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Friday 15 June 2012

UK Financial News on 2012-06-15

Bank shares jump on stimulus move
Bank shares have jumped in the wake of plans from the Bank of England to launch two new stimulus packages......

UK trade gap increases sharply
The UK's trade deficit widens sharply in April to its highest level in almost seven years, official figures show, as car and chemical exports fall......

ECB ready to act 'if necessary'
The President of the European Central Bank, Mario Draghi, says further support for the banking system will be provided if needed......

Ex-Goldman figure guilty of fraud
A former board member of Goldman Sachs, Rajat Gupta, is found guilty of insider trading on Wall Street by a court in New York......

Spain 'to miss budget targets'
Spain is likely to miss its budget targets for this year and Madrid should adopt wider reforms to reduce its debts, according to the International Monetary Fund......

Italy to sell off state assets
The Italian government hopes to raise 10bn euros (8.1bn; $12.6bn) selling off state-owned companies, in a bid to reduce its crippling debt mountain......

Fall in US manufacturing output
US factory output fell slightly in May, as carmakers cut output, according to official figures from the Federal Reserve......

Nokia hit by Moody's downgrade
Nokia, the troubled Finnish mobile phone manufacturer, has had its bonds downgraded to "junk" status by ratings agency Moody's......

Moody's cuts Dutch bank ratings
Moody's cuts the long-term credit ratings of Dutch and Belgium banks including ING and ABN Amro, blaming the impact of the eurozone debt crisis......

Sly Bailey leaves Trinity Mirror
Sly Bailey, chief executive of Trinity Mirror, is stepping down with immediate effect, six months sooner than expected......

Retailer Carrefour leaves Greece
Carrefour, the French retail chain, is selling its stake in a Greek joint venture owing to fears about Greece's deteriorating economy......

Store goes into administration
Some 850 jobs are under threat as one of the biggest department stores left in London, Allders, goes into administration......

Ford workers plan strike action
Ford UK workers are threatening a 24-hour strike on Monday following a dispute over pay and pensions......

Sarson's brand sold by Premier
Premier Foods is selling its vinegar and sour pickles business as it continues its strategy of concentrating on "power brands"......

LME metals market sold for 1.4bn
The Hong Kong stock exchange agrees a deal to buy the 135-year-old London Metal Exchange for 1.39bn......

Slump in EU new car registrations
Demand for new passenger cars across the European Union was down 8.7% in May, reflecting weak consumer confidence, data shows......

MPs 'should meet Coryton staff'
Union leaders want MPs to meet workers from the Coryton oil refinery, to explain why MPs will not use state aid to prevent the plant's clousure......

Westlife singer declared bankrupt
Westlife singer Shane Filan is declared bankrupt in the UK after his Irish property development company got into difficulties......

Elderly warned on pressure sales
Older people and their families are warned to beware of scam operations targeting the elderly......

Chancellor hails banking reforms
Chancellor George Osborne says "taxpayers will be better protected when things go wrong" thanks to banking reforms outlined by the government......

Income fall 'biggest since 1981'
The average take-home incomes of UK households fell in 2010-11 by 3.1%, the biggest fall since 1981, says the Institute for Fiscal Studies......

Germany says 'no' to eurobonds
Germany's deputy finance minister, Steffen Kampeter, rules out "eurobond-lite" plans to pool part of eurozone countries' debt......

Child poverty down as income dips
The number of children living in poverty in the UK fell by 300,000 last year as household incomes dropped, official figures reveal......

Spain borrowing costs at new high
Spain's borrowing costs reach a new euro-era record, with 10-year bond yields hitting 7% - a level many analysts believe is unsustainable......

Valve appoints gaming economist
Game maker Valve has appointed an in-house economist to help manage the virtual economies that have sprung up around its many titles......

Wal-Mart China in new food scare
Wal-Mart China is accused of food safety violations months after the country head resigned following a scandal over mislabelled pork......

Coca-Cola announces Burma return
Coca-Cola says it will resume business in Burma after 60 years, following a US decision to suspend investment sanctions......

Sri Lanka Cricket defends TV deal
The president of Sri Lanka Cricket (SLC) denies accusations of misconduct in granting local cricket broadcasting rights to a media group established by the country's president's sons......

