with an alleged 2.5m fraud......

Two banks hit by online problems
Some customers of two banks - Barclays and Santander - have been unable to access their bank accounts online ahead of the weekend......

Minority vote no to HSBC boss pay
Most HSBC shareholders have approved the bank's executive pay awards at the annual general meeting, bucking the recent trend for shareholder revolts......

Lord Smith to chair green bank
Lord Smith of Kelvin will chair the UK's Green Investment Bank, Business Secretary Vince Cable announces......

Google shows copyright complaints
Microsoft has asked Google to remove more than 500,000 links from its search index in the last month, figures show......

Microsoft wins text patent fight
Google suffers its first patent defeat since taking over Motorola Mobility in a battle over how Android handles texts......

Student Loans boss to stand down
The chief executive of the Student Loans Company, who attracted controversy over his tax arrangements, is to stand down when his contract expires early next year......

Currys owner gains new funding
The owner of Currys and PC World, Dixons Retail, says it has been given new credit by its banks and will be able to meet this year's debt repayments......

China firm in 3G patent abuse row
China's Huawei files a complaint against InterDigital, accusing the US firm of abusing its position and charging ''exploitative'' fees for mobile patents......

Fuel costs spur Japan price rise
Japan's consumer prices rise in April, spurred by rising fuel and energy costs, official data shows......

Thailand exports in shock decline
Thailand reports a surprise fall in its exports for April because of falling demand from key markets such as Europe and the US......

Rinehart 'world's richest woman'
Australia's mining magnate Gina Rinehart has become the world's richest woman with assets of $28bn, a respected business magazine says......

No trademark for chocolate rabbit
A Swiss-made chocolate bunny, wrapped in gold foil, cannot be registered as a trademark, the European Court of Justice court has ruled......

Charges over 4m fake coins haul
Three men are charged over the seizure of 4.1m of counterfeit coins - thought to be the biggest such discovery in the UK......

Free banking 'a dangerous myth'
Free banking is a "dangerous myth", according to Andrew Bailey, who is due to become the chief regulator of the financial services industry......

Supermarkets 'misled on pricing'
Customers have been misled by supermarkets over discounts and multi-buy offers, according to consumer group Which?......

China police free foreign banker
The Chinese authorities release a Singaporean banker held without charge since March on suspicion of aiding a criminal......

Economy shrank more than thought
The UK economy shrank by 0.3% in the first three months of the year, more than previously estimated, revised figures show......

Eurozone downturn 'accelerating'
Activity at European businesses hits a near three-year low in May, according to the survey of purchasing managers by Markit......

Spanish bank's shares suspended
Spain's Bankia asks the government for a bailout of 19bn euros ($24bn; 15bn), while the region of Catalonia has already asked for help......

Alibaba.com buyout plan approved
Shareholders of Alibaba.com agree to the company's plan to buy back shares in a bid to take the firm private......

Hunt memo reveals BSkyB support
Culture Secretary Jeremy Hunt sent a note to David Cameron suggesting his support for News Corp's bid for BSkyB before he was put in charge of deciding on the deal, the Leveson Inquiry hears......

Rangers launch SFA legal action
Rangers ask the Court of Session to overturn a transfer ban imposed on the club by the Scottish Football Association......

BBC renews Match of the Day deal
BBC agrees a new deal to broadcast Premier League highlights on Match of the Day until the end of the 2015-16 season......

US could host Olympics after deal
The United States can bid for the Olympics again after agreeing a revenue-sharing deal with the International Olympic Committee......

AUDIO: Is China's economy in trouble?
China "moving into stimulus mode" says Miranda Carr.....

VIDEO: Sorrell: Beecroft 'in right direction'
Sir Martin Sorrell gave his advice to the government on changing employment rules after the furore over the Beecroft Report which has divided the coalition over the hiring and firing of staff......

