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Friday 8 June 2012

UK Financial News on 2012-06-08

Spain aid talks 'not ruled out'
Emergency talks this weekend to discuss a bailout for Spain cannot be ruled out, the Dutch finance minister says, amid reports it will ask for aid as early as Saturday......

Obama: Europe faces hard choices
European leaders must take difficult decisions in an effort to stem the euro crisis and revitalise their economies, US President Barack Obama says......

M&S to launch in-store banking
High Street retailer Marks and Spencer says it will launch an in-store banking service and a current account this year, backed by HSBC......

Oil prices slide on economy fears
Oil prices dropped to $98.06 in London - their lowest in 17-months on fears of waning economic growth in China......

New car sales accelerate in May
New car sales in the UK rose 7.9% in May, the industry body says, the largest increase for almost two years......

US trade deficit shrinks in April
The US trade deficit shrank in April as a dramatic fall in imports offset the first decline in exports for five months......

Remote areas tell of high prices
People living in remote parts of the UK have raised concerns with the Office of Fair Trading about the high costs they pay for goods......

UBS 'rogue' trader to be bailed
A City trader accused of a 1.4bn ($2.2bn) fraud at the London offices of Swiss banking giant UBS is to be freed from Wandsworth Prison on bail......

Hornby eyes Moshi Monsters boost
Toy maker Hornby is hoping 2012 Olympic merchandise and a range of Moshi Monsters pin badges will help it to offset a slump in its UK profits......

Strong spring sales boost Bellway
House builder Bellway says a "resilient" spring selling season means it is on track to achieve its sales growth target for the year......

Olympus plans to cut 2,700 jobs
Olympus, the Japanese camera maker recovering from an accounting scandal, announces a five-year plan that includes cutting 2,700 jobs......

Steelworks sold to owner's firm
A steelworks on the Isle of Sheppey in Kent is sold out of administration to a new firm set up by its Saudi-based owners......

Eurozone outlooks still diverging
The French central bank has cut its forecast for the French economy, but Germany is now expected to grow much faster than previously predicted......

China cuts state-set fuel prices
China, the world's second biggest economy, is cutting state-controlled petrol and diesel prices by 5% from Saturday......

Japan growth figure revised up
Japan's economy performed better than had previously been estimated in the first three months of the year, revised figures show......

Qantas shares hit by S&P review
Qantas shares fall below one Australian dollar to a record low after Standard & Poor's puts the airline on review for a possible downgrade......

China cuts rates as growth slows
The Chinese central bank cuts its key interest rates for the first time since 2008, in an attempt to boost slowing economic growth......

Sensor finds lost keys and wallet
Computer scientists have devised a system using Kinect sensors to create a system that keeps track of where you put your things......

Bing signs Britannica for search
Reference results via Microsoft's Bing search engine are getting help from Encyclopaedia Britannica.....

Pensions gender gap 'narrowing'
A survey has found that the gap between men's and women's pensions is shrinking because male incomes are falling......

Rate freeze means pain for savers
The Bank of England has frozen UK interest rates at 0.5%, prompting pain for savers whose funds are losing pace with the rising cost of living......

Stamp duty to change in Scotland
The Scottish government wants to change stamp duty on house and land purchases from a percentage charge to a progressive tax......

Spain downgraded on bailout fears
Spain's credit rating has been downgraded as estimates on the size of the bailout it needs begin to mount up......

US Fed 'ready to act' on economy
The chairman of the US Federal Reserve, Ben Bernanke, said he is monitoring risks to the economy and is prepared to take action if necessary......

No change to UK rates or stimulus
The Bank of England once again leaves UK interest rates unchanged at 0.5% and announces no increase in quantitative easing......

Clinton Cards sold to US company
The remaining 397 Clinton Cards stores have been sold to a US greeting card company, saving 4,500 jobs, administrators Zolfo Cooper say......

New boss for Samsung Electronics
Samsung Electronics, one of the world's largest electronics makers, names Kwon Oh Hyun as new chief executive officer......

Mobile giants join forces over 4G
Mobile phone giants Vodafone and Telefonica announce plans to create one shared grid in the UK to speed up the roll-out of superfast 4G services......