Green completes Rangers purchase
Charles Green completes his purchase of Rangers' assets - shortly after former manager Walter Smith announces a last-minute bid......

Rovers fans meet FA over Venky's
A group of Blackburn Rovers fans meets the FA to discuss the running of the club by Indian owners Venky's......

AUDIO: Are businesses optimistic now?
5 live's Shelagh Fogarty asked three business owners if they were the new bank stimulus made them feel optimistic......

VIDEO: Balls: Chancellor's plan will not work
Plans by the Bank of England and the Treasury to launch two new stimulus packages do not go far enough, Labour's Shadow chancellor has said......

VIDEO: Greek life if the drachma returned
What would the return of the drachma mean for Greece?.....

AUDIO: Vickers: '2.7 cheers' for banking reform
The government has accepted the basic ideas of the Independent Commission on Banking, but it is proposing to water them down in the details. Sir John Vickers, who led the commission, explains what was in the original proposals and what the government.....

VIDEO: Greek fears still dominate market
There is a great deal for the markets in Europe to digest on Friday as the Greek election looms......

VIDEO: Osborne unveils plan to get banks lending
The Chancellor said he would work with the Bank of England on a plan to provide billions of pounds of cheap credit to banks, to stimulate lending to households and businesses......

VIDEO: Germany says no to eurobonds
Germany's deputy finance minister has ruled out "eurobond-lite" plans to pool part of eurozone countries' debt......

Printing money: How to create a currency
An IMF expert on creating new currencies reveals how it is done.....

Why it is financially tough in your 20s
Why parents are sharing their children's financial burdens.....

Greek patients struggle for drugs
Greek patients struggle to find drugs as credit dries up.....

Time to take back the supply chain
Collaboration means we must rethink manufacturing chains.....

Will Tories back EU bank union?
Will Conservative MPs support EU integration plan?.....

Who's afraid of the euro crisis?
The fears stalking Europe's political leaders.....

Indonesia clamps down on consumption
Indonesia clamps down on consumption.....

Gupta guilty in Wall St crackdown
June 15 - Rajat Gupta, a former Goldman Sachs board memeber, was found guilty of illegally passing tips to a hedge fund manager friend. Conway G. Gittens reports......

U.S. Week Ahead: Central banks check ammo ahead of Greek vote
June 15 - Central banks are getting ready to turn on the taps in case of severe market turmoil after Sunday's key Greek vote......

HK bourse agrees hefty sum for LME
The Hong Kong stock exchange agrees to pay 1.4 billion pounds (2.18 billion U.S. dollars) to buy the 135-year-old London Metal Exchange, the world's biggest marketplace for industrial metals, underlining the shift in manufacturing's centre of gravity.....

Trading at Noon: Market up on G20 rescue plan
June 14 - U.S. stocks up on news that central banks will jointly provide liquidity if the outcome of the Greek election on Sunday roils markets and undermines investor confidence......

Breakingviews: Getting over too big to fail
June 15 - Breakingviews editors discuss whether regulators actually have a credible and workable way to wind down systemically important U.S. banks......

Central banks ready to act after Greece vote
June 15 - Central banks in some of the world's major economies are ready to take action to stabilise markets as nations prepare for possible financial turmoil or public panic after the Greek elections. Joanna Partridge reports.....

Reuters Asks: Can Spain avoid a sovereign bailout?
June 15 - Greece's bailout in May 2010 was supposed to stop the euro crisis rot of contagion. It's not worked out quite the way Europe's officials had planned......

Europe Week Ahead: It's about Greece, stupid
June 15 - Turmoil or relief? Next week hangs on the results of Greece's make-or-break election in Greece, with investors hoping central banks will step in if worst-case scenarios come true......

3XSQ: Central banks ready to act
June 15 - Investors are eyeing Greece after major world central banks promised to step in if Sunday's vote causes financial drama......

No exit seen from painful reality in Greece
June 15 - With Greece on the verge of a crucial election, charities in one small town struggle to keep up with surging demand as the numbers of unemployed spiral just as social services are cut. Hayley Platt reports......

Wealth Strategies: High-yield debt at near-extreme spreads
June 15 - BNP Paribas' Marty Fridson says high-yield debt is trading at close to extreme spreads relative to fair value and that we won't see any significant tightening until Europe's issues are resolved......

