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Thursday 5 July 2012

UK Financial News on 2012-07-05

Bank in extra 50bn stimulus move
The Bank of England announces it will pump a further 50bn into the UK economy through its quantitative easing programme......

Pork factory may shed 1,700 jobs
Dutch food company Vion says it could be forced to close its loss-making West Lothian pig processing factory with the loss of 1,700 jobs......

Agencies lower Barclays outlook
Rating agencies Moody's and S&P cut their outlooks for Barclays from stable to negative following the inter-bank interest rate-rigging scandal......

Air fares to include card fees
Twelve airlines, including Easyjet and Ryanair, agree to include debit card charges in air fares, rather than at the end of the booking process......

Eurozone rates at new record low
The European Central Bank has reduced its key interest rate from 1% to 0.75%, a record low for the eurozone......

China's central bank cuts rates
The Chinese central bank cuts its benchmark interest rate for the second time in two months, in a bid to arrest slowing economic growth......

Ireland in 500m-euro bill sale
The Republic of Ireland, which received an 85bn-euro bailout in 2010, returns to the capital markets after a near two-year absence......

Ulster Bank boss not taking bonus
Ulster Bank has confirmed their Chief Executive Jim Brown will not be taking his annual bonus this year.....

US in China car import tariff row
The United States has complained to the World Trade Organisation about the level of China's import duties on large-engined US-made cars......

House prices 'rose by 1% in June'
UK house prices rose by 1% in June compared with the previous month but remained lower than a year earlier, the Halifax says......

Ofcom to cap BT internet costs
Telecoms regulator Ofcom may force BT to cut the price it charges firms to provide internet access outside London......

French to tax second-home owners
UK citizens who own homes in France may have to pay substantially more in tax in that country, under proposals announced on Wednesday......

Tourists face extra Spanish tax
Holidaymakers in Spain this summer are facing a surprise new airport tax imposed by the Spanish government as it tries to balance its books......

Roger Bootle wins Wolfson prize
Roger Bootle and his team at Capital Economics win the 250,000 Wolfson Economics prize for the best plan for dealing with a eurozone break-up......

Lender hit by fine over data loss
Doorstep lending firm Shopacheck is fined 150,000 for losing tapes containing the personal details of 510,000 customers......

VW agrees $5.6bn Porsche takeover
Volkswagen agrees a deal to buy the remaining 50.1% shares of Porsche it doesn't already own by the start of next month......

Aviva to sell off businesses
UK insurance giant Aviva announces plans to cut 16 "non-core" underperforming businesses in an attempt to boost its profits and shares......

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

MPs challenge Diamond's evidence
Former Barclays boss Bob Diamond says some traders at the bank were "reprehensible", as MPs question whether they have got the full facts......

Assembly questions bank on crisis
Ulster Bank's ongoing problems are expected to be fixed by 16 July, executives tell the NI Assembly......

Kenya cancels Iran oil imports
Kenya cancels plans to import crude oil from Iran following threats of sanctions, an official at the Kenyan energy ministry says......

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

Japan approves exchanges merger
Japan's competition watchdog approves the planned merger of the Tokyo Stock Exchange and Osaka Securities Exchange......

GKN to buy Volvo aerospace unit
UK engineering group GKN agrees to buy the aero engine business of Swedish truck-maker Volvo for 633m ($986m)......

France CEO probed over suicides
Former chief executive of France Telecom Didier Lombard is placed under formal investigation over a spate of suicides among staff at the company......

Usmanov criticises Arsenal board
Arsenal's second largest shareholder Alisher Usmanov criticises the club after Robin van Persie announces he will not renew his contract......

Premier League to use technology
Goal-line technology could be introduced in the Premier League during the 2012-13 season after Fifa approves two systems......

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......

AUDIO: Libor scandal 'damaging' for City
The former Barclays CEO Bob Diamond faced a panel of MPs yesterday and his evidence has far reaching implications for the City of London......

VIDEO: BoE introduces more quantitative easing
The Bank of England has pumped another 50bn into the economy to help the UK weather the double dip recession......

VIDEO: Balls dismisses Libor rate fix claim
Shadow chancellor Ed Balls denies claims he sought to influence a key bank interest rate when he was Labour's City minister.....

AUDIO: Will the economy benefit from the Olympics?
The Prime Minister, David Cameron will make the claim today that the Olympics will benefit the UK to the tune of 13bn. David Bond reports......

AUDIO: What did we learn from Diamond?
MP Mark Garnier questioned former Barclays chief Bob Diamond during his appearance on the Treasury Select Committee......

VIDEO: Ireland returns to the market
Ireland returns to the market for its first debt auction in nearly two years......

VIDEO: How are small businesses being treated?
Charlie Mullins from Pimlico Plumbers said the government was listening to small businesses and "cutting red-tape"......

VIDEO: Will the eurozone break-up?
Simon Wolfson, who organised a competition to find the best plan for dealing with a eurozone break-up, says that it looks increasingly unlikely the eurozone will "muddle through"......