VIDEO: 'Fuel economy driving new car sales'
UK new car sales jumped to 162,288 last month, a 7.9% rise compared with May 2011, according to the Society of Motor Manufacturers and Traders......

VIDEO: Eurozone: free trade path to growth
EC believes freeing up Europe's trade barriers could boost the region's much needed growth......

VIDEO: M&S to launch in-store banking
Marks and Spencer has announced it will launch a bank this summer and it is being backed by HSBC......

VIDEO: Qantas shares hit by S&P review
Qantas Airways shares have fallen below the A$1 mark for the first time since the carrier went to the markets in 1995......

AUDIO: Under-25s to get work credits
BBC Radio 5 live Wake Up To Money looked into why work credits would motivate the under-25s to find jobs......

VIDEO: Pensions gender gap 'narrowing'
The gap between men's and women's pensions has narrowed in the past few years, according to a survey by the Prudential......

VIDEO: China 'fine tuning' economic policy
The Chinese government is focusing on fine tuning policy to ensure growth does not slow too much, says a leading professor of economics......

VIDEO: Cameron: 'Eurozone action needed'
The Prime Minister, David Cameron, has arrived in Berlin for talks with the German Chancellor Angela Merkel about the eurozone crisis......

Aston Martin returns to Le Mans
Aston Martin returns to endurance race after 2011 fiasco.....

From inmate to entrepreneur
The inmates learning social media - without internet accesss.....

China rate cut hints at financial reform
China's interest rate cut indicates financial reforms.....

Be social and break down barriers
Using social tools to stop people working in silos.....

The downside to lower oil prices
June 8 - Lower oil prices may be a boon to consumers in the short term but the price drop signals greater underlying problems with the global economy. Jill Bennett reports......

Self-adjusting glasses a clear alternative for the developing world
Jun 8 - British technology company, Eyejusters is aiming to bring inexpensive, self-adjustable glasses to the developing world, allowing the visually-challenged to change the strength of their prescription simply by turning a dial on the frames. Elly.....

U.S. Week Ahead: Spain's pain; Dimon in the rough
June 8 - We'll see if Spain reaches out for and gets bank aid. JPMorgan's CEO Jamie Dimon is in the rough about his bank's $2 billion trading loss before a Senate hearing......

Trading at Noon: Silver lining for cloud computing firms
June 8 - Cloud computing firms push ahead with IPO plans, despite Facebook's flop debut......

QVC sees viewers switch on, buy online
June 8 - At a time when traditional High Street retailers are struggling, television shopping is gaining viewers and attracting new customers through online shopping and smartphone apps. Joanna Partridge reports.....

Obama says Europe has tools to address crisis
June 8 - U.S. President Obama says Europe has the tools to address financial turmoil as he calls for more action in the United States. Deborah Lutterbeck reports......

Spain 'poised for bailout request'
June 8 - Spain is expected to ask the euro zone for help with recapitalising its banks at the weekend, sources in Brussels and Berlin said on Friday, becoming the fourth country to seek assistance since Europe's debt crisis began. Ciara Sutton report.....

Breakingviews: Chesapeake drama unfolds
June 8 - Jeffrey Goldfarb and Breakingviews columnists discuss whether Chesapeakes $4 billion of asset sales will be enough to placate angry shareholders gathered at the companys annual meeting and buy embattled CEO Aubrey McClendon some time......

Europe Week Ahead: Time runs out for Spanish banks
June 8 - Spain is likely to request aid for its beleaguered banks over the weekend. Economists expect weak economic numbers from China......

Bankers talk euro survival in Denmark
June 8 - Greece is the hot topic at the annual meeting of the Institute of International Finance in Copenhagen. The world's leading bankers, policymakers and economists are considering the possibility of Greece leaving the euro. Jamie McGeever report.....

3XSQ: Chesapeake fundraising, Obama on the economy
June 8 - Chesapeake Energy and CEO Aubrey McClendon preparing to face angry shareholders, and President Obama is scheduled to make a statement on the economy......