VIDEO: Holiday caravan tax U-turn to come?
The government could be set for a climbdown on plans for a "caravan tax" measure announced in George Osborne's Budget earlier this year......

VIDEO: Scotland Yes to independence launch
The battle for the hearts and minds of the Scottish people is underway as those hoping for a "yes" vote in a referendum on Scottish independence have launched their campaign......

AUDIO: Greek exit: What is the worst outcome?
European leaders met last night in Brussels. Linda Yueh, Bloomberg's economics editor, and Stefanie Bolzen of German paper Die Welt, debate what comes next for Greece and the eurozone......

VIDEO: Local daily papers feel the pinch
Five daily local newspapers around the UK are releasing their final editions and will soon become weekly publications......

VIDEO: How to get more women into top jobs
The Ministry of Justice has been sharing its own ideas on how to create a more diverse judiciary, but the law is not the only sector where women are less than equal in the senior stakes......

VIDEO: EU 'wants Greece in the eurozone'
EU leaders want Greece to remain in the eurozone but to "respect its commitments", European Council President Herman Van Rompuy has said......

Egypt's poor rely on Gameeya lending schemes
Egyptians turn to traditional saving schemes to make ends meet.....

Six reasons why India's rupee is in freefall
Six reasons why the Indian rupee has fallen sharply in value......

Vietnam's new technology entrepreneurs
The start-ups changing Vietnam's tech industry.....

U.S. Week Ahead: A new way to defriend Facebook
There could be more pressure on Facebook when its options start trading Tuesday. Also watch out for tepid job numbers Friday and will Wal-Mart say "lo siento" to shareholders?.....

Facebook options trades will hedge more downside-CBOE trader
May 25 - Andrew Keene, independent trader at the Chicago Board Options Exchange, says that after Facebook's early sell-off, options traders will likely bet there is more downside to the stock......

Trading at Noon
May 25 - It's Facebook's one-week birthday today but with the stock trading around $32, theres not much cause for celebration......

LIGHTNING ROUND: Facebook options will bet on more weakness
May 25 - Facebook options begin trading Tuesday. CBOE trader Andrew Keene says early bets will be that the stock will fall further, perhaps below $30 a share......

Vatican Bank president ousted
May 25 - The Vatican Bank's president is ousted by the board of directors who blame him for a drop in standards of governance. Sunita Rappai reports......

'Subliminal' explores mind's hidden power
TV about his new book Subliminal which looks at how the unconscious mind shapes people's judgements and perceptions......

Breakingviews: Wal-Mart protest
May 25 - Richard Beales and Agnes Crane discuss how shareholders can show their disapproval of the alleged high-level corruption cover-up at Wal-Mart at next weeks shareholder meeting......

Europe Week Ahead: Bank, debt worries mean volatility ahead
May 25 - Spanish bank worries, Italian debt sales and an Irish referendum add up to another volatile week for the euro zone......

3XSQ: Facebook IPO could cost market makers over $100 mln
May 25 - A senior executive at one of the leading market makers says claims against Nasdaq for Facebook IPO debacle likely to top $100 million......

Portugal will stay in the euro even if Greece leaves: Seguro
May 25 - The leader of Portugal's Socialist party, Antonio Jose Seguro, says his country doesn't need additional funds from the European Union but does want easier budget goals......

Market Pulse: Savage week for Euro assets, right? Not quite
May 25 - French bond yields hit a 22-month low as investors pump cash into assets offering a better return than Bunds......

Breakingviews: Banks should square up to ratings agencies
Breakingviews.....

New Zealand shipwreck officers jailed
May 25 - The captain and navigation officer of a ship that ran aground on a reef off New Zealand are starting jail terms. Paul Chapman reports......

Life After the City: Burrito man, from tax to tacos
May 25 - What motivates a corporate tax lawyer to leave the City and open a Mexican restaurant? Amy Gardner meets Ben Fordham, director of the Benito's Hat chain......