Unmanned naval attack jet moves closer to take-off
June 15 - The US Navy's first sea-based, unmanned attack aircraft has taken a major step towards production with the successful completion of flight testing at Edwards Air Force Base in California. The Northrop Grumman X-47 B has been designed for us.....

Reuters Asks: Can Spain avoid a sovereign bailout?
asks can the money pumped into Spains banks keep the country from seeking a full-blown sovereign bailout?.....

U.S. Morning Call: Wall Street set to open higher
June 15 - Stocks around the globe were lifted by news about efforts by several central banks to stabile markets following the Greek elections......

iPads: turning trash into treasure
June 15 - iPads are packed with valuable rare earth metals, but we throw away billions of dollars worth in old versions every year. Nigel Stevenson visits a company that's turning trash into treasure.....

Market Pulse: Liquidity boost can't revive euro corpse
FX analyst Neal Kimberley. His strategy? Sell the euro......

Greek Election: A vote on Greece's future in the euro zone
June 15 - Greeks head to the polls again on Sunday after May's deadlock. Will they repeat the protest vote or return to mainstream in an election viewed as a decision on the country's existence in the euro......

Breakingviews: Europe not to blame for UK banking woes
June 15 - The Bank of England cites the Euro Zone crisis as for its decision to introduce extra measures to boost the UK economy, but the bank cant blame Europe for all of the UKs problems say Breakingviews......

China struggles to keep milk safe
June 15 - Dairy giant Yili's recall of mercury-tainted baby formula has again put the spotlight on China's milk industry, where outdated practices and fragmented farms make safety impossible to guarantee......

Euro 2012: England must step up against Sweden
June 15 - Analysis and betting tips ahead of England's clash against Sweden. Plus a look ahead to the final round of group games......

Reuters Today: Greek election to spur stocks rally - trader
June 15 - Greece's leftist Syriza party will have to tone down its demands if it wins Sunday's elections, says Joe Rundle, head of trading at ETX Capital. He believes this should push bond yields lower and drive a broad-based equities rally......

How safe is your yen?
June 15 - Investors may have to rethink Japan's safe-haven status with the prospect of fresh turmoil in Europe threatening to push the yen to new highs and no imminent solution to Tokyo's crushing debt burden......

Stanford gets 110 years for Ponzi scheme
June 15 - Former Texas billionaire gets 110 years in prison for Ponzi scheme. Julie Noce reports......

Data Freak: Japan's ticking debt time bomb
June 15 - A burgeoning pile of debt in the world's third largest economy means tough decisions must be made if fiscal catastrophe is to be avoided......

Asia Week Ahead: Preparing for Monday madness
June 15 - Asia braces for potential fallout from Greece elections, India's central bank reviews policy amid soaring inflation, and Samsung prepares to launch its latest smartphone in the U.S......

Gordon Brown: France and Italy may need a bail-out
World leaders must draw up a "concerted global action plan" to deal with the eurozone crisis at next week's G20 summit as countries including Italy and France may need international assistance, Gordon Brown has warned.<img width='1' height='1' src.....

Debt crisis: nervous world awaits Greek polling day
The New Democracy party, narrowly favoured to win Sunday's Greek election, knows that the fate of the 17-member eurozone could lie in its hands.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2065135e/mf.gif' bor.....

We tamed the union bosses, now let's tackle the barons of business
The rise of the overpaid executive presents the Tories with a challenge they should not shirk, argues Charles Moore<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/206562c4/mf.gif' border='0'/><br/><br.....

140bn emergency lending scheme 'will do little to kick-start growth'
The Government's 140bn emergency lending scheme will do little to kick-start growth and more measures are urgently needed, economists and bankers have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/206582.....

Moody's downgrades 10 eurozone banks
Ten banks in France, the Netherlands, Belgium and Luxembourg have been downgraded as Moody's continues to cut the credit ratings of major lenders amid fears over the worsening crisis in the eurozone.<img width='1' height='1' src='http://telegraph......

Like a lamb London surrenders London Metal Exchange
Hong Kong Exchange & Clearing has paid 1.4bn for the London Metal Exchange, a company which makes 11.2m operating profit - a multiple of more than 124 times.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/206.....

