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Saturday 23 June 2012

UK Financial News on 2012-06-23

RBS chief sorry for bank glitches
The chief executive of NatWest's owner RBS, Stephen Hester, apologises for technical problems which left customers unable to pay bills or access money......

Sir Chris Hoy defends tax affairs
Olympic cyclist Sir Chris Hoy defends his tax arrangements after it was reported that he received a loan from his own company......

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......

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......

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......

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......

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......

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......

Rangers duo oppose newco transfer
Sone Aluko and Rhys McCabe lodge official objections to their transfer from the old Rangers FC to the newco......

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......

Stadium dispute leads to U's loss
Oxford United record a loss of almost 300,000 in the 12 months to June 2011 after settling a dispute with former owner Firoz Kassam's company......

VIDEO: Economic impact of Saudi succession
Following King Abdullah of Saudi Arabia's appointment of Prince Salman as the new heir to the throne, BBC's Katy Watson looks at just how important the kingdom's leadership is to the region's economic prosperity......

VIDEO: UAE campaign to stop illegal fishing
But due to depleting stocks of some fish in the UAE, a new scheme has launched to regulate trade and cut down on illegal fishing......

VIDEO: Your Money: NatWest technical glitch
Declan Curry looks at the technical glitch affecting NatWest, Ulster Bank and Royal Bank of Scotland customers......

VIDEO: Is Euro 2012 big business in Dubai?
Dubai businesses are spending big to try and cash in on the European Football championships that are taking place at the moment......

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......

The best way to complain
How best to complain about poor service.....

Sounding off against the Bankia bailout in Spain
June 23 - Small shareholders gather outside Bankia headquarters in Madrid to protest Spain's banks bailout. Deborah Lutterbeck reports......

Banks to the rescue, sort of
June 22 - Summary of business headlines: Bank stocks rally with investors not disheartened by a Moody's downgrade, but Wall Street was down for the week; Profits sink at Carnival; Darden forecast lacks heat; South America gets airline powerhouse. Con.....

Rising recession risk
June 22- Fear of a global recession picked up pace as countries around the globe report weak economic data and Moody's downgrades 15 of the world's biggest banks. Jill Bennett reports......

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.....

Ocado to drive up non-food sales
Ocado, the online grocery company, is expected to buy a warehouse dedicated to stocking non-food products, as the company attempts to loosen the ties with its main supplier Waitrose.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Natwest glitch: RBS chief Stephen Hester faces pressure to explain fault to public
Stephen Hester, the chief executive of Natwest owner the Royal Bank of Scotland, was under pressure last night to give a public account of the breakdown of the bank's computer systems as politicians and small businesses attacked the bank's failures a.....

Monetise eyes new bankers and US listing
Monitise, the mobile payment technology specialist, is holding a beauty parade for new bankers ahead of a possible decision to move its London stock market listing to the US.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Boots to return to London stock market
Boots is to return to the UK stock market as a by-product of Walgreens' $6.7bn (4.3bn) acquisition of a 45pc stake in the retailer's parent company, Alliance Boots.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Credit rating agencies defend track record on economies
The big three credit ratings agencies have rejected criticisms of their analysis, business models and regulation, claiming that their track record on rating nations' economies is a good one.<img width='1' height='1' src='http://telegraph.feedsport.....

I'll never sell the Savoy, says billionaire Prince Alwaleed
Saudi billionaire Prince Alwaleed bin Talal says that he will never sell London's Savoy hotel, which he co-owns with Lloyds Banking Group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20a5c610/mf.gif' border='0.....

Rainmaker: Fear of Shareholder Spring sends big-ticket floats overseas
Volatile markets and Increased investor activism in London is driving away companies that want to come to market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20a5c61e/mf.gif' border='0'/><br/><br/&.....

Rate swap scandal: HSBC let me down, says widow Rachelle Cohen
Rachelle Cohen was spoken about in Parliament last week as a widow with a small property portfolio, sold an inappropriate interest rate swap by HSBC.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20a5c611/mf.gif.....

