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Wednesday 4 July 2012

UK Financial News on 2012-07-04

Diamond: Rate fix 'reprehensible'
Bob Diamond, who resigned as Barclays chief executive in the wake of the bank interest rate-fixing scandal, calls the behaviour of those responsible "reprehensible"......

Man Utd seeks $100m US listing
One of the world's biggest football clubs, Manchester United, formally applies to start selling shares on the New York Stock Exchange......

HTC defeats Apple in UK courts
A High Court judge rules against Apple's claim that the Taiwanese firm infringed four of its patents, including its swipe-to-unlock feature......

Service sector slowdown continues
Growth in the UK's service sector slowed to an eight-month low last month, raising the prospect of more stimulus moves from the Bank of England......

Cameron: Bank crisis unacceptable
Prime Minister David Cameron has told the House of Commons that the crisis at Ulster Bank is unacceptable......

Signs of subdued housing market
An estate agents' group describes the housing market for first-time buyers as "fragile" as other figures suggest the sector is stagnant......

450 new jobs at Swansea DVLA HQ
The DVLA says up to 450 jobs will be created at its Swansea HQ as part of an improvement programme, although posts will go in Cardiff and Bangor......

Guilty tax dodger to pay 469,000
A millionaire property developer from Berkshire will have to pay 469,000 in fines and costs for failing to pay tax on money hidden in a Swiss bank account......

Betfair agrees horse racing deal
Online betting exchange Betfair signs a deal with British horse racing organisers, promising a minimum 40m of funding over the next five years......

Remploy workers vote for strike
Disabled workers at Remploy vote to go on strike against plans to close factories that provide them with work......

Bankia officials face fraud probe
Former IMF chief Rodrigo Rato is one of 33 current and former officials at Spanish lender Bankia who will become the focus of a fraud inquiry......

PPI 'still dominates complaints'
Complaints to the financial ombudsman dipped in April to June but were still dominated by claims of PPI mis-selling, figures show......

Rangers newco refused SPL entry
Ten out of 12 chairmen vote to reject the application from Rangers newco to join the Scottish Premier League......

Apple enforces Galaxy Nexus ban
The iPhone maker pays a $95.6m (61.1m) bond bringing into effect a US sales ban of one of Samsung's leading smartphones......

Italy's budget deficit increases
Italy's budget deficit widened in the first three months of the year, official figures show......

E.On to cease doorstep selling
E.On becomes the last of the big six energy companies to announce the end of unsolicited doorstep selling of gas and electricity contracts......

HMRC chases more tax defaulters
The tax authorities are chasing people who have failed to submit their self-assessment tax returns for 2009-10 or earlier......

Double payments after IT failure
Some duplicate debits, such as loan payments, were mistakenly taken from bank customers after the failure of the computer system at RBS......

Money Advice Service boss quits
Tony Hobman, the chief executive of the government-backed Money Advice Service, resigns after criticism of his pay package......

Eurozone services shrink in June
The eurozone's service sector continued to shrink in June and business confidence plunged, according to surveys compiled by Markit......

US recovery is tepid, says IMF
The US recovery "remains tepid", the International Monetary Fund says as it cuts its growth forecast for this year and next......

France unveils 7bn-euro tax rise
French President Francois Hollande announces plans to raise taxes on business and wealthiest households by 7.2bn euros......

Toshiba gets price fixing fine
Japanese electronics maker Toshiba gets $87m (55m) fine for conspiring to fix prices of liquid crystal display panels in the US......

Aeon supermarket profits double
Japan's biggest supermarket operator, Aeon, says profits more than doubled to 13.1bn yen ($164m; 104m) in the three months to the end of May......

ANA plans $2.6bn new share sales
Japan's All Nippon Airways says it plans to raise as much as $2.6bn (1.6bn) by selling new shares to fund its expansion plans......

'Olympic boost' for Scots economy
Scotland stands to gain a 1bn economic benefit from the staging of this summer's Olympic Games, according to new economic research......

Newcastle rule out appeal action
Newcastle will not appeal the decision to award London Welsh promotion to the Premiership, which saw Falcons relegated......

VIDEO: Barclays ex-boss 'sorry and angry'
Bob Diamond, who resigned as Barclays chief executive on Tuesday in the wake of the inter-bank interest rate-fixing scandal, calls the behaviour of those responsible "reprehensible"......

