Search This Blog

Wednesday 30 May 2012

UK Financial News on 2012-05-30

Markets unsettled by Spain fears
Fears over Spain's finances have sparked losses for stock markets and a move into safe haven investments......

Big boost for alternative lenders
The government plans a 100m boost for non-traditional lenders to business, including internet finance firms......

Eurozone bank bailouts proposed
The European Commission suggests that banks should be bailed out directly, and proposes a eurozone-wide banking union and deposit protection scheme......

Credit card loans shrink in April
Credit card lending in April recorded its biggest monthly contraction since August 2006, figures show, indicating further evidence of consumer caution......

'No countries ready to join euro'
The European Central Bank says that none of the eight countries that are supposed to join the euro are ready yet......

Support for UK deficit-cutting
The UK government should continue with deficit cutting policies at the same time as prioritising spending for growth, the European Commission recommends......

Contactless pay limit goes to 20
The limit on purchases made using wave-and-go card technology rises to 20 on Friday, as the Post Office says it will install the readers in branches......

Fuel price-cut law 'considered'
Transport Secretary Justine Greening says she will consider legislation to force petrol retailers to pass on cuts in the wholesale price of fuel......

Blackberry maker warns of loss
The company behind the Blackberry smartphone warns it will make a loss in its latest quarter and make "significant" job cuts, as it hires banks to review its business......

Mirror editors sacked in shake-up
The editors of the Daily Mirror and Sunday Mirror are 'made redundant' as the two newspapers merge into one title, says publisher Trinity Mirror......

Facebook shares fall to new low
Facebook shares fall to a new low below $29, less than two weeks after its high-profile flotation, as Russia's biggest social network cancels its share sale......

Distrust could hamper Green Deal
Public mistrust of the Big Six energy firms may undermine government plans for its planned Green Deal, according to the International Energy Agency......

Apple boss: Not trying to be Jobs
Apple's new chief executive Tim Cook says Steve Jobs was a "visionary" and his role "was never to replace him"......

Sportingbet's profit hit by Spain
Quarterly profits slump at Sportingbet after it was forced to suspend its Spanish operation following a court ruling......

Booker Group to buy rival Makro
Food wholesaler Booker Group is buying rival Makro UK in a combined share issue and cash deal worth 139.7m in total......

Samsung family feuds over shares
The chairman of Samsung Electronics, Lee Kun-hee, is to defend three lawsuits from family members claiming ownership of $1bn of company assets......

Doctors to take industrial action
Doctors will stop providing non-urgent care for a day next month in the first industrial action by the profession for nearly 40 years......

Cars roar ahead in Queen's reign
BBC transport correspondent Richard Westcott looks at how motoring has changed throughout the Queen's 60 year-reign......

Firm condemned for 'Jubilee loan'
A payday lender is criticised after it published a blog suggesting people could take out a loan to fund their Jubilee celebrations......

April house price drop confirmed
House prices in England and Wales fell last month following the end of the stamp duty holiday for first-time buyers, the Land Registry says......

Dentistry 'needs urgent reform'
Some dentists are misleading their patients about their right to NHS treatment, so the patients pay for more expensive private ones instead......

Tenants 'face more debt problems'
People who rent their homes are increasingly likely to have debt problems, the Consumer Credit Counselling Service says......

S Korea current account shrinks
South Korea's current account surplus almost halves in April after exports of computer and phone chips and oil products slow......

Retail sales 'post strong rise'
Retail sales rose strongly in May compared with a year earlier, according to the CBI business organisation......

Fall in US consumer confidence
US consumer confidence falls to an eight-month low as fears about the global economy and a falling domestic stock market hits sentiment......

Profits jump at Jaguar Land Rover
Jaguar Land Rover, the Indian-owned car manufacturer, announces a 34% rise in profits as sales hit a record high due to strong demand from emerging markets......

Hedge fund boss fined 3m by FSA
Hedge fund boss Alberto Micalizzi is fined 3m for concealing losses and lying to investors in a case that the regulator says is "amongst the most serious" of its kind......

BP to resume operations in Libya
BP, the British oil major, has announced that it will be resuming exploration operations in Libya, as safety fears subside following the 2011 conflict......

