Search This Blog

Saturday 26 May 2012

UK Financial News on 2012-05-26

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......

High Streets to share 1.2m pot
Twelve English High Streets - from Cornwall to Northumberland - will share a 1.2m pot of government cash to rejuvenate shopping areas......

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......

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......

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......

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

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......

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......

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

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......

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......

VIDEO: High Streets share 1.2m funding
Twelve English High Streets - from Cornwall to Northumberland - will share a 1.2m pot of government cash to rejuvenate shopping areas......

VIDEO: India's impact on Kuwaiti economy
The number of Indians living in in Kuwait has quadrupled in the past decade to about 650,000 - making them the country's largest non-Arab population......

VIDEO: Inside Google's lair
Click's Sumi Das reports from inside Google on the company's quest to perfect workplace efficiency by going the extra mile for their employees......

VIDEO: Spain's Bankia vows transparency
The head of Spain's fourth-largest bank, Bankia, has promised more transparency, a day after announcing huge losses and asking for a bailout......

VIDEO: Your Money: Changes to payday loans
In this week's Your Money, Declan Curry looks at new pledges from payday loan companies to help borrowers who are in trouble......

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......

Cashback websites: how do they work?
Are there any pitfalls to cashback shopping sites?.....

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

Wall St. sees first rally in four weeks
May 25 - Summary of business headlines: U.S. stocks posted their first weekly gain in a month, but fell ahead of the long holiday weekend; Consumer sentiment at four-year high in May; Facebook ends birthday week lower; Euro stocks creep higher. Jill .....

SpaceX: One giant leap for business in space
May 25 A new space age begins as the first privately owned vessel reaches the International Space Station. Space Exploration Technologies, or SpaceX, docked its Dragon cargo ship one week after an aborted rocket launch. Rough Cut (no reporter narrat.....

No party for Facebook IPO birthday
May 25 - There was no celebration as Facebook marked its first week as a publicly traded company. Claims tied to the social networks botched IPO on the Nasdaq are likely to exceed more than $100 million according to four big Wall Street market player.....

American shopper happiest in four years
May 25 - U.S. consumer sentiment jumped to the highest since October 2007 as consumers bet the job market will improve and wages will rise enough to offset higher prices. Conway G. Gittens reports......

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?.....

Dead silence then Nasdaq chaos burns Facebook investors
' Jennifer Merritt and Jed Horowitz on their latest reporting......

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......

Gobi Desert wines nose out new markets
May 25 - Chateau Hansen's Gobi Desert wines pursue international presence. Arnold Gay reports......

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......

Asian stocks fall to 2012 low
May 25 - Asian shares hit their lowest levels for the year, after manufacturing activity in the euro zone shrinks to its lowest since June 2009, and China heads for soft H1......

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.....

Think Tank: The 'Wonga model' can open the door to new business lending
The uproar over payday lender Wonga's move to offer short-term loans to businesses has turned the spotlight on the growing role of alternative funders in providing much needed finance to SMEs, writes Rachel Bridge.<img width='1' height='1' src='ht.....

Explore Learning price tag rises to 50m after private equity interest
Working parents' favourite Explore Learning has increased its price to 50m after a clutch of private equity firms expressed an interest in buying it.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fbd114e/mf.gif.....

Spain's troubled Bankia set to sell down stake in British Airways owner IAG
Spain's stricken Bankia expects to sell off its vast portfolio in industrial holdings that include a stake in the parent company of British Airways and Iberia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fbd1.....

The case to answer for the Serious Fraud Office
In a terrible week for crime-fighting agency the Serious Fraud Office, the Tchenguiz hearing laid bare its many failings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fbd1150/mf.gif' border='0'/><br/>.....

A4e 'scandal' prompts scrutiny call
Back-to-work firm A4e and other private businesses paid by the state should be subject to the same scrutiny as listed companies", a leading member of Parliament's spending watchdog committee said.<img width='1' height='1' src='http://telegraph.fee.....

Whisper it, Vince Cable supports a lot of Beecroft
Despite the controversy of the last week over the Beecroft report, at last we are talking about an important area of reform backed by the overwhelming majority of businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Lloyd's of London preparing for euro collapse
The chief executive of Lloyd's of London has admitted that the world's leading insurance market is prepared for a collapse in the single currency and has reduced its exposure "as much as possible" to the crisis-hit continent.<img width='1' height=.....