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

Russia moves to diversify economy with technology projects
Russia acts to lessen its dependency on oil and gas.....

U.S. Day Ahead: Jobs report key for Obama
July 5 - Friday's June jobs report represents one of President Obama's last chances to convince swing voters he has right plan for economy......

Spain to probe Bankia bosses
A judicial inquiry has been launched into senior executives from the bailed-out lender including the bank's ex-chairman, Rodrigo Rato, who will be investigated for fraud. Joanne Nicholson reports......

Trading at Noon: Apple above 600; Netflix, Yelp up
July 5 - Tech stocks are leading the Nasdaq higher today with Apple stock trading above $600......

Three central banks take action
July 5 - A trio of the world's central banks, in Europe, Britain and China loosened their monetary policy in the space of under an hour on Thursday, signalling a growing level of alarm about the world economy, although suggestions of coordinated acti.....

Breakingviews: Will Coty come calling after IPO primping?
Antony Currie and Breakingviews columnists discuss whether the fragrance company will use its sweet-smelling shares for another pass at Avon......

Europe Day Ahead: easing round turns focus to U.S. jobs
July 5 - A triple whammy of rate cuts in Europe and China, and a cash injection in the UK, leaves investors underwhelmed before a forecast weak U.S employment report......

Wolfson Prize: How to engineer a euro zone break-up
July 5 - Capital Economics' Roger Bootle outlines his guide on how to break up the euro zone after winning the Wolfson Economics Prize......

In the Boardroom with Lucy Marcus: investors - time for a wake up call?
July 5 - In this edition of In the Boardroom with Lucy Marcus, Catherine Howarth of FairPensions discusses the shareholder spring, and what happens when boards carry on with business as usual......

3XSQ: China cuts, BOE stimulus, ECB cuts
July 5 - China's central bank cut interest rates as did the European Central Bank this morning. Bank of England steps in to provide more stimulus......

Farming is Ireland's new boom industry
finds out how a farming renaissance is helping it emerge from the economic gloom. Ciara Sutton reports.....

Shard's finished but who's moving in?
July 5 - Western Europe's tallest building, the Shard in London, is being inaugurated. The developers say it will be a "vertical town" with space for offices, restaurants, a hotel and penthouse apartments, but it's not yet clear who is going to move .....

Building the Shard
July 5 - Positioned in the heart of London, The Shard will be the tallest building in Western Europe. As it prepares to take centre stage for its grand opening, you can watch years of work in 40 seconds......

Sports Spread: Wimbledon & British GP Picks
July 5 - The latest betting odds and analysis of the Men's and Women's Singles Finals at Wimbledon and F1's British Grand Prix.....

Big shoes to fill: Barclays search for new Bob Diamond
July 5 - A host of names both internal and external have surfaced as the board of Barclays looks for a new CEO to replace Bob Diamond......

Market Pulse: More QE from BoE, total could reach 500 bln
July 5 - The BoE pumps another 50 bln into the flagging British economy, but will not stop here. Its total bond-buying could reah half a trillion pounds, says Lloyds. And China cuts interest rates too.....

Breakingviews: Bankia probe long overdue
Breakingviews......

The biggest brand you've never heard of
July 5 - Fast Retailing may be Asia's top retailer, but its labels are far from household names. To overtake its global rivals, the Japanese firm needs to boost its profile without losing its edge......

Reuters Today: ECB set to cut rates to ease economic pain
July 5 - The ECB is expected to cut interest rates by 0.25% and the Bank of England to inject another 50 billion into the UK economy to stimulate growth.....

Breakingviews: China stocks set for bull run?
poll. But Breakingviews' Richard Beales says the outlook is not as dismal as some think......

Tennis aces in spin over silicone spray
July 5 - Tennis players can hit the ball faster by spraying silicone lubricant on to their strings. Regulators say they'll ban the practice if it creates an unfair advantage......

U.S. Morning Call: BOE injects third round of stimulus
July 5 - The Bank of England launches a third round of monetary stimulus, announcing it would restart its printing presses and buy 50 billion pounds of asset purchases......

Diamond: Love is in the air, but no smoking gun - Decoder
July 5 - No charge that the Bank of England ordered Libor lowballing, but an apology, denials, and a declaration of love. We decode the testimony to parliament of former Barclays boss Bob Diamond......

The Shard turns London super high-rise
July 5 - Western Europe's tallest building, the Shard in London, is being inaugurated. The developers say it will be a "vertical town" with space for offices, restaurants, a hotel and penthouse apartments, but it's not yet clear who is going to move .....

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 .....

Kurdistan 'begins oil exports to Turkey'
Kurdistan has begun trucking exports of crude oil across the border to Turkey, the Telegraph understands, in a politically controversial move likely to boost oil companies in the semi-autonomous Iraqi region.<img width='1' height='1' src='http://t.....

Libor scandal: Barclays prepares for showdown with Bob Diamond over 25m pay-off
Barclays was last night preparing for a showdown with former chief executive Bob Diamond over his potential 25m pay-off.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210d5fad/mf.gif' border='0'/><br/>&.....

