Search This Blog

Saturday 2 June 2012

UK Financial News on 2012-06-02

Weak US job figures hit markets
Stock markets fall following news that the US economy added considerably fewer jobs than had been expected in May......

BP to pursue sale of TNK-BP stake
BP plans to divorce its Russian oligarch partners by selling its stake in the massively lucrative TNK-BP joint venture......

Plan to remove 'granny flat' tax
Ministers say up to 300,000 families in England could benefit from plans to scrap council tax for so-called granny flats and ease rules on garage conversions......

Firm attacks wind farm protesters
An energy firm claims that wind farm developments are being unfairly blocked by "tiny" groups of protesters......

UK manufacturing sector 'shrinks'
The UK's manufacturing sector contracted at its fastest pace for three years in May, according to a closely-watched survey......

Tax department staff back strike
Some Revenue and Customs workers, including tax advisers, have voted in favour of a strike in a dispute over job cuts and privatisation......

Eurozone unemployment rate at 11%
Unemployment in the eurozone was 11% in April, unchanged from March, but still the highest since the bloc was formed, official figures show......

GM to cut pension burden by $26bn
US car giant General Motors announces plans to reduce its pension obligations by $26bn by offering thousands of retiring workers lump-sum payments......

Microsoft previews latest Windows
Microsoft is launching the most complete preview yet of its forthcoming Windows 8 operating system, the biggest redesign since Windows 95......

Google to charge online retailers
Google will start charging companies for listing products in the shopping section. From autumn only retailers who have paid will appear......

Spain's manufacturing woes deepen
The rate of contraction in Spain's manufacturing sector was worse than that of Greece in May, an influential business survey suggests......

Judge backs Google over Oracle
A US judge dismisses the central basis of Oracle's $1bn copyright claim against Google......

MoneySavingExpert sold for 87m
High-profile personal finance commentator and campaigner Martin Lewis has sold his MoneySavingExpert website for up to 87m......

Irish vote backs EU fiscal pact
Voters in the Republic of Ireland back the EU fiscal pact in a referendum, with results showing 60% cast ballots in favour......

Fitness First thrown CVA lifeline
Fitness First, the struggling gym company, has entered into a company voluntary arrangement in a bid to stave off bankruptcy......

Treasury denies skip tax U-turn
The Treasury denies there is to be any U-turn over a planned tax increase on waste dumped from skips......

Festival boss apologises for flop
The organiser of a charity music festival which flopped last month apologises for leaving creditors out of pocket......

Dental claim fines hit thousands
More than 8,000 NHS dental patients have been fined in the past year for claiming free treatment when they were not eligible in the last year......

Contactless pay limit up to 20
The price limit on purchases made using wave-and-go card technology has now increased to 20 from the previous limit of 15......

China factory activity weakens
Activity in China's biggest and mainly state-owned factories hits the lowest point this year due to weak domestic demand......

Remploy staff stage closure rally
Remploy staff from across Wales have joined a rally in Cardiff protesting against plans to close factories employing disabled people......

Edinburgh Airport changes hands
The owner of Gatwick and London City airport formally takes ownership of Edinburgh Airport following a 807m deal......

West Ham quash ground share talk
West Ham release a statement quashing speculation about sharing the Olympic Stadium with Leyton Orient......

VIDEO: Your Money: Rising rents pile on debt
In this week's Your Money, Declan Curry looks at rising rents which are forcing thousands of people into debt......

VIDEO: BP to pursue sale of TNK-BP stake
BP has announced that it is going to try to sell its stake in the TNK-BP Russian oil joint venture......

VIDEO: Retailers expect Jubilee boost
Experts are predicting the long bank holiday weekend will bring in 509m to the economy, as people celebrate the Queen's Diamond Jubilee......

AUDIO: MoneySavingExpert sold for 87m
Martin Lewis has told BBC Radio 5 live about the sale of his website moneysavingexpert.com for 87 million......