Jaguar Land Rover set to report record 1.5bn profits
Jaguar Land Rover is likely to confirm the dramatic revival in British car making this week when it unveils record pre-tax profits of more than 1.5bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fbd1154/mf.gi.....

DP World lines up Uniserve for new London Gateway port
DP World, the Dubai-based company building the new 1.5bn London Gateway port on the Thames Estuary, is close to signing up Britain's biggest private freight company Uniserve as a key customer.<img width='1' height='1' src='http://telegraph.feedspo.....

Lloyd's of London CEO Ward sets out moves away from risk amid euro fears
Richard Ward, chief executive of the Lloyd's insurance market, has another claim to fame. "Not many people know that I did a lot of the pioneering work looking at the structure of liquid crystals that you now find in televisions," he says.<img wid.....

Whistleblower Michael Woodford sues Olympus for $60m
Whistleblower and ex-Olympus chief executive Michael Woodford is seeking a record $60m pay-out from his former employers for unfair dismissal and discrimination at a tribunal scheduled to begin on Monday.<img width='1' height='1' src='http://teleg.....

Terra Firma plans 1bn float of Infinis
Guy Hands' private equity firm Terra Firma has met with a series of banks about a possible 1bn float of its energy company Infinis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fbd1158/mf.gif' border='0'/>&.....

Battersea Power Station buyer to be named this week
The future of Battersea Power Station could be determined as early as this week with the administrators preparing to identify their preferred bidder for the historic 38-acre site<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Formula One drives its tax rate down to 5pc
Formula One has managed to drive its effective tax rate down to below 5pc on annual profits of nearly $500m thanks to HMRC allowing interest on a series of loans made between group companies to be tax deductible.<img width='1' height='1' src='http.....

Loans to be made available for young enterpreneurs
Budding entrepreneurs will be able to access student-style loans from tomorrow when the Government launches a funding scheme designed to tackle youth unemployment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Waterstones makes shelf room for the Amazon 'devil'
Waterstones chief executive James Daunt is keen to prove that being a fan of high-brow literature and being a "ruthless money-making devil" are not incompatible.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fb.....

Mitie's Ruby McGregor-Smith:. 'let's show support for our risk-takers'
Over-regulation and lack of support for entrepreneurialism are what's holding back British business, according to Ruby McGregor-Smith.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fbce9fb/mf.gif' border='0'/&g.....

Britain makes way for new 1.5bn superport
Construction projects in Britain are notoriously hard to get off the ground. But not many also involve calling in the Royal Navy to detonate a 2,000lb bomb.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fbce9fd.....

How red tape is tying British business in knots
A shake-up in restrictive employment law is more vital than ever if businesses are going to lead Britain back to growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fbce9fe/mf.gif' border='0'/><br/>&.....

Rehousing 350,000 animals posed challenge for London Gateway
It was the snakes that most surprised Marcus Pearson, London Gateway's environmental manager. When he first arrived on the site closed by Shell in 1999, he found that "nature had come back on board" with a vengeance.<img width='1' height='1' src='.....

Tech giants struggle to put a price on the future
Mark Zuckerberg and Mike Lynch are two entrepreneurs who did not enjoy the best of weeks. Zuckerberg, the 28-year old founder of Facebook, saw his own fortune shrink by almost a fifth to (a mere) $16.8bn as shares in the site slumped.<img width='1.....

Mark Hurd: 'I felt Oracle was in a position to do something nobody else could do'
Mark Hurd has made his Silicon Valley second coming at Oracle - he explains why he is so excited about 'big data' and the impending battle with rivals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fbc890c/mf.g.....

For the eurozone, the worst is yet to come
This euro crisis is now getting extremely serious. Events are happening quickly, closing-in on policy-makers and threatening to engulf us.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fbc088b/mf.gif' border='0.....

Four ways to direct your feet to the sunny side of the street
When I warned last week that we would have to get used to greater market volatility this summer, I was more confident about the market prediction than the seasonal reference.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

No German money for Greek 'bottomless pit'
Germany will not "pour money into a bottomless pit" and patience with Greece is growing thin ahead of a new election next month, according to a member of Angela Merkel's cabinet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....