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Friday 22 June 2012

UK Financial News on 2012-06-22

Thousands hit by NatWest backlog
Thousands of NatWest customers are still affected by computer problems, leading the bank to take the unusual step of opening on Sunday......

Euro's big four agree growth plan
The leaders of the eurozone's four biggest nations, Germany, France, Italy and Spain, agree a package to boost economic output by 1%......

Firm pulls out of turbine factory
A wind turbine company pulls out of plans to set up a manufacturing plant in Kent which was to have created about 1,600 jobs......

Brazil and Chile airlines merge
Chile's Lan airline completes a takeover of Brazil's Tam after two years of negotiations to create the world's second biggest carrier, Latam......

Moody's downgrades 15 major banks
Credit ratings agency Moody's downgrades 15 global banks including Barclays, HSBC and Goldman Sachs, but their share prices still rise......

Greek minister taken to hospital
Greece's finance minister collapses on his first day in the role, just after the new PM announces he needs an emergency eye operation......

Google denies holding up probe
Google denies that it is preventing a Texas investigation into whether it is abusing its dominance of the internet search market......

Water bills 'to be cut for poor'
Water companies in England and Wales are being issued guidance by the government to allow them to charge people on low incomes less......

William Hill granted US licence
UK bookmaker William Hill gets the green light to launch its first US operations after being granted a licence by the Nevada Gaming Commission......

German firms fear crisis impact
German businesses are increasingly worried about the impact of the eurozone crisis, a survey suggests......

Glencore protests at Bolivia move
Commodities giant Glencore protests strongly at the nationalisation of an operation in Bolivia and warns about future investment......

Jail for 'potato bribe' scammers
Three men are jailed for a scam involving potato contracts that saw Sainsbury's supermarket overcharged by nearly 9m......

Xstrata pay packages criticised
Influential investor group the Association of British Insurers warns that Xstrata's pay plans are in breach of good corporate governance......

Farepak judge partly blames bank
A High Court judge partly blames the "hardball" attitude of the HBOS bank group for the collapse of Farepak in 2006, and says it should return up to 10m to customers......

Nintendo to revamp 3DS handheld
In July, Nintendo will start selling a version of its 3DS handheld gaming console that has screens almost twice the size of existing models......

China and Brazil in currency deal
China and Brazil agree a currency swap deal in a bid to safeguard against any global financial crisis and strengthen trade ties......

Average rents up to 712 a month
The average rent being paid by private tenants in England and Wales rose again in May, to 712 a month, a report says......

Jimmy Carr: My terrible error
Comedian Jimmy Carr says he has made a "terrible error of judgement" over using a tax avoidance scheme and has pulled out of it......

EU rules on workers' annual leave
Workers who fall sick during their annual leave are entitled to take corresponding paid leave at a later date, the EU's top court says......

Spain banks need up to 62bn euros
An independent audit of Spain's banks finds that they need up to 62bn euros (50bn) in extra funding......

China's Iran oil imports rebound
China's imports of crude oil from Iran rebounded in May after the two countries resolved a payment dispute......

India cement firms in $1.1bn fine
India's competition watchdog fines 11 cement companies, including ACC and Ambuja Cements, for manipulating supplies and price fixing......

Judge orders Duff & Phelps report
Rangers administrators Duff and Phelps are ordered to prove there is no conflict of interest over their role......

Kaneria hit with life ban by ECB
Danish Kaneria is banned for life from playing in England and Wales after being found guilty of corruption......

Dons join no vote to new Rangers
Aberdeen join Dundee Utd and Hearts in their opposition to a Rangers 'newco' being admitted to the SPL......

VIDEO: NatWest branches will open Sunday
Thousands of NatWest accounts are still being affected by computer problems, leading the bank to take the unusual step of opening some branches this Sunday......

VIDEO: Natwest: 'Situation clearly unacceptable'
NatWest will open branches on Sunday to deal with the chaos caused by technical problems.....