Scottish ban warning over Rangers
Scottish football could face an international ban after Rangers challenged the SFA's transfer sanctions in the courts, it is warned......

Ukraine 'should host Euro 2012'
The daughter of jailed Ukraine ex-PM Yulia Tymoshenko says Kiev should host Euro 2012 football as planned, despite allegations of political repression......

Halt Italian football, says PM
Professional football in Italy should be suspended for up to three years after a match-fixing row, Italian Prime Minister Mario Monti suggests......

VIDEO: Markets unsettled by Spain fears
Concerns over Spain's financial situation have sparked losses for shares across Europe and the United States......

AUDIO: Krugman: 'Austerity is deeply destructive'
The Nobel Prize-winning economist Paul Krugman speaks to Evan Davis following his withering attack on the British government's economic policy......

VIDEO: Most complained-about adverts
The Advertising Standards Authority's Guy Parker tells BBC Breakfast how his organisation deals with the most complained-about adverts......

AUDIO: How to keep cool in the office
A new report suggests ways for workers to stay cool while at work as the UK faces summer of heatwaves......

AUDIO: 'You can't solve debt with more debt'
The American Nobel prize-winning economist Paul Krugman was at the LSE last night attacking in a lecture the British government for its austerity policy. Evan Davis speaks to one of his opponents, the historian Niall Ferguson......

AUDIO: ECB declines Spain bank bailout
Radio 5 live asked a Spanish economics professor if he expected the ECB to turn down Spain's request for a bank bailout......

AUDIO: Lord Browne: 'Being gay was terrifying'
Business editor Robert Peston has been speaking to Lord Browne about what his life was like as a young, gay, BP executive in the 1960s......

VIDEO: 'Sleepy pilots' fear over EU hours plan
European proposals to change the number of hours worked by airline pilots are weaker than current UK regulations and could put passengers at risk, MPs have warned......

Lotus in limbo after chief's suspension
Sportscar and engineering firm eyes uncertain future.....

My Business: A formula for unruly hair
The Brazilian who developed a product for fabulous hair.....

World attention shifts to East Asia
World attention shifts to East Asia amid global slowdown.....

Shopping around for a bank account
Why it pays to shop around for a bank account.....

Are women their own worst enemy?
Are women to blame for not getting top jobs?.....

World's most ambitious ex-teacher?
Is this the world's most ambitious ex-teacher?.....

Investment charges: Will they become clearer?
Are investors given enough information?.....

U.S. Day Ahead: MS shares could come under fire
May 30 - The Facebook fallout continues for Morgan Stanley, retail could rally after a miserable April and alarm bells are ringing in the jobs market......

Any juice left for BlackBerry brand?
May 30 - The clock is ticking on Research in Motion as it explores its options after hiring bankers to review the business. Two analysts share different views on which direction the BlackBerry maker could go. Bobbi Rebell reports......

Wealth Strategies: Amazon, Facebook likely buyers of RIM
May 30 - After the maker of BlackBerry devices said it had retained bankers to explore strategic options. Tullett Prebon's Sachin Shah discusses possibly buyers and how to trade the stock's slide......

Trading at Noon: Analysts cut RIM outlook
May 30 - Analysts say the odds of a turnaround at the once iconic Blackberry maker are fading fast......

Trading at Noon: Analysts cut RIM outlook
May 30 - Analysts say the odds of a turnaround at the once iconic Blackberry maker are fading fast......

Markets hit by more pain in Spain
May 30 - The European Commission throws Spain two potential lifelines, offering more time to reduce its budget deficit and direct aid from a euro zone rescue fund to recapitalise distressed banks as the Madrid stock market hits a nine-year low. Ciara.....

It's not over for the BlackBerry: Brand strategist
May 30 - The BlackBerry brand is far from doomed, but Research in Motion needs to re-focus on user experience says Wolff Olins Senior Strategist Manlio Minale......

Breakingviews: Private equitys moment?
May 30 - Richard Beales talks to Jeffrey Goldfarb about the huge opportunity afforded the leveraged buyout industry by President Obamas attacks on Mitt Romney......

Europe Day Ahead: Ireland votes on EU fiscal pact
May 30 - Irish voters go to the polls in a referendum to accept or reject a fiscal compact between 25 EU member states that will require them to exercise greater budgetary discipline......