Reuters Today: EU slump adds tension to Greek drama
May 25 - The slowdown adds urgency to the struggle to prevent the disintegration of the single currency......

Data Freak: The hype around China's brokerages
May 25 - Shares of China's biggest brokerages are trading at premiums that may not be justifiable given the near-term challenges to earnings......

Asia Week Ahead: China's manufacturing data in focus
May 25 - China's slowing growth still a key focus for markets, with investors looking to official China PMI numbers due out next week. And in a landmark visit, India's prime minister heads to Myanmar......

Spain's Bankia woes heat up
May 25 - Trading in Bankia shares was suspended after reports the bank is gearing up to ask for a 15 billion euro bailout from the government. Joanne Nicholson reports.....

U.S. Morning Call: Goldman, JPM aid bets against Facebook
May 25 - The WSJ reports that while Morgan Stanley was keeping Facebook shares above $38, two other underwriters lent shares to hedge funds so they could short them......

Caution as Wall Street rallies
May 24 - Summary of business headlines: Volatile trading on Wall St.; April durable goods orders not as strong as expected; Facebook stock gets a bounce; Costco beats forecasts, Tiffany cuts outlook. Conway G. Gittens reports......

Nasdaq's Facebook mess gets nastier
May 24 - Knight Capital Group is suing the Nasdaq to cover its losses from the Facebook IPO, and questions are being raised about the exchange's recent cutbacks and the possibility of any impact on the Facebook debacle. Bobbi Rebell reports......

U.S. Day Ahead: Happy birthday Facebook!
Breakingviews Columnist Antony Currie says the fallout is a lesson in making deals more open......

Fed president sees 2013 rate hike
May 24 - St. Louis Federal Reserve President James Bullard thinks the U.S. economy will be strong enough by late 2013 to warrant a rate hike. Conway Gittens reports......

3XSQ: Facebook employees out close to $1 million each
May 24 - Employees and investors lose money with Facebook as it becomes a growing target of litigation......

Spain battles borrowing costs
May 24 - Anti-austerity protestors round on Spain's government while investors demand more security on bonds and an audit on the fragile banking sector gets underway. Joanne Nicholson reports......

Christine Lagarde: Greeks can help themselves out of the crisis by 'paying their tax'
Christine Lagarde has warned that Greece can expect little sympathy from the International Monetary Fund on its bail-out terms, and called for its citizens to "help themselves" out of the financial crisis by "paying their tax".<img width='1' heigh.....

RBS faces $100m action after trader caught lying
Royal Bank of Scotland is facing a $100m (64m) court battle in America over allegations it lied to clients and committed fraud.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fb7256c/mf.gif' border='0'/><b.....

Bankia asks for 19bn from Spain's taxpayers
Fears of a Spanish bail-out escalated after its wealthiest region asked the central government to help pay its bills and the country's fourth largest bank asked for a 19bn (15bn) taxpayer rescue.<img width='1' height='1' src='http://telegraph.feed.....

Fear over bail-out rises as Catalonia seeks help
Even in the good, pre-recession days, Catalonia resented sending funds to Madrid and subsidising poorer regions around Spain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fb6fa2e/mf.gif' border='0'/><br/.....

Debt crisis: as it happened May 25, 2012
S&P cuts the credit rating of five Spanish banks, including three to "junk," as struggling lender Bankia requests 19bn in state aid and Catalonia calls for assistance from central government to pay its bills.<img width='1' height='1' src='http.....

Debt crisis: live
S&P cuts the credit rating of five Spanish banks, including three to "junk," as struggling lender Bankia requests 19bn in state aid and Catalonia calls for assistance from central government to pay its bills.<img width='1' height='1' src='http.....

HSBC avoids investor rebellion over pay while Trinity Mirror feels discontent
HSBC has dodged an investor rebellion as the so-called "Shareholder Spring" passed by Europe's biggest bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fb67624/mf.gif' border='0'/>.....

