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Saturday 9 June 2012

UK Financial News on 2012-06-09

Spain banks get up to 100bn euros
Spain is to get up to 100bn euros ($125bn; 80bn) in loans from eurozone funds to try to help shore up its struggling banks, it is announced......

RBS concerns about Ulster Bank
Sir Philip Hampton, chairman of Royal Bank of Scotland (RBS) has said the disastrous performance of the bank's Irish division, Ulster Bank, is his biggest worry......

Peer-to-peer lending hits 250m
Peer-to-peer lending via three websites that link savers with borrowers - bypassing the banking system - has topped 250m......

Dementia patient got 18,000 loan
Lloyds Banking Group has agreed to pay compensation and refund interest payments on a 18,000 loan it gave to an elderly dementia payment.....

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......

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......

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......

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......

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......

Ministers discuss Spain bank aid
Eurozone ministers have discussed help for Spain's stricken banks, with reports suggesting loans worth up to 100bn euros could be offered......

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......

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

VIDEO: Your Money: How savers can find the best deals
In this week's Your Money, Declan Curry looks at how to find the best saving accounts at a time when the Bank of England's official interest rate remains unchanged......

VIDEO: Graduates 'provide economy boost'
A report suggests graduates contribute 10 times more to the economy than what it costs to educate them......

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......

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

A plea for help from Spain
June 9 - Spain's Economy Minister Luis de Guindos says Madrid will ask for assistance for its troubled banks. Deborah Lutterbeck reports......

Taking Bankia to court.
June 9 - Close to a thousand Bankia shareholders announced Saturday that are taking legal action against Bankia, Spain's fourth largest bank. Deborah Lutterbeck reports.....

Quebec takes on tobacco firms
June 9 - The government of Quebec says it's suing tobacco companies for the cost of health-care related to tobacco use. Paul Chapman reports......

Facebook investor "hurt" by IPO
June 8 - David Goldberg is part of a class action lawsuit against Facebook and its bankers, claiming vital sales and profit forecasts were with-held from mom and pop investors like him. Conway G. Gittens reports......

Bulls show machismo, eyes on Spain
June 8 - Wall Street bets on a Spanish bank bailout agreement over the weekend, sending shares higher on Friday, finishing the best one-week rally of the year for the S&P 500. Conway G.Gittens reports......

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......

Patients in pain over Greek debt crisis
Greece's festering debt crisis is making it hard for Greeks to secure life-saving drugs and causing a headache for pharmacies and drug makers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2030ec8c/mf.gif' borde.....

Milne buys Molinaire out of administration
Molinaire, the London-based post-production house that has worked on a string of successful film and television hits, including Ridley Scott's Prometheus and the BBC's Silent Witness, has been bought out of administration by one of its previous owner.....

HSBC faces rate swap mis-selling claim by hotelier
HSBC is facing a fresh legal claim over its alleged mis-selling of interest rate hedging products after a hotelier claimed that the bank did not get his permission before selling him the derivative.<img width='1' height='1' src='http://telegraph.f.....

ICE and Hong Kong rival still in running as London Metal Exchange bidding war nears end
Bids for the London Metal Exchange have reached 1.3bn as its two remaining suitors, Intercontinental Exchange and Hong Kong Exchanges and Clearing, vie to seize control of the 135-year-old commodities bourse.<img width='1' height='1' src='http://t.....

Gordon Ramsay puts 4m into restaurant empire
Gordon Ramsay has injected almost 4m of his own money into his restaurant empire following a damaging fallout with his father-in-law.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20306fad/mf.gif' border='0'/>.....

Eurozone crisis will wean the world off debt and on to equity - and that's good, says LSE chief Xavier Rolet
Interview: London Stock Exchange chief Xavier Rolet on how Europe can begin to lift itself out of the economic mire.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20306fae/mf.gif' border='0'/><br/><b.....

Battle for Croydon's Whitgift between Westfield and Hammerson could end with compulsory purchase order
Westfield has warned that its row with Hammerson, the FTSE 100 property developer, over the future of the Whitgift shopping centre in Croydon could end with one of the rivals being taken out by a compulsory purchase order.<img width='1' height='1'.....