VIDEO: Euro's big four agree growth plan
Leaders of the eurozone's four biggest nations have agreed in principle to measures to boost growth equal to 1% of the currency area's economic output......

VIDEO: Greening: HS2 line 'will be built'
The Transport Secretary, Justine Greening, has insisted that a proposed new high speed rail line in England will be built......

AUDIO: 'We'd like to be the next IBM'
Aaron Levie , the Founder and CEO of Box, a cloud storage service that he launched with co-founder CFO Dylan Smith in 2005, speaks to the Today programme's Lesley Curwen......

VIDEO: RBS one of three UK banks downgraded
The Royal Bank of Scotland is one of three of Britain's biggest banks that have had their credit worthiness downgraded by the ratings agency Moody's......

VIDEO: Burnham: PM has 'opened can of worms' on tax
Shadow Health Secretary Andy Burnham has criticised Prime Minister David Cameron over his comments on the comedian Jimmy Carr's tax arrangements......

VIDEO: Are Apple's legal woes biting it?
Apple's latest legal battles may not be worth the time and money they take, says James Rooney, chairman and chief executive at Market Force......

Olympic dreams inspire firms to innovate
How much can equipment increase the chances of a medal?.....

Five mega-trends shaping customers
Coca-Cola chief on five mega-trends shaping consumers.....

Greece v Germany, the bailout game
Politics fires up Greeks ahead of Germany showdown.....

Why firms must adopt the open source way
Why all companies should switch to open source.....

Liberia's visionary entrepreneurs
Californian entrepreneur sets up in poverty-stricken Liberia.....

U.S. Week Ahead: Obamacare could survive court intact
June 22 - There is a possibility U.S. Supreme Court could leave President Obama's healthcare program intact when it hands down its ruling. And Fed speakers hit the road again......

Wealth Strategies: Housing recovery will be "erratic"
June 22 - Fitch homebuilding analyst Bob Curran says the recovery in housing is "two steps forward, one step back", and that if the U.S. economy should stall, the homebuilding market could react negatively......

Breakingviews: Moodys not-too-blues
June 22 - Jeffrey Goldfarb talks to Breakingviews columnists about the aftermath of the 15 bank ratings downgrades......

Trading at Noon: Wall Street weathers Moody move
June 22 - U.S. stocks including major banks are up modestly a day after Moody's downgraded 15 banks......

Euro's big four agree to EU growth boost
The leaders of Germany, France, Italy and Spain have agreed on a 130 billion euros package to try to revive economic growth in Europe but differed over whether and how to launch joint bonds to combat the euro zone's debt crisis......

Europe Week Ahead: EU leaders promise economic roadmap
June 22 - European leaders gather for a summit in Brussels with a pledge to create a blueprint for a euro zone economic union.....

Romney advisor Hubbard: Fed outlook a real cause for concern
Mitt Romneys top economic advisor says, Operation Twist wont do much, his candidates focus on tax reform will jump start growth, and Obamas policies have worsened the economic downturn......

World at Risk: EU Summer of Discontent
June 22 - Europe stands at a critical crossroads ahead of next week's European Council meeting. Nomura Senior Risk Analyst Alastair Newton tells us what keep him awake at night......

3XSQ: Bruised banks deal with another setback
June 22 - Moody's downgrades 15 banks, with some seeing cuts of up to 3 notches.....

Politics bubbles beneath Greek-German clash.
June 22 - Friday's second Euro 2012 quarter-final match will take on a subtextual dual as well, as the highly indebted Greeks take on European paymasters Germany. Joel Flynn reports......

Former Murdoch exec Brooks faces court
June 22 - Former News International executive Rebekah Brooks appears in court as her prosecution case begins in Britain's phone hacking scandal. Rough Cut (no reporter narration)......

Air France wields the axe
June 22 - Air France announced more than 5,000 job losses under a cost-cutting plan on Thursday, creating a political headache for new President Francois Hollande. Hayley Platt reports.....