German imports and exports drop
June 8 - German imports tumbled at their fastest rate in two years in April and exports fell more than expected - in another sign that Europe's largest economy is beginning to feel the chill from the euro zone debt crisis. Hayley Platt reports.....

Reuters Asks: Three months to save the Euro?
asks if this is an accurate assessment of the situation......

Market Pulse: 100bln hole in the heart of Spain's banks
June 8 - Spain's banks could need a bailout of as much as 100 billion. Sources say a rescue will take place over the weekend. But the prospect fails to calm investor nerves......

Greeks make beeline for sweeter life
' Axel Threlfall tracked down former Athens real-estate broker Olga Palavidou who started her own organic bee farm in the Peloponnese mountains......

Having a blast in old bomb shelters
June 8 - A nightclub and a wine cellar are among the occupants of some of Shanghai's old underground bomb shelters. Paul Chapman reports......

Breakingviews: Bank bailout doesn't need to shame Spain
Breakingviews......

China rate cut no cause for cheer
June 8 - China's first rate cut since the 2008 financial crisis has brought little relief to jittery markets, with most seeing it as a sign upcoming economic data will disappoint......

Reuters Today: Markets brace for China data slump
June 8 - Equity markets slide as traders wonder whether China's surprise rate cut means Beijing knows that this weekend's data will bring a deluge of bad news......

Oil markets to shrug off Iran sanctions
June 8 - Lower oil demand and a ramp up in production mean new sanctions taking effect on Iran won't lead to a spike in crude prices, analysts and industry insiders say......

Woodside unruffled by potential cheap U.S competition
June 8 - The CEO of Australian oil and gas company Woodside says the company will forge ahead with exploration and spending plans despite a weak global economy......

Data Freak: 'Perfect storm' buffets U.S. banks
June 8 - Exposure to Europe's debt woes and an increasingly troubled home market have left U.S. investment banks bearing the brunt of recent stock selloffs and earnings downgrades......

Asia Week Ahead: China data blitz as global markets despair
June 8 - Bank lending will be a key mood measure amid the deluge of economic indicators, says Wayne Arnold of Breakingviews......

U.S. Morning Call: Apple tries to protect U.S. turf
June 8 - A lawyer for Apple says the company may seek a legal order to stop the launch of Samsung's Galaxy SIII phone in the U.S. later this month......

A Bernanke cliff hanger
June 7 - Instead of giving clues on additional stimulus, Federal Reserve Chairman Ben Bernanke chided lawmakers on fiscal issues that threaten to send U.S. economic growth off the cliff. Conway G. Gittens reports......

Britain proves a turn-off for rich Chinese tourists
Britain is failing to attract wealthy Chinese tourists, with conflicting data causing a rift between ministers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/202a8967/mf.gif' border='0'/><br/><br/>.....

M&S Bank: Northern Rock collapse was the inspiration
Marks & Spencer believes millions of its wealthy, older customer base, aged 55 to 65 years-old, are fed up with their bank and are willing to open a current account or even a mortgage at their local M&S.<img width='1' height='1' src='http:.....

Debt crisis: as it happened June 8, 2012
Implementing austerity measures too quickly will send ailing eurozone economies into a "downward spiral," US President Barack Obama warned on Friday, adding that a European recession would harm the pace of the US recovery.<img width='1' height='1'.....

HSBC could be the real winner from M&S Bank
Does Marks & Spencer, a food and clothing retailer where profits fell 16pc last year, really need banking?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2029e48c/mf.gif' border='0'/><br/><br/>.....

AAR oligarchs offered to sell TNK-BP stake to Total
BP's Russian oligarch partners in TNK-BP offered to sell their stake to French oil giant Total, it has emerged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2029e492/mf.gif' border='0'/><br/><br/>.....

Decision over future of the LME to come 'within days'
The future of Europe's last "open outcry" exchange is expected to be decided within days, ending a controversial takeover battle between bidders from the world's two economic superpowers.<img width='1' height='1' src='http://telegraph.feedsportal......