French luxury brands fight fakes
May 30 - Some of France's finest firms from the luxury brands industry including Chanel, Dior and Louis Vuitton launch publicity campaign to combat global counterfeiting. Hayley Platt reports......

3XSQ: What's next for Research in Motion?
May 30 - Shares of Blackberry maker Research in Motion are falling as the company hires bankers for a strategic review......

Irish vote small step for Europe....giant leap for Ireland
May 30 - Ireland is likely to vote for the EU's "fiscal compact" this week. Its people prepared to accept more austerity in the short term in return for a more secure future in Europe over the long term......

Berlin's cyber start-ups get talent "factory" of their own
May 30 - Cheap rents and an abundance of international talent have attracted around 1,300 internet start-up companies to Berlin in the last 5 years. Now they have a new home in the city centre......

Market Pulse: 50% chance Spain seeks bailout
May 30 - SOS to Europe:policy response urgently required. Markets in a spin as euro policy vacuum is filled by confusion, especially over Spain's banks. Peripheral bond yields soar, core yields at new lows......

UK firm goes for gold in Olympic queueing
May 30 - Britain-based company Tensator is the global leader in managing queues. So it expects to get a boost from the 2012 Olympic Games when around 500,000 extra people will be in London each day. Joanna Partridge reports......

Breakingviews: To bail out Bankia - first bail out Spain
Breaking views......

Samsung conglomerate rings with the Chaebol blues
May 30 - Family infighting sizzles at the top of one of South Korea's biggest companies......

Reuters Today: RIM seeks strategy help from bankers
May 30 - Blackberry-maker RIM hires bankers after shock loss warning, Facebook shares slump and family feud threatens Samsung......

Breakingviews: Luxury sales lashed by China political winds
Breakingviews explains......

Myanmar's migrant workers greet Suu Kyi in Thailand
May 30 - Hordes of Myanmar nationals gather near Bangkok to greet pro-democracy leader Aung San Suu Kyi, in her first venture overseas in 24 years......

U.S. Morning Call: RIM struggles to stay afloat
May 30 - Blackberry maker Research in Motion hires bankers for a far-reaching strategic review......

RIM turns outward for inward review
May 29 - Research in Motion has hired JP Morgan and RBC Capital Markets to review its business options as it warns of an operating loss for the quarter. Conway G. Gittens reports......

Prospects dim for RIM; Stocks rally
May 29 - Summary of business headlines: Research in Motion hires bankers to review its struggling business; Wall Street gains one percent as Europe worries temporarily fade. Conway G. Gittens reports......

Code red for RIM, says PE Hub's Marino
May 29 - By hiring JPMorgan and RBC Capital Markets, RIM is signalling a code red, says PE Hub's Marino. Potential buyers include Nokia, Google and Samsung......

Opera may hit right note for Facebook
May 29 - Facebook is under pressure to make money from mobile devices and that may have it tuning into Norway's Opera Software as the newly public company puts together a revenue building strategy. Bobbi Rebell reports......

Lord Browne urges businesses to end discrimination against homosexuals
Lord Browne has urged companies to do more to end discrimination against homosexuals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fdca24c/mf.gif' border='0'/><br/><br/><a href="http://da.fee.....

High prices in rip-off Britain hampering the recovery, says Brussels
British consumers face "high prices" on the high street and taxes on travel and property in excess of any other European country, the European Commission warns.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fdc.....

Spain in a state of 'total emergency'
Spain is in a state of 'total emergency', the country's former prime minister has warned, with Madrid facing punitive borrowing costs and the prospect of needing a Greek-style bail-out.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

BT Pension Scheme seals deal for 13pc stake in Thames Water
The BT Pension Scheme has become the second-largest shareholder in Thames Water as it looks to invest in an asset that will provide safe and sustainable returns to match the fund's long-term liabilities.<img width='1' height='1' src='http://telegr.....

Non-bank finance platforms given 100m boost
Online lending marketplaces which bypass the banks have been invited to apply for 100m of public money as part of a Government plan to stimulate alternative sources of finance for small businesses.<img width='1' height='1' src='http://telegraph.fe.....