U.S. Morning Call: Stock futures up; banks in focus
June 22 - Banks will be in the spotlight after ratings agency Moody's downgraded 15 of the world's biggest banks on Thursday......

Market Pulse: Oil in 'uncharted territory'
June 22 - Oil prices rally after touching 18-month lows, but prices still have further to fall as data comes in weak and euro zone worries persist, says Commerzbank's head of commodities, Eugen Weinberg......

Breakingviews: Spanish banking bailout lacks urgency
June 22 - Giving Spanish banks nine months to fix their problems shows a distinct lack of urgency to respond to market concerns say Breakingviews......

Bank downgrade: Blame Europe and capital markets malaise
June 22 - Citigroup's damning critique of Moody's "adverse treatment of U.S. firms relative to banks in Europe" is a bit harsh, says Mediobanca's Chris Wheeler......

Reuters Today: Big Four in Rome; Moody's cuts banks
June 22 - Merkel, Monti, Hollande & Rajoy meet in Rome to seek a way out of the euro zone crisis. Plus Moody's cuts ratings of 15 banks......

Indian shoppers to the rescue
June 22 - The days when India was the emerging market darling are long gone. But investors say the country's resilient consumer sector should keep its economy afloat......

"I'm not stepping down any time soon": Carlos Ghosn
June 22 - The man credited with turning Nissan around says he is planning to stay on, although Europe's slowdown and a strong yen pose big challenges for the Japanese car company......

Asia Week Ahead: A further scare on China's factories
June 22 - Breakingviews' Wayne Arnold says China's official PMI figures are likely to confirm a steep slowdown in manufacturing activity......

Reuters Asks: Who's to blame? U.S. or Europe?
asks who you think is to blame......

Banks downgrade doesn't scare investors
June 22 - European banking stocks rose on Friday, despite the previous day's downgrade of the credit ratings of 15 of the world's biggest banks by Moody's. Analysts say the cuts were anticipated, but the pressure is on for European leaders to end the.....

Politics bubbles beneath Greek-German clash
June 22 - Friday's second Euro 2012 quarter-final match will take on a subtextual dual as well, as the highly indebted Greeks take on European paymasters Germany. Joel Flynn reports......

Moody's swings the ax on banks
June 21 - JPMorgan Chase kept its reputation of being well managed, Morgan Stanley didn't fare as bad as feared, but Credit Suisses rating was a shock as Moody's Investors Service cut its credit rating on 15 of the world's biggest banks. Conway G. Gi.....

Bears roar as economy shakes
June 21 - Stocks in free-fall after data point to global weakness and Goldman Sachs tells clients to short the market. Conway G. Gittens reports......

Taxpayer to pick up 6m costs of vindicated Farepak directors
The Farepak directors who were vindicated after the collapse of a High Court case against them, are to be granted millions of pounds in legal costs by the Government.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Booming Iceland makes second early loan repayment to IMF
Iceland, whose economy has recovered rapidly following the 2008 collapse of its banking sector, on Friday repaid $483.7 million in loans to the International Monetary Fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Debt crisis: Greek government's leaders fall ill on first day
Their country is very much the sick man of Europe. So it was sadly symbolic when two of Greece's top politicians fell ill on the first day of its new government on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Glencore's Colquiri mine seized in Bolivia
Glencore has demanded compensation from Bolivia after the country's Left-wing government nationalised one of the commodities group's tin and zinc mines.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/209f66ae/mf......

Debt crisis: Angela Merkel defies Latin Europe and the IMF on bond rescue
German Chancellor Angela Merkel has shot down calls for full mobilisation of the eurozone's bail-out funds to halt the raging bond crisis in Spain and Italy, ignoring unprecedented pleas for action from the International Monetary Fund.<img width='.....

Debt crisis: as it happened June 22, 2012
The leaders of Germany, France, Italy and Spain want a $130bn growth package - worth 1pc of eurozone GDP - to create jobs and drive growth in the region's ailing economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Lower and simpler taxes would be 'morally right'
Telegraph View: Lower taxation both increases economic growth and attracts investment from overseas<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20a001b0/mf.gif' border='0'/><br/><br/><a href=.....