VIDEO: Alan Sugar makes his YouView pitch
Lord Sugar speaks to the BBC's Rory Cellan-Jones about why he thinks the YouView service he is involved with will revolutionise television......

VIDEO: Cameron and Miliband clash on banking
David Cameron said his government introduced the bank levy, would legislate to split the banks and had introduced "the most transparent" system for pay and bonuses......

AUDIO: 'Ulster customers left in lurch'
Two Ulster Bank customers, one of whom is getting married in August, told BBc Radio 5 live what was happening with their accounts......

AUDIO: Myners: Not aware of talks on Libor
The former City minister, Lord Myners, has denied he or his Treasury colleagues put any pressure on the Bank of England over the setting of the Libor rate......

VIDEO: 'Reputation of London is at stake'
Professor Niall Ferguson tells Sarah Montague that after the scandal surrounding the fixing of the Libor interest rate the reputation of not just Barclays but the City of London is at stake......

VIDEO: Man Utd flotation 'risky strategy'
Market strategist and former professional footballer Michael Jarman says Manchester United listing on the New York Stock Exchange to repay some of its debts is ''a risky strategy''......

AUDIO: Personal injury claims rose in 2011
The Actuarial Profession told Morning Reports why personal injury claims have risen despite a fall in car accidents......

US demands tough Libor regulation
UK banks and Libor need tougher rules, says a top US regulator.....

What makes bankers act the way they do?
Does a culture of insecurity prevent people whistle-blowing?.....

In pictures: Sergio Pininfarina
The life and work of car designer Sergio Pininfarina.....

When schools are casualties of war
When lessons become the casualties of war.....

Helicopters aid London 2012 visitors
The Olympics: An exclusive way to travel - for some.....

Europe Day Ahead: Bet on ECB rate cut
July 4 - Analysts bet the ECB will cut rates to a record low 0.75%, but the move may do little to lift markets as doubts grow over the euro zone's ability to implement its summit debt deal......

Barclays' Diamond faces grilling over Libor
July 4 - Bob Diamond gives evidence to critical British lawmakers a day after quitting as Barclays' chief executive over an interest rate rigging scandal. (ROUGH CUT ONLY - NO REPORTER NARRATION) Diamond abruptly resigned on Tuesday just hours after .....

Xmas toys inspired by the ipad
July 4 - Europe's top manufacturers preview the latest must-have toys for Christmas including a ipad-style tablet for children as young as 4 as well as some old classics. Hayley Platt reports......

Megaupload founder back in court
July 4 - Megaupload founder Kim Dotcom tells a New Zealand court that Hollywood is trying to defend an outdated business model. Sarah Sheffer reports......

Market Pulse: Libor under most intense focus since Lehman
July 4 - Not since the white heat of the global financial crisis in late 2008 has Libor been in the headlines so much, following Bob Diamond's resignation from Barclays......

Scientists find new particle, probably the Higgs
July 4 - Scientists unveil discoveries on the elusive Higgs subatomic particle. Julie Noce reports......

Reuters BreakingviewsBreakingviews: Barclays Libor rate timings very significant
July 4 - The timings of the lower rates submitted by Barclays raises questions; including whether Barclays could have continued to operate as it did, say Breakingviews......

Apple's iPhone and the China conundrum
July 4 - Apple's sales are on fire in China, with more official shops on the way. But the tech giant may need to rethink its product mix to extend its growth run in the world's most populous market......

UK services PMI fall points to continued recession in Q2
July 4 - The recession in Britain will continue into the second quarter, after services sector PMI growth slowed sharply in June. That's according to Rob Dobson of PMI data provider Markit......

Reuters Today: Barclays battering could be buy signal - LCG
July 4 - As fallen Barclays CEO Bob Diamond faces a grilling by UK lawmakers, London Capital Group's Angus Campbell says the bank's troubles could signal a buy for the stock......

Witness: The last fighting season
July 4 - In a remote, rugged part of Afghanistan, U.S. troops continue to battle a tenacious insurgency. But by autumn, they will be gone. Christophe Van Der Perre reports from northern Kunar......

Factories rebuild Wall St. hopes
July 3 - Summary of business headlines: Stocks gain as factory orders move along in May; Auto sales show surprise June acceleration; Oil prices surge on Iran jitters. Conway G. Gittens reports......

Easier money heats up car sales
July 3 - Auto sales rebounded in June after a disappointing May- a bright spot for the economy and an encouraging sign of consumer sentiment. Bobbi Rebell reports......