Debt crisis: Greece admits it's off track on bail-out terms, as troika inspects
Greece's new finance minister, has admitted that the country is "off-track" to meet the conditions of its bail-out agreements while his predecessor warned Athens would need three-years to get back on track.<img width='1' height='1' src='http://tel.....

Bank of England delivers 50bn QE, as China and ECB cut rates
The pain in the global economy was laid bare on Thursday after central banks in the UK, Europe and China launched a series of interventions to boost growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210d5fb1.....

Wet weather brings mixed fortunes
Britain's obsession with the weather found vindication in trading updates from homewares retailer Dunelm and horticulture group William Sinclair.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210d5977/mf.gif' bo.....

Don't mention the M-word, but here comes another strategy change at Aviva
John McFarlane, Aviva's new chairman, has taken just eight weeks to rip up the strategy of ousted chief executive Andrew Moss.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210d5978/mf.gif' border='0'/><br.....

Ofcom moves to cap BT wholesale charges
BT is facing a threat to its revenues after Ofcom warned it could force the company to cut the prices it charges rivals to lease parts of its network.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210cd60a/mf.gi.....

Former France Telecom boss Didier Lombard bailed in suicides investigation
Didier Lombard, the former boss of France Telecom, is under investigation for workplace harassment as French authorities scrutinise a wave of suicides while he was at the helm of the company.<img width='1' height='1' src='http://telegraph.feedspor.....

Raised hopes for Glencore-Xstrata deal help shares climb
Hopes that commodity giant Glencore can save its threatened merger with Xstrata rose as Qatar, a key Xstrata shareholder, said last night the deal remains "under negotiation".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

The Shard developer says London 'owes a debt' to Qatar
The developer of The Shard says London "owes a debt" to Qatar after London's new skyscraper was officially inaugurated.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210c7bf7/mf.gif' border='0'/><br/>&l.....

Hall's of Broxburn sausage factory to close
Over 1,700 employees of the Vion UK Scottish sausage factory could lose their jobs after the Dutch owner announced plans to close the factory.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210c7bf9/mf.gif' borde.....

Government wins vote on Barclays inquiry and agrees to compromise on format
The Government has won a vote in the House of Commons paving the way for a parliamentary inquiry into the Libor-rigging banking scandal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210c89af/mf.gif' border='0'/.....

Commuter Spy: Tight-fisted banker
Our Man On The Train reports from the late night commuter train, where a banker finds himself in trouble<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210cd60f/mf.gif' border='0'/>.....

Commuter Spy: tight-fisted banker
Our Man On The Train reports from the late night commuter train, where a banker finds himself in trouble<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210c89b0/mf.gif' border='0'/><br/><br/><a .....

Aviva unveils ambitious transformation plan
John McFarlane and Pat Regan wore red ties when they addressed investors at Aviva's strategy day in the City on Thursday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210c89b1/mf.gif' border='0'/><br/>.....

Airbus's US move highlights redefinition of globalisation
It is some achievement to annoy unions in both Europe and the US in the same week, but Airbus, the aircraft manufacturer, has managed it.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210c6f14/mf.gif' border='0'.....

100m windfall for Soho admen as Publicis takes over advertsing firm BBH
More than 50 staff at the lauded London advertising agency BBH will share in a 100m windfall after the firm famed for its groundbreaking Levis and Lynx campaigns was taken over by France's Publicis Groupe.<img width='1' height='1' src='http://tele.....

Debt crisis: as it happened - July 5, 2012
Italian and Spanish bond yields spike upwards as Mario Draghi fails to give any hint about further bond-buying by the European Central Bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210c6f17/mf.gif' border=.....

Publicis takes over advertsing firm BBH
One of the UK's most respected independent advertising agencies, BBH, has been taken over by the French advertising conglomerate Publicis Groupe, in a deal thought to value the firm at more than 200m.<img width='1' height='1' src='http://telegraph.....

The unanswered Libor questions at Barclays
The questions Bob Diamond's testimony to MPs has left unanswered<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210c6f1c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/138442.....

Debt crisis: live
Italian and Spanish bond yields spike upwards as Mario Draghi fails to give any hint about further bond-buying by the European Central Bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21070d33/mf.gif' border=.....

Airlines forced to scrap 'surprise' debit card charges
Low-cost airlines, including easyJet and Ryanair, have been ordered to include charges for paying by debit card in tickets' headline prices to show the true cost of flying with them.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Argentina's Cristina Fernandez to force banks into 'loss-making' loans
Argentine President Cristina Fernandez has said private banks will be forced to lend to local businesses at rates below inflation as she seeks to bolster flagging economic growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Barclays scandal: Paul Tucker to give evidence next week
Paul Tucker, the Bank of England Deputy Governor who has been drawn into the centre of the Barclays Libor rigging scandal, will give evidence to MPs next week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210bd.....

China 'uses state funds to stockpile rare earths'
China is using state funds to stockpile rare earths, metals which are key to making mobile phones and other modern items, according to reports from Beijing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/210bd355.....