European Commission calls for bank union in radical policy shift
The European Commission put itself on a collision course with Berlin by calling for a eurozone "bank union", including collective bail-outs, and a relaxation of the Fiscal Pact rules.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Kayak to delay IPO as Facebook shares sink further
Kayak, the online travel service, is said to be delaying its stock market flotation in America following Facebook's disastrous initial public offering.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fdbec39/mf.g.....

Rothschild and Rockefeller: their family fortunes
Harry Mount marvels at how these two dynasties have held on to their wealth for so long.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fdbe602/mf.gif' border='0'/><br/><br/><a href="http://da......

Energy reforms risk becoming 'expensive and inefficient', IEA warns
Government plans to reform the energy sector risk becoming "expensive and ineffective", the International Energy Agency (IEA) warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fdbe11d/mf.gif' border='0'/>.....

Daily and Sunday Mirror editors out as titles merge
Trinity Mirror Group is to merge the Daily Mirror and the Sunday Mirror in a move that has cost the editors of both newspapers their jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fdbdbe3/mf.gif' border='0.....

Spain faces 'total emergency' as fear grips markets
Spain facing gravest danger since end of Franco dictatorship as country is frozen out of global capital markets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fdbdbe4/mf.gif' border='0'/><br/><br/&g.....

How much longer will the ECB refuse to come to the rescue?
Do the single currency's 17 members sincerely want to save the euro?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fdbdbe5/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13.....

Dublin forecasts 60pc of voters will back EU fiskalpakt
Ireland's government is confident of victory in Thursday's eurozone fiscal pact referendum as secret official polling forecasts that over 60pc of Irish voters will tick the Yes box.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Apple boss Tim Cook cosies up to Facebook
Apple has signalled it could end its long-running feud with Facebook, in a sign that the iPad and iPhone producer could become more collaborative with other companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Vodafone executive died after working his way through hotel minibar
A Vodafone executive was found dead in his five-star hotel room while on a business trip to America after drinking almost the entire contents of the minibar, an inquest heard yesterday.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Weavering boss Magnus Peterson committed fraud
Directors of failed hedge fund Weavering Capital have been ordered to pay $450m after they were found to have committed fraud in the months leading up to its collapse.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Debt crisis: as it happened May 30, 2012
EU says eurozone should consider setting up banking union and allow rescue fund to directly boost the capital of banks to further stop expensive bailouts from pulling down governments' own finances.<img width='1' height='1' src='http://telegraph.f.....

Admiral driven down as bears maul the FTSE
Murmurings that InterContinental Hotels could bunk up with Marriott got investors in the UK hotel group somewhat hot under the collar.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fdb446c/mf.gif' border='0'/&g.....

Debt crisis: live
EU says eurozone should consider setting up banking union and allow rescue fund to directly boost the capital of banks to further stop expensive bailouts from pulling down governments' own finances.<img width='1' height='1' src='http://telegraph.f.....

Insurer Euler Hermes suspends cover on exports to Greece
Greece was dealt a further blow when the world's biggest trade credit insurer suspended cover for exporters shipping goods to the country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fdac0d5/mf.gif' border='0.....

Busson's EIM considers merger plan
EIM, the fund-of-hedge funds founded by the flamboyant Arpad Busson, has held merger talks with rival asset managers after suffering a spate of client withdrawals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Busson's EIM considers merger plan
EIM, the fund-of-hedge funds founded by the flamboyant Arpad Busson, has held merger talks with rival asset managers after suffering a spate of client withdrawals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Italian bond yields rise above 6pc danger level
Italy's borrowing costs rose to dangerously high levels as the government failed to meet its target for bonds sales when investors stayed away from the latest auction.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

RBS annual general meeting: as it happened - May 30, 2012
Sir Philip Hampton says RBS investors won't regain wealth 'in my lifetime', but adds that the 'great majority' supported paying Stephen Hester a bonus.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fdac0d8/mf.g.....

RBS shareholders will never recover money they lost
Shareholders in Royal Bank of Scotland will never recover the money they lost in the wake of the lender's collapse more than three years ago, according to the taxpayer-backed bank's chairman.<img width='1' height='1' src='http://telegraph.feedspor.....