U.S. Day Ahead: Inside retail earnings
July 3 - Retailers report June same-store sales and may provide updates on their quarterly earnings expectations......

IMF's Lagarde calls on U.S. to keep up efforts to boost growth.
July 3 - IMF chief Christine Lagarde calls on U.S. to keep up efforts to help a modest economic recovery, and warns delays in addressing looming fiscal challenges. Deborah Lutterbeck reports......

Trading at Noon: U.S. auto sales zoom ahead
July 3 - Major automakers showed stronger-than-expected sales gains, as June U.S. auto sales rebounded from a disappointing May......

Breakingviews: $6.2 bln Microsoft blooper has silver lining
July 3 - Antony Currie and Rob Cyran discuss why the embarrassing writedown of ad firm aQuantive may finally teach the software company not to stray from its core business......

Europe Day Ahead: Diamond faces grilling
July 3 - A look ahead to Wednesday's key events including outgoing Barclays CEO Bob Diamond facing a parliamentary inquiry, the BoE begins a two-day meeting and investors brace for services PMI data......

Airbus brings the fight to Boeing
July 3 - Airbus CEO Fabrice Bregier hopes to double U.S. market share for the European planemaker by building a U.S. factory on Boeings home turf, threatening to open up a new chapter in a bitter trans-Atlantic rivalry. Conway G. Gittens reports......

Jumped or pushed? The case of the disappearing Diamond
July 3 - Did he jump or was he pushed? The sudden resignation of Barclays CEO Bob Diamond has analysts asking what prompted the about-turn, and what it means for his testimony to parliament on Wednesday......

3XSQ: Microsoft mistake, Chrysler gains
July 3 - Microsoft writes down an acquisition, and Chrysler reports a 63 percent gain in sales for June......

Who'll replace Bob Diamond?
July 3 - Barclays outgoing chairman Marcus Agius will lead the search for a new CEO but analysts say he faces a tough task finding someone suitable......

Spain jobs rise not enough
July 02 - June's figures showed almost 100,000 were back in work in Spain, but the economy minister says they're not out of the woods yet as employers have taken on more staff for the tourist season. Joanne Nicholson reports.....

U.S. Morning Call: Microsoft computes a $6.2 bln hit
July 3 - Microsoft announces a $6.2 bln charge to write down the value of an online ad agency, aQuantive, which it bought five years ago......

Market Pulse: Barclays shares surge after Diamond quits
July 3 - Barclays shares move higher in the wake of the resignation of CEO Bob Diamond. Richard Hunter of Hargreaves Lansdown says put today's rise into context......

Lorraine Heggessey leads management buyout of Boomerang Plus
Former BBC1 controller Lorraine Heggessey will return to television production, after management buy-out of Welsh firm.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2103bf8a/mf.gif' border='0'/><br/>&l.....

Debt crisis: Italy's deficit to double, but Germany's to halve
Italy has almost doubled its deficit forecast, as Germany halved its, underscoring the increasing lag of "sinner states" that could persuade the European Central Bank to cut interest rates on Thursday.<img width='1' height='1' src='http://telegrap.....

Bob Diamond feels the heat as MPs quiz him over libor scandal
We look at some of the key issues raised by Barclays chief executive Bob Diamond's appearance at the Treasury Select Committee on Wednesday, from the bank's culture to contact with the Bank of England over Libor rigging.<img width='1' height='1' s.....

Bank of England in the spotlight over 'nod and wink' to Libor rigging
The Bank of England was thrust back into the centre of the Libor scandal yesterday after it was accused of giving Barclays a "nod and a wink" to rig interest rates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Libor rigging scandal: FSA warned Barclays about Bob Diamond and senior management
The Barclays board was warned less than six months ago that the relationship between the bank's senior management and the Financial Services Authority had "broken down".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Battersea Power Station sold for 400m to Malaysian bidder
Battersea Power Station, the four-tower listed London landmark that ceased generating electricity in 1983, has been sold to a consortium led by Malaysia's SP Setia for 400m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Revolymer tackles spat-out gum with 25m float
A company hatched at Bristol University is raising 25m via an Aim float, with the intention of tackling one of the bugbears of London Mayor Boris Johnson - chewing gum on the streets.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Bob Diamond apologises for Barclays Libor fixing
The former Barclays CEO says the fixing of Libor rates by Barclays traders was "reprehensible" and "wrong".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21037276/mf.gif' border='0'/><br/><br/><.....