AUDIO: The price of cheap clothes?
In a report published today the organisation, Anti-Slavery International allege that Indian textile firms, which supply some of Britain's biggest high street retailers, are operating near slave labour conditions. Mike Thomson has travelled to Tamil N.....

AUDIO: TNK was 'crown of thorns' for BP
BP announced that they intend to sell there 50 percent stake in Russia's third largest oil producer, TNK. Nick McGregor, oil analyst at stockbrokers Redmayne Bentley, gives his reaction to the news......

AUDIO: Lawson 'delighted' over tax U-turn
The Chancellor George Osborne has admitted he got it wrong with his cap on tax relief on charitable giving in the Budget. Former Conservative chancellor, Lord Lawson, gives his view on the issue......

VIDEO: 'Not for the faint hearted'
In these volatile markets, many investors are putting money into low-yield assets just to protect their capital.....

Jubilee memorabilia 'not a goldmine'
Why Diamond Jubilee memorabilia is unlikely to rise in value.....

Wall St. shudders at grim global outlook
June 1 - The Dow erased all its gains for the year as stocks took a beating after the weakest job growth in a year sparked concerns the effects of the European debt crisis are hurting the global economy. Conway G. Gittens reports......

Factory owner re-tools hiring plans
June 1 - Declining confidence in the struggling economy caused by lackluster job creation is causing the head of Linda Tool, a small manufacturer in Brooklyn, New York to delay hiring new workers even though he has open positions. Jill Bennett report.....

U.S. Week Ahead: Markets on watch for more global turmoil
June 1 - The economic turmoil roiling markets will be in focus next week, as governments and investors monitor developments. And Fed chairman Ben Bernanke faces Congress and questions about QE3......

Weak jobs report hurts Obama's re-election chances: Moody's
June 1 - An exclusive Moody's report finds that, though President Obama will still likely win re-election in November, his chances will be hurt by May's jobs number and if things worsen it could be a toss-up......

BP moots retreat from Russia
June 1 - UK oil company BP says it's considering the sale of its stake in Russia's third-largest oil producer, TNK-BP, after offers came in from undisclosed buyers. Joanne Nicholson reports......

PayPal leads mobile payments push
June 1 - Mobile payments have been slow to take off in the UK, but the electronic payments company PayPal is just one of the names that sees great potential. Matt Cowan reports......

Cambodian lives and forests saved by award-winning water filter
June 1 - A simple water filter made from rice husk is helping the poor of rural Cambodia improve their health prospects and stem the deforestation that is destroying the nation's jungles. This week iDE-Hydrologic picked up a prestigious Ashden Award .....

U.S. hiring hits a wall
June 1 - Hopes of an American rescue of the global economy were dashed with a report showing the weakest U.S. job growth in a year, shocking Wall Street. Conway G. Gittens reports......

Trading at Noon: Jobs jolt; Groupon shares decline
June 1 - U.S. stocks stumbled after disappointing jobs growth and Groupon slides as its lockup ends......

Breakingviews: Another billionaires busted IPO
June 1 - Mark Zuckerbergs misery has company from Brazil's richest man. Jeffrey Goldfarb and Raul Gallegos discuss Eike Batista's latest IPO, which suffered a similar fate to Facebook's......

Scientists find slippery solution to ketchup conundrum
June 1 - Researchers at MIT have developed a super slippery coating that will finally liberate sticky condiments from their stubbornly resistant containers. The coating's chemical make-up is a secret, but it could finally bring an end to the frustrat.....

Fed likely to announce QE3 after May jobs report: Bianco
June 1 - The U.S. economy posted the smallest jobs gain in a year. Bond investor Jim Bianco says that while the economy is avoiding recession, U.S. growth will be anemic at about 1% this year......

Austerity isn't enough to solve euro zone's problems
June 1 - Erik Jones, head of Europe for Oxford Analytica, says that euro zone officials need to enact more decisive policies than austerity measures and feels the ECB isn't equipped to make the necessary calls.....