ICAP cuts executive pay in bid to head off revolt
ICAP, the inter-dealer broker led by Michael Spencer, has cut executive pay and overhauled its remuneration system amid fears it could face a shareholder rebellion at its annual meeting next month.<img width='1' height='1' src='http://telegraph.fe.....

China slashes fuel prices to boost demand
China is cutting petrol and diesel prices by nearly 6pc as the world's second-biggest economy looks to stimulate consumer demand and combat the effects of the eurozone debt crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

400 more jobs go at Clinton Cards
More than 400 people lost their jobs today after another wave of stores was closed at collapsed retailer Clinton Cards.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2029babf/mf.gif' border='0'/><br/>&l.....

Debt crisis:as it happened June 8
Implementing austerity measures too quickly will send ailing eurozone economies into a "downward spiral," US President Barack Obama warned on Friday, adding that a European recession would harm the pace of the US recovery.<img width='1' height='1'.....

Debt crisis: live
Implementing austerity measures too quickly will send ailing eurozone economies into a "downward spiral," US President Barack Obama warned on Friday, adding that a European recession would harm the pace of the US recovery.<img width='1' height='1'.....

Debt crisis: Barack Obama demands action as leaders ponder Spanish bank rescue
US President demands European leaders act 'right now', as ministers deliberate over bail-out on Spanish banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/202963c0/mf.gif' border='0'/>.....

Debt crisis: Obama demands action as leaders ponder Spanish bank rescue
PRESIDENT Barack Obama has demanded that European leaders act "right now" as ministers in Brussels deliberate over whether to impose a bail-out on Spanish banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/202.....

New car sales rise by most for 23 months
New car sales rose by 7.9pc in May, the biggest increase since the end of the scrappage incentive scheme in June 2010 and a welcome boost to the floundering UK economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Cisco 2012 Interview Five: Omega
The 2012 interview in association with Cisco brings you exclusive interviews with OMEGA President Stephen Urquhart & Peter Hurzeler, of the Omega Timing Board.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Barack Obama warns that implementing austerity too quickly will send economies into a 'downward spiral'
Implementing austerity measures too quickly will send ailing eurozone economies into a "downward spiral," US President Barack Obama has warned, adding that a European recession would harm the pace of the US recovery.<img width='1' height='1' src='.....

Greek chief tax inspector says Christine Lagarde right to criticise evasion
Christine Lagarde was right to highlight the tax-dodging that costs Greece up to 45 billion a year, twice the sum the country needs to pay off its debts, the Greek chief tax inspector has admitted.<img width='1' height='1' src='http://telegraph.fe.....

Inflation slowdown hopes rise on drop in factory gate prices
Falling prices at British factories offered households hope that wider inflation will slow in the UK - even as a survey showed they are braced for even steeper price rises.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

German debt crisis fears as exports fall
German exports fell for the first time this year amid signs that the advancing debt crisis is hitting Europe's powerhouse economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/202714c0/mf.gif' border='0'/>&l.....

Debt crisis: EC plot to use competition rules to close down eurozone banks
The European Commission is threatening to use EU competition rules to close down the failing Greek, Spanish and Portuguese banks that have pushed the eurozone into a new crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Debt crisis: Spain 'to request aid for banks this weekend'
Spain is expected to make a request over the weekend for a financial package to prop up its troubled banks, according to reports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2024dfb4/mf.gif' border='0'/><.....

Poor European economic data rattle markets
A raft of disappointing economic data from several eurozone nations has added to fears about the financial health of the EMU.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20267ab0/mf.gif' border='0'/><br/.....

Spain's economic crisis: a timeline
In 2008, a long period of expansion in Spain came to an end. A lengthy property bubble burst, the public account surplus became a deficit, and growth contracted 0.9pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Risk models must be torn up, Haldane says
Financial risk models that underpin market behaviour, economic theory and bank regulation dangerously underestimate the threat to taxpayers and must be completely redrawn to prevent a repeat of the financial crisis.<img width='1' height='1' src='h.....

Bellway hails Government's NewBuy scheme
Bellway, the UK's fourth-largest housebuilder, has hailed the Government's NewBuy mortgage scheme as it welcomed more visitors and reservations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2025f2ba/mf.gif' bor.....