Del Missier to oversee Barclays shake-up
Barclays chief executive, Bob Diamond, has put Jerry del Missier, one of the bank's most senior executives, in charge of restructuring the business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/209fed8a/mf.gif'.....

Debt crisis: live
The leaders of Germany, France, Italy and Spain want a $130bn growth package - worth 1pc of eurozone GDP - to create jobs and drive growth in the region's ailing economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

A call from an old friend could ease Qantas's pain
Willie Walsh must have allowed himself a wry smile.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/209f71ac/mf.gif' border='0'/>.....

FTSE 100 declines for a second day in a row
Marks & Spencer endured a difficult session as the blue-chip index fell for a second day in a row.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/209f66ab/mf.gif' border='0'/><br/><br/><a hr.....

Kate Bleasdale fails in 12m sex discrimination case against company she founded
Kate Bleasdale, the colourful entrepreneur who was sacked from the company she set up Healthcare Locums, over "serious accounting irregularities" has failed in her attempt to sue the business for unfair dismissal.<img width='1' height='1' src='htt.....

Australian mining tycoon challenges supertax
Plans to impose a "super tax" on mining companies operating in Australia face a legal challenge from the industry tycoon Andrew "Twiggy" Forrest.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/209f66ad/mf.gif' bo.....

Debt crisis: Spain to request bailout on Monday
Spain will formally request a bailout for its crisis ridden banks on Monday, finance minister Luis De Guindos said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/209f66af/mf.gif' border='0'/>.....

RBS and Moody's clash over rating downgrade
Taxpayer-owned bank disagrees with the ratings change, claiming the ratings cut did not give enough credit for the "substantial improvements" it had made to its balance sheet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Jim O'Neill would shake up Bank of England if he became Governor
Jim O'Neill, the Goldman Sachs banker touted as a future Governor of the Bank of England, would want to change the Bank's mandate if he got the job.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/209f2b78/mf.gif'.....

Risk of Greek blackouts increases as traders cut or halt power supplies
Power traders in at least four countries have reduced or halted electricity exports to Greece due to non-payments, helping to force market prices sharply higher in a potential blow to struggling industries and raising the risk of blackouts during the.....

Marks & Spencer loses head of menswear to Bhs
Marks & Spencer suffered a blow after its head of menswear Richard Price said he was leaving the company to join rival retailer Bhs, owned by Sir Philip Green.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Iceland hails record results as profits rise 14pc
Iceland Foods hailed its seventh consecutive set of record results since founder Malcolm Walker returned as chief executive, as it posted a 14pc increase in pre-tax profits, to 147.5m.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

NatWest delays to continue over the weekend
Some NatWest branches will be open all weekend as the bank continues to battle a technical problem affecting millions of customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/209deff1/mf.gif' border='0'/>&.....

Euro crisis 'domino effect' fears hit German confidence
German companies are becoming more worried about the eurozone debt crisis, Ifo economist Klaus Wohlrabe said on Friday after data showed business sentiment declined in June for a second month running to its lowest level in over two years.<img widt.....

Germany vs. Greece: the economic clash in numbers
As the Euro 2012 quarter final nears, we focus on the economic score.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/209d9397/mf.gif' border='0'/>.....

Germany versus Greece
Greece and Germany are preparing for a crunch quarter final in the Euro 2012 football championships this evening - a clash that goes well beyond football amid a crippling economic crisis in Greece that some blame on Germany's insistence on austerity......

The great Sainsbury's potato fraud: jail for vegetable buyer who took 5m in bribes
Three senior businessmen who cooked up elaborate scheme to siphon 9m from Sainsbury's are jailed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/209dbccc/mf.gif' border='0'/>.....

Qantas warns government 'we could go under'
Qantas has warned the Australian government it could "go under" if Abu Dhabi-based Etihad Airways is allowed a greater stake in rival carrier Virgin Australia, a newspaper reported.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....