Europe Week Ahead: ECB contemplates rock, hard place
June 1 - Attention turns to the ECB with bank governor Mario Draghi under pressure to provide new stimulus even after saying repeatedly that it was now time for governments to act......

3XSQ: Dismal U.S. jobs report shocks markets
June 1 - The implications of a disappointing jobs report on the markets, elections and Fed policy......

Market Pulse: Thought May was bad? Hold tight for June...
June 1 - After a torrid month for investors in May, June is looking even worse as euro zone turmoil and Chinese data drive stocks and the euro to new lows and see German 2-year yields turn negative......

Drop in small business lending suggests lower GDP in 2012
June 1 - PayNet president Bill Phelan says the drop in the Small Business Lending Index in April suggests the U.S. economy is heading to bear country and that data show businesses are risk-averse......

Suu Kyi speaks at WEF
June 1 - Myanmar opposition leader Aung San Suu Kyi speaks about her country's need for meaningful development at the WEF in Thailand. Jessica Gray reports......

Spanish cash flight not going under mattresses ... yet
June 1 - A record 66.2 billion flew out of Spain in March, a figure that is likely to rise in coming months. Where's the cash going? Not under Spanish mattresses ... not yet anyway......

Royal barber's two centuries of cuts
Jun 1 - As Britain's Queen Elizabeth prepares to celebrate sixty years on the throne, her husband's barber Truefitt & Hill is still in business two centuries after opening its first shop. Hayley Platt reports.....

Breakingviews: BP could get $30bln relief from TNK grief
June 1 - If BP sold its share in the TNK venture it could get up to $30 billion, but it would need to find new partners which could lead a whole new set of problems, says Breakingviews......

More recession, QE on way after UK PMI shock
June 1 - A deeper slowdown and more quantitative easing look likely in the UK after manufacturing PMI numbers fall at the second-fastest rate ever in May......

Germany's Pirates step up assault on mainstream parties
June 1 - The Pirates party aim to build on their success in regional elections to gain entry into Germany's national parliament, where they could one-day become coalition kingmakers.....

Reuters Today: China slowdown adds to global woes
June 1 - China factory activity worsens, the EU warns euro survival at risk, F1 pulls its Asia IPO and Ridley Scott returns to sci-fi......

Japan 101 - Key to success from a foreign CEO
finds out from Carlos Ghosn how to thrive......

DWP 'hiding back-to-work fraud from taxpayers', claims Margaret Hodge
The Government has come under attack for refusing to publish details of more than 100 investigations into potential fraud in the back-to-work industry, claiming the cases are not in the "public interest".<img width='1' height='1' src='http://teleg.....

Alcohol law could see price of Australian wines rise by 40pc
Minimum alcohol pricing plans in UK would hit New World wines.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff52ca2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13351745.....

Queen's Diamond Jubilee: Will celebrations be a hit or miss for the UK economy?
Britain very rarely enjoys a double bank holiday, except at Easter and Christmas, when large shops are closed. So it is difficult to calculate how much of an impact the Jubilee weekend will have on consumer spending and the economy.<img width='1' .....

Queen's Diamond Jubilee: High street shops to get boost from customers 'determined to celebrate'
The number of shoppers on Britain's high streets fell by 7.5pc in May compared with the same month a year ago, according to data which suggest retailers are in desperate need of a Jubilee boost.<img width='1' height='1' src='http://telegraph.feeds.....

BP shareholders in line for $15bn windfall after TNK-BP sale
BP has told leading shareholders that they could be in line for a $15bn (10bn) windfall from the sale of its stake in TNK-BP.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff52ca8/mf.gif' border='0'/><br/.....

The beer giants are toasting the rise of Africa
An advertising war has erupted as rivalry between drinks majors intensifies in bid to capture the country's growing wealth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff52cab/mf.gif' border='0'/><br/&g.....