Ulster Bank customers still waiting for problems to end
Royal Bank of Scotland has admitted some Ulster Bank customers will continue to face problems with their bank accounts almost a month after computer glitches sparked a crisis at the lender.<img width='1' height='1' src='http://telegraph.feedsporta.....

Osborne's revenge on Labour will turn sour
The Chancellor's plan to shift the blame for the Libor scandal will put Parliament on the rack, says Sue Cameron<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21036f13/mf.gif' border='0'/><br/><br/&g.....

George Osborne's revenge on the Labour Party will turn sour
The Chancellor's plan to shift the blame for the Libor scandal will put Parliament on the rack, says Sue Cameron<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2103531d/mf.gif' border='0'/>.....

Johnson dry cleaners to shut 100 shops
Johnson Service Group is to shut 100 loss-making dry cleaning shops after sales declined in struggling high-street locations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210342fc/mf.gif' border='0'/><br/.....

Still no evidence of a growth plan as London buries its head in retribution
Bob Diamond's grilling by MPs on the Treasury Select Committee made for compelling, and on occasions, bizarre theatre, even if it failed to get to the bottom of the numerous "whodunnit" questions raised by the rate-rigging scandal.<img width='1' h.....

One thing is clear- the Bank knew Libor was broken and did nothing
Paul Tucker, the Bank of England's deputy governor, says he is keen to give evidence to the Treasury Select Committee "as soon as possible" to clarify what he sees as the misconceptions surrounding the Libor fixing scandal.<img width='1' height='1.....

Barclays is branded a 'rotten, thieving bank' by MP John Mann
Just when the Committee was getting bogged down in detail, John Mann, Labour MP for Bassetlaw, cut to the quick. "Can you remind me the three founding principles of the Quakers who founded Barclays?" he asked Bob Diamond.<img width='1' height='1' .....

Barclays is branded a 'rotten, thieving bank' by MP
Just when the Committee was getting bogged down in detail, John Mann, Labour MP for Bassetlaw, cut to the quick. "Can you remind me the three founding principles of the Quakers who founded Barclays?" he asked Bob Diamond.<img width='1' height='1' .....

Barclays is branded a 'rotten, thieving bank' by MP
JUST when the Committee was getting bogged down in detail, John Mann, Labour MP for Bassetlaw, cut to the quick. "Can you remind me the three founding principles of the Quakers who founded Barclays?" he asked Bob Diamond.<img width='1' height='1' .....

Bob Diamond questioned by MPs on Barclays Libor scandal: as it happened
Treasury Committee Chairman Andrew Tyrie says Bob Diamond's controversial memo looks 'like a nod and a wink' to cut Libor rates to 'everyone who reads it'<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2102dee4/m.....

Fraud trial for Rodrigo Rato over Bankia collapse
Rodrigo Rato, the former head of the International Monetary Fund, is to face trial for alleged fraud in connection with the spectacular collapse of Spanish lender Bankia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Bob Diamond: Labour ministers were warned about Libor fixing
Senior Government ministers close to Gordon Brown were today dragged into the banking scandal after the outgoing chief executive of Barclays claimed they were privately warned about potentially illicit activities.<img width='1' height='1' src='htt.....

Taylor Wimpey reinforces picture of slow but steady for housebuilders
Housebuilder Taylor Wimpey said it increased sales in the first half of the year, as the supply of houses to the market remained tight.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2102fb46/mf.gif' border='0'/&.....

Bob Diamond questioned by MPs on Barclays Libor scandal: live
Treasury Committee Chairman Andrew Tyrie says Bob Diamond's controversial memo looks 'like a nod and a wink' to cut Libor rates to 'everyone who reads it'<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20fe9631/m.....

Barclays sketch: Bob Diamond shares the love
Michael Deacon watches Bob Diamond, ex-CEO of Barclays, face questions from MPs over the Libor scandal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2102fb45/mf.gif' border='0'/>.....

France targets rich with 7.2bn in tax rises
France's new Socialist government announced tax rises worth 7.2bn, including heavy one-off levies on wealthy households and big corporations, to plug a revenue shortfall this year caused by feeble economic growth.<img width='1' height='1' src='htt.....

Phoenix rises on fresh takeover hopes
Could insurance entrepreneur Clive Cowdery be about to make another play for Phoenix Group?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21025264/mf.gif' border='0'/><br/><br/><a href="http://.....