Rate swap scandal: FSA review to reveal evidence of serious misselling
The Financial Services Authority is to reveal it has found evidence of serious mis-selling at some of Britain's largest banks as part of a review of the way lenders pushed small businesses to buy controversial interest rate swaps.<img width='1' he.....

All the world's a stage for Boots
British healthcare giant Boots Alliance has moved onto the world stage with its strategic partnership with US rival Walgreens, creating one the biggest global pharmaceuticals retailers.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Gatwick Airport renews push for second runway
Gatwick Airport will resurrect proposals for a second runway this summer as it ramps up efforts to become London's main gateway to booming economies in Asia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20a5efe.....

Gatwich Airport renews push for second runway
Gatwick Airport will resurrect proposals for a second runway this summer as it ramps up efforts to become London's main gateway to booming economies in Asia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20a5c61.....

Natwest glitch: RBS chief's message to staff and customers
Stephen Hester, the chief executive of Natwest owner RBS, has written to staff and customers about the serious computer failure that has frozen millions of people out of their accounts. Here are the letters in full.<img width='1' height='1' src='h.....

KKR: Barbarians at the gate? Not any more
It is the private equity raider that inspired Barbarians at the Gate, the chronicle of the wild 1988 takeover of America's RJR Nabisco. Nearly a quarter of a century on, Kohlberg Kravis Roberts has an altogether less macho image.<img width='1' hei.....

Don't shoot the messenger, say ratings agencies
Much-maligned credit rating agencies Moody's, Standard & Poor's and Fitch say that while they do get it wrong sometimes, but their role is misunderstood .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20a5ec.....

US to fall off 'fiscal cliff', warns Joseph Stiglitz
The US economy is likely to fall over a "fiscal cliff" at the start of next year because Washington will be too divided to stop it, Joseph Stiglitz, one of the world's leading economists, has warned<img width='1' height='1' src='http://telegraph.f.....

Ban on Farepak directors expected to be lifted
The two Farepak directors who were disqualified for their part in the collapse of the failed Christmas saving club are to have their bans lifted in further embarrassment for the Government.<img width='1' height='1' src='http://telegraph.feedsporta.....

Subway 'meatball' sub at centre of new VAT row
It is advertised as a "comforting, splodgilicious Sub with tasty meatballs," but Subway's Meatball Marinara sub could be about to cause the Government some serious indigestion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

The FSA must show its muscle over mis-selling
Britain's chief financial watchdog needs to plug the gap in the regulatory infrastructure that has allowed the interest rate swap mis-selling scandal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20a5c625/mf.gi.....

Greek coalition looks for two year delay in bail-out terms
The new Greek coalition Government is to seek a two-year holiday from some of the harshest elements of the European Union / International Monetary Fund bail-out package.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Bond 'ignores' Xstrata shareholders in 29m pay row
Sir John Bond is facing accusations of not listening to shareholders amid the growing row concerning the 29m awarded to Xstrata chief executive Mick Davis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20a5c7c1/.....

Bank of England expected to free up billions for lending
The Bank of England is expected to unveil the latest plank of its recovery strategy this week when it relaxes financial regulations to free up billions of pounds for lending to help reinvigorate the economy.<img width='1' height='1' src='http://te.....

Paul Geddes rings the changes at insurer Direct Line
Interview: Paul Geddes, chief executive of Direct Line Group, on how he plans to comply with EU orders to sell or float the insurer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20a5c626/mf.gif' border='0'/>.....

Farepak trial collapse: who's to blame
It has been six years since the collapse of savings club Farepak - and still no one has been held to account.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20a5c628/mf.gif' border='0'/><br/><br/>&.....

Sliding oil price could herald the beginning of a recovery
Markets, like men, are not much good at multi-tasking. So while we've all been obsessing over every twist and turn in the eurozone saga, something extraordinary has happened to the most important number in the world - the oil price.<img width='1' .....