Glenstrata merger hangs in balance
A tie-up between Glencore and Xstrata could become a victim of the Shareholder Spring over a 28.8m pay deal for Mick Davis, but investors may find their protests backfires.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Osborne to beef up new bank regulator's powers
Britain's banking regulator is to be handed major powers to influence the way the country's largest lenders are run as part of a reform package to be announced this week by George Osborne.<img width='1' height='1' src='http://telegraph.feedsportal.....

House of Fraser closes final salary pension scheme
House of Fraser has closed its gold-plated pension scheme to staff in an attempt to strengthen its balance sheet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20306fb2/mf.gif' border='0'/><br/><br/&.....

WPP chairman hints at climbdown over Sorrell's pay
The chairman of WPP has hinted for the first time that Sir Martin Sorrell's near-13m compensation package could be reduced if a majority of shareholders vote against it.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Fair pay for Sir Martin?
Spare a moment this weekend for Sir Martin Sorrell.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20306fb4/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/136712144209/u/3/f/.....

Diageo considers Hong Kong listing
Diageo, the world's biggest drinks company, has admitted for the first time that it has studied a potential listing on the Hong Kong stock exchange as it continues to cement its Asian expansion.<img width='1' height='1' src='http://telegraph.feeds.....

Nat Rothschild to take back seat at Bumi
Nat Rothschild is set to take a back seat on Thursday as investors gather at Bumi's AGM to formally approve its board reshuffle in the wake of an explosive row.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2030.....

Oasis eyes sale to double dentist practices
Oasis, Britain's second biggest chain of dentists, has appointed DC Advisory to lead a 250m-plus sale as it attempts to double the number of practices it runs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20306.....

Diageo's star rises in the East
Young drinkers in emerging countries have prompted a 1bn investment in Scotch whisky, but the drinks giant is still hunting for more brands.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20306fb9/mf.gif' border=.....

Morgan Stanley loses key bankers in London
Brian Magnus, who ran the London office of Morgan Stanley Private Equity, recently left the investment bank's buy-out fund, according to sources.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20306fba/mf.gif' bo.....

Bank bail-out won't end Spain's property nightmare
With Spain's property bust far from bottoming out, any capital injection being discussed by European leaders for Spain's banks is merely a sticking plaster.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20306fbb.....

UK and Europe languish in a 'zombie bank' malaise
Britain and Europe are failing to tackle the problem of technically insolvent banks and are trying to buy time with QE, summits, and other can-kicking measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2030.....

Debt crisis: Spain bows to 100bn bank bailout
Spain paved the way for a 100bn (81bn) bail-out of its stricken banking sector on Saturday night as European leaders moved to bring a halt to the continued economic malaise hurting the eurozone.<img width='1' height='1' src='http://telegraph.feeds.....

Debt crisis: Spain requests bailout to save banks
Spain is asking for an international bailout to rescue its debt-laden banking sector, amid reports the package could total 81bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/202f9ef1/mf.gif' border='0'/><.....

Crisis-hit Europe offers a brighter picture for investors
You do not have to be a confirmed contrarian to look at my chart this week and ask whether now might be the time to buy European equities.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/202f9242/mf.gif' border='0.....

Bundesbank: the eurozone's secret dictator
German Chancellor Angela Merkel may be the dominant force in the eurozone but the Bundesbank, Germany's powerful central bank, is the power behind the throne.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/202f59.....

Debt crisis: Spain on verge of 100bn bailout as euro finance ministers hold emergency talks
Spain is poised to get up to 100bn to rescue its ailing banks as eurozone finance ministers hold emergency talks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/202f5943/mf.gif' border='0'/><br/><br/&.....

Debt crisis: Eurozone finance ministers to discuss Spain request for bank bailout
Spain expected to request assistance with recapitalising debt-laden banks, with IMF saying at least 40bn is needed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/202c69ed/mf.gif' border='0'/><br/><br.....