Codelco head's departure 'not linked' to Anglo row
The sudden resignation of Codelco's chief executive has sparked speculation that he is a casualty of the Chilean copper giant's legal battle with miner Anglo American.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Greece faces German future as euro exit looms
Germany has reportedly drawn up a six-point plan to rescue Greece and the eurozone's other failed economies in the same way East Germany was rebuilt after the fall of the Berlin Wall.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Apple chief Tim Cook passes up $75m 'to set example'
Apple chief executive Tim Cook is voluntarily forfeiting $75m in dividend payments on shares he is due to receive over the next decade "to set an example" over pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Aviva 'could float growth divisions for over 2bn'
Aviva was in the spotlight on Friday as City scribes suggested that the insurer could float its emerging markets businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fb67926/mf.gif' border='0'/><br/&.....

Chinese banks set to miss lending targets
Fears that Chinese banks will fail to reach their lending targets for the first time in seven years has fuelled further anxiety over a slowdown in the world's second largest economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Rate alert: the best credit cards
If you repay your credit card statement in full each month, you should look for a card that rewards you for your spend.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fb53000/mf.gif' border='0'/>.....

Catalonia calls for help from central government to pay debts
European stock markets tumbled and Spain's borrowing costs shot up as the country's wealthiest autonomous region, Catalonia, called for assistance from central government to pay its bills.<img width='1' height='1' src='http://telegraph.feedsportal.....

Catalonia needs a bailout from central government
Spain's wealthiest autonomous region, Catalonia, needs a bailout from the central government because it is running out of options for refinancing debt, warns Catalan President Artur Mas.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Catalonia demands a bailout from central government
European stock markets tumbled and Spain's borrowing costs have shot up as the country's wealthiest autonomous region, Catalonia, calls for a bailout from central government to pay the bills.<img width='1' height='1' src='http://telegraph.feedspor.....

Morgan Stanley may offer refund to Facebook investors
Morgan Stanley, the lead investment bank in Facebook's flotation, will compensate investors who overpaid, according to a person familiar with the matter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fb42b1f/mf.....

UK economy could shrink by 2pc if Greece exits euro
The UK economy could be plunged even deeper into recession with a GDP contraction of up to 2pc if Greece is forced into a disorderly exit from the eurozone.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fb42b20.....

Japan hires top girlband AKB48 to sell government bonds
AKB48 sold more than $200m-worth of CDs and DVDs last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fb42b22/mf.gif' border='0'/>.....

Former Lloyds head of fraud and security Jessica Harper charged over 2.5m fraud
Director at state-backed Lloyds Banking Group whose job it was to prevent online fraud charged on suspicion of a 2.46m scam.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fb33602/mf.gif' border='0'/>.....

Market webchat, Tuesday 29 May at 2pm: Are we in another tech bubble?
Pitch your questions on Facebook's torrid start to life in our live Q&A.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fb2dbcb/mf.gif' border='0'/>.....

FTSE 100: Aviva advances as large-caps make modest gains
Insurer Aviva led the charge in morning trading as the blue-chip index extended its rally, buoyed by Italian prime minister Mario Monti saying that most of Europe's leaders support joint bonds for the eurozone.<img width='1' height='1' src='http:/.....

Dixons gets 300m debt package from banks
Electrical retailer has agreed a 300m refinancing package with its lenders, giving the company a last minute life line and boosting confidence that banks are willing to support the high street.<img width='1' height='1' src='http://telegraph.feedsp.....

Treasury could save 3bn with inflation changes
The Government could make changes to the way inflation is calculated that would save the Treasury 3bn a year, but cost pensioners and those holding index-linked bonds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Nationalised Spanish lender Bankia 'to ask government for more than 15bn'
Spanish lender Bankia will reportedly ask the state for more than 15bn to bail it out when its new management team presents a restructuring plan on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fb055fe/.....