In the corporate pay row, remuneration consultants are the arms dealers
The "devil incarnate" who advise firms on rewards for their executives.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff52cac/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Lord Myners: overhaul role of pay advisers
Remuneration consultants are coming under fire from institutional investors and leading City figures who have warned company boards to sack those who give poor advice.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Why the euro will continue to muddle through
Ever since the start of the global financial crisis in 2007 fear has been a dominant driver of financial markets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff5293c/mf.gif' border='0'/><br/><br/&.....

The UK is praying Spain sorts out its banking crisis
Spain's banking crisis grows, as does the potential impact of a rescue.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff5293d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

BP shareholders could warm to a frosty Russian exit
Getting out of Russian joint venture TNK-BP could bolster the British oil giant, says Alistair Osborne and Emily Gosden .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff5293e/mf.gif' border='0'/><br/>.....

Chancellor George Osborne should do a U-turn on Heathrow and build a third runway
Execute sufficient U-turns and one ends up going around in circles.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff5293f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/133.....

Wonga mulls US flotation with 1.46bn value
Wonga is considering a stock market float in the US as early as next year that could value the consumer and business loan company above 1bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff52940/mf.gif' border=.....

Workers off sick cost UK 6.5bn a year
Britain's long-term sickness absence epidemic costs the UK private sector 3.1bn a year, the first analysis of its kind has revealed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff52941/mf.gif' border='0'/>.....

George Osborne lacks vision and Vince Cable is not up to the job, claims Lord Sterling
The Government is struggling to find a growth policy and has a Business Secretary who is not up to the job, according to Lord Sterling, the former chairman of P&O and close confident of Baroness Thatcher.<img width='1' height='1' src='http://t.....

Lord Sterling: a nautical man with a plan for Britain's choppy economic waters
Even for those of a non-nautical bent, it's a sight not to be missed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff52944/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Ebook revolution can kindle a passion for publishing
Many people have asked me why I, a literary agent, decided to publish books. The short answer is "to better serve my authors". The long answer requires a little backstory on how the publishing business has changed in recent years.<img width='1' he.....

Rainmaker: Wonga needs respectability and regulation ahead of stock market listing
Legal loan sharks. That is the moniker Stella Creasy, the vocal Labour Member of Parliament for Walthamstow, has bestowed upon Wonga and its ilk.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff52948/mf.gif' bo.....

Think Tank: Target consumers' 'unconscious' and reap the rewards
Most decisions are made using effort-free thought, says one Nobel Prize winner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff52949/mf.gif' border='0'/><br/><br/><a href="http://da.feedsport.....

Spain is in 'total emergency', the EU in total denial
After a Spanish exit from the euro, there would be nothing left to exit from, says Janet Daley.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff524fe/mf.gif' border='0'/><br/><br/><a href="htt.....

It's the UK's party but ECB president Mario Draghi can cry if he wants to
How's your Jubilee weekend going? Enjoying the celebrations? If so, it is a fair bet that you have been too busy with the street party to spend much time pondering the state of the world.<img width='1' height='1' src='http://telegraph.feedsportal......

Angela Merkel and Mario Monti clash over eurobonds
Deep divisions over the the introduction of so-called eurobonds were laid bare this weekend, with Angela Merkel hardening her opposition to jointly-issued debt while Italy's Mario Monti said he believed eurobonds will become a reality.<img width='.....

Are the UK, US and German safe havens safe at all?
The US, eurozone and China are the three largest economies on earth. Each has been hoping the other two would help pull the global economy out of its seemingly neverending malaise.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

BP plans shock sale of TNK-BP stake
BP has shocked shareholders by putting its stake in Russian joint venture TNK-BP up for sale in a move that could raise $30bn (19.5bn) but which has left the City confused about future strategy.<img width='1' height='1' src='http://telegraph.feeds.....

TNK-BP: a frosty relationship that failed to thaw
Basic disagreement between BP and its partners about the purpose of their Russian joint venture has led to the sale move.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fefa8cc/mf.gif' border='0'/><br/>.....