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Saturday 16 June 2012

UK Financial News on 2012-06-16

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......

Carphone Warehouse boss knighted
Charles Dunstone, founder and chairman of the Carphone Warehouse Group, has been knighted in the Queen's birthday honours list......

Facebook technology chief leaves
Facebook's chief technology officer announces he is leaving the social network site in the coming weeks to start up a new company......

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......

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......

Flooding cover 'must be speedy'
Claims for flood damage should be dealt with by insurers quickly and as clearly as possible, an ombudsman warns......

Burger King eyes China expansion
Fast-food giant Burger King says it will open 1,000 restaurants in China over the next five to seven years......

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......

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......

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

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......

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

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......

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"......

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......

VIDEO: Your Money - mortgages and home insurance
Declan Curry looks at mortgage costs, home insurance and pensioners who are still working......

VIDEO: Call for quicker insurance settlements
When homeowners suffer flooding, a huge clean-up and insurance claims follow......

VIDEO: Can Dubai weather eurozone storm?
The IMF warned last week that what is happening in Europe could have major repercussions for the Gulf, especially Dubai......

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......

Games industry faces huge change
Video game developers face a period of huge change.....

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

Romney hits Obama's economic record during six-state bus tour
June 16 - Presidential candidate Mitt Romney targets President Barack Obama's economic record while on bus tour through six key swing states. Deborah Lutterbeck reports......

Greeks ready for future-defining poll
June 16 - On the eve of a cliffhanger election, Greeks say they want to see radical changes but no exit from the euro. Sunita Rappai reports......

Stocks at one-month high pre-Greek vote
June 15 - Summary of business headlines: Stocks gain with more investors willing to bet on central bank action if Greek election unravels markets next week; Microsoft to hold event Monday; Facebook shares hit $30 on SEC letters. Conway G. Gittens rep.....

Containing the euro crisis
June 15 - Looking for a safe place to hide from what could be a turbulent spillover from the Greek election and the European debt crisis? A financial planner offers some tips as a global strategist explores ways the Federal Reserve could limit the da.....

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......

UK plc turns against Europe
British businesses are turning against greater integration in Europe and would like to see a "renegotiated" free trade area.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/206bbc55/mf.gif' border='0'/><br/&.....

Business is starting to get tired of Europe
It was an article of faith not often tested that businesses liked the European Union.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/206bbc56/mf.gif' border='0'/><br/><br/><a href="http://da.fee.....

Heritage Oil next for clash over pay
Heritage Oil faces a showdown over executive pay at its annual meeting on Thursday, after leading shareholder groups criticised its policies and urged investors to vote them down.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Troubled times at WPP after remuneration vote
As Sir Martin Sorrell's 13m pay award attracts debate, questions are being asked about the make-up of the board.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/206ba267/mf.gif' border='0'/><br/><br/&g.....

Sensible investors are being forced to take a long-term view
It goes without saying that markets are volatile at the moment. Five of the past 10 days have seen the S&P 500 move by more than 1pc, with intra-day movements often bigger still.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Hilary Devey leaves Dragons' Den but provides for fledglings
Hilary Devey has started an investment fund to continue to invest in small companies for life after she leaves Dragons' Den.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/206ba269/mf.gif' border='0'/><br/&.....

Sir Ken's fears over Morrisons strategy
Sir Ken Morrison, the former chief executive of Morrisons, has warned that the retailer's management team risks losing touch with its customers if it continues to take the shops too upmarket.<img width='1' height='1' src='http://telegraph.feedspor.....

A flying lesson for Heathrow
Aviation industry chiefs arriving for their annual conference had only to look at the host airport to see how Britain is falling short.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/206ba26c/mf.gif' border='0'/&.....

Sinking feeling for investors in super yacht company
Shares in one of the world's leading super yacht companies, with clients including Roman Abramovich and Sir Phillip Green, have collapsed despite soaring boardroom pay, prompting outrage amongst investors.<img width='1' height='1' src='http://tele.....

Bank 'throws kitchen sink' at credit problem
The eurozone crisis seems on the cusp of some kind of denouement. The trouble is that no one can possibly know what that long-awaited outcome will be.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/206ba26d/mf.gi.....

EU cools on plan for bonus cap
European politicians are likely to back away from plans to implement a region-wide cap on bankers' bonuses, according to a leading British MEP involved in the discussions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Melrose considers $2bn bid for Elster
Manufacturing buy-out specialist Melrose has been working on a $2bn-plus (1.27bn) bid for Elster Group, a German company that makes gas, electricity and water meters.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Evraz sued over Ukrainian venture
Evraz, the FTSE 100 steel giant part-owned by the oligarch Roman Abramovich, is being sued by a Swiss business partner over a $500m (318m) port infrastructure project which turned sour.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

BT to use football to sell broadband
BT will create interactive features around its Premier League football to help it get "a foot in the door" with potential customers for its broadband.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/206bb026/mf.gi.....

Banks urged to act over mis-selling
The chief executives of Britain's largest banks have been told they must do more to help small businesses hit by the alleged mis-sale by their investment banking arms of controversial interest rate hedging products.<img width='1' height='1' src='h.....

Ex-Virgin Mobile boss leads 8bn bid for phone giant
KKR is in early-stage discussions with the owners of Everything Everywhere about an audacious 8bn takeover of the UK mobile phone venture whose brands are Orange and T-Mobile.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Plus investors set to reject ICAP deal
Arsenal football club and Quercus, the publishing house behind The Girl with the Dragon Tattoo, could be left without a stock market listing next week if shareholders reject Plus Markets sale to ICAP as expected.<img width='1' height='1' src='http.....

Spending cheer as inflation falls
Pressure on household finances is expected to ease this week when official figures show that inflation has fallen below 3pc for the first time since December 2009.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Racing magnates could be on to a loser with Castlebeck sale
Castlebeck, the care home company backed by John Magnier and JP McManus, is up for sale in a move which could lead to substantial losses for the two Irish horse racing tycoons.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

After 70 years, Birds Eye brands could be reunited
Iglo Group, the owner of Birds Eye in Europe, holds meetings with Pinnacle, the US company that owns the American rights to the frozen food brand, about a potential 5bn tie-up.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Interview: Steve Lewis, chief executive, Majestic Wine
Steve Lewis is cradling a bottle of red wine as if it's his firstborn child.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/206bb02d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal......

Judgement day in Athens
I am not sure exactly what I was expecting from a Marxist-Leninist political revolutionary in Athens but George Stathakis did not disappoint.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/206bb02e/mf.gif' border.....

Lloyds asks US court to dismiss HBOS law suit
Lloyds has asked the courts to throw out a US shareholder lawsuit accusing it of fraud in relation to its take-over of HBOS.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/206bb02f/mf.gif' border='0'/><br/&.....

Greek front-runners vow to stay in euro
Angela Merkel will have to "invent a way" to kick Greece out of the eurozone, a leading Greek politician has claimed, as all political parties promise to renegotiate the country's 130bn (105bn) bail-out agreement after tomorrow's pivotal elections.&l.....

Greek front-runners vow to stay in euro after elections
Angela Merkel will have to "invent a way" to kick Greece out of the eurozone, a leading politician claims, as all parties promise to renegotiate 130bn bailout after elections.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....