Debt crisis: tensions mount as Angela Merkel attacks French economy
Deepening splits between Angela Merkel and Franois Hollande erupted into the open on Friday as the German chancellor attacked Paris for allowing the French economy to stall.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Trust linked to Gulf Keystone chief 'forgets' 12m share sale
A trust linked to Gulf Keystone Petroleum's chief executive Todd Kozel "forgot" to disclose the sale of an estimated 12m of shares in the oil explorer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2065135a/mf.g.....

Hammerson in talks to sell London offices to Brookfield
One of the biggest property developers in North America is in exclusive talks to buy Hammerson's portfolio of London assets for more than 500m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2064fb60/mf.gif' bord.....

Debt crisis: Banks prepare for worldwide chaos after weekend election
Central bankers are preparing radical action to stem the turmoil if Sunday's Greek elections wreak havoc in the markets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/206519f2/mf.gif' border='0'/>.....

Debt crisis Q&A: What do Greece's elections mean for Europe?
Ahead of a key weekend for the eurozone and its currency, we take a look at what is at stake.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2064fb6a/mf.gif' border='0'/><br/><br/><a href="http:.....

Albemarle rises despite gold rush losing its lustre
Albemarle & Bond recovered its lustre despite the pawnbroker indicating that the high street gold rush, as households sought to raise cash by selling jewellery, had slowed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Jaguar Land Rover sales rise 35pc in May
Jaguar Land Rover sales grew by another 35pc in May despite the deepening eurozone crisis causing worldwide economic uncertainty.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2064fb66/mf.gif' border='0'/><.....

Debt crisis: as it happened - June 15, 2012
The International Monetary Fund on Friday urged Europe to help Ireland refinance its crippling bank bailout and consider taking equity in state-owned banks to help Dublin return to bond markets and avoid a second bailout next year.<img width='1' h.....

Ryanair hits out as it faces forced sell-down of Aer Lingus stake
Ryanair faces the prospect of being forced to sell down its 29.8pc stake in Aer Lingus after the Office of Fair Trading referred the six-year old holding to the Competition Commission.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Debt crisis: live
The International Monetary Fund on Friday urged Europe to help Ireland refinance its crippling bank bailout and consider taking equity in state-owned banks to help Dublin return to bond markets and avoid a second bailout next year.<img width='1' h.....

Rajat Gupta found guilty of insider trading charges
Rajat Gupta, who sat on the boards of Goldman Sachs and Procter & Gamble, was found guilty by a New York jury of passing on confidential informtion about the companies to a hedge fund.<img width='1' height='1' src='http://telegraph.feedsportal.....

IMF urges Europe to help refinance Irish bank bail-out
The International Monetary Fund on Friday urged Europe to help Ireland refinance its crippling bank bailout and consider taking equity in state-owned banks to help Dublin return to bond markets and avoid a second bailout next year.<img width='1' h.....

Coal miners fire rockets at police during ongoing strike in Spain
Coal miners fire rockets at police during ongoing strike in Spain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2063e8ae/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1367.....

Court ruling could force motor insurance premiums to rise by 25pc
Customers could face yet more hikes in their car insurance after a court ruling that experts fear could lead to minor repairs costing 25pc more.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2063674d/mf.gif' bor.....

David Cameron holds video call with European leaders over financial crisis
PM to hold video conference call with Angela Merkel and other key European leaders ahead of Greek elections.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2062f36b/mf.gif' border='0'/><br/><br/>&l.....

Italy to sell 10bn assets to cut debt and pay bills
Italy is to sell off state assets worth 10bn in a bid to cut debt and pay bills.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2062f370/mf.gif' border='0'/>.....

No guarantee 140bn emergency funding plan will kickstart economy, warn experts
Banks are "ready and willing" to get behind a multi-billion pound scheme to prevent a second credit crunch but City and industry experts warned today there is no guarantee the plan will kickstart lending.<img width='1' height='1' src='http://teleg.....

No guarantee 140bn emergency funding plan will kickstart economy, warn experts
Banks are "ready and willing" to get behind a multi-billion pound scheme to prevent a second credit crunch but City and industry experts warned today there is no guarantee the plan will kickstart lending.<img width='1' height='1' src='http://teleg.....

Top 10 highest paid models of 2012
See which beautiful ladies have made Forbes' list of the top 10 highest paid models in the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2061e654/mf.gif' border='0'/><br/><br/><a href="h.....