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Monday 9 July 2012

UK Financial News on 2012-07-09

FN100: Investment bank chiefs
This category ranks the 10 most senior executives with management responsibility for investment banks in Emea, regardless of whether they are US, UK or European banks.....

FN100: Investment banking
The investment banking category covers the most senior global and regional heads of investment banking.....

FN100: Asset management
Elizabeth Corley, CEO of Allianz Global Investors, ranks first for her work as an ambassador for the industry.....

FN100: Private equity
Lobby groups have a strong showing as the buyout industry seeks to rebuild its reputation.....

FN100 Most Influential: Regulators tighten grip on industry
For the second year running, Mario Draghi has topped the FN100 list of the most influential people in the European capital markets.....

Bank 'did not lean on Barclays'
The deputy governor of the Bank of England says he did not give Barclays instructions to lower its Libor submissions in 2008 and was not leant on by the government to do so......

Spanish borrowing costs climb
Spanish 10-year bond yields rise above the 7% level deemed dangerous, as eurozone finance ministers meet to discuss details of the bailout of the country's banks......

Norway faces oil output shutdown
Oil and gas production in Norway, one of the world's biggest energy exporters, will be shut down from Tuesday after talks over pensions broke down......

Asda to push financial products
Asda becomes the latest retailer to launch new financial products as banks' reputations among the public continue to take a hit......

BMW to invest 250m in UK plants
BMW is to invest 250m in its UK factories over the next three years to expand production of the Mini, the company has announced......

JJB Sports warns of poor sales
JJB Sports warns that sales have fallen well below expectations due to weak demand for football kits during the European Championships......

Boeing reveals $7.2bn plane order
Boeing announces a $7.2bn order for 75 planes from Air Lease Corporation at the Farnborough Airshow......

Twelfth opening for Ulster Bank
The Ulster Bank is to open 10 branches on 12 July, a traditional bank holiday in Northern Ireland......

50m for new RAF flight simulator
The Ministry of Defence places a 50m contract for a military plane flight simulator at RAF Brize Norton in Oxfordshire......

University applications fall 8.9%
Applications are down for UK university courses starting this autumn - in the first year of higher fees, according to the admissions service......

Galaxy Nexus back on sale in US
Samsung's Google-branded Nexus phone is available to buy again after the South Korean firm temporarily overturns a sales ban......

'Pick-up' in Scotland's economy
Scotland's economy has seen growth in both manufacturing and services over the last month, according to a survey......

UK employment outlook is 'bleak'
The outlook for the UK jobs market is "bleak" after the number of both permanent and temporary placements fell in recent weeks, a survey suggests......

China inflation eases to 2.2%
Inflation falls sharply in China, giving policymakers more room to spur economic growth amidst a global slowdown......

North Korean economy expands 0.8%
North Korea's economy expands in 2011 due to a construction boom and recovery in agriculture, a report from South Korea suggests......

Japan trade measure disappoints
Japan's current account surplus shrinks substantially as Japan's energy imports hurt its trade position......

Mutuals facing PPI 'bombardment'
Building societies say they are being "bombarded" with bogus claims for PPI compensation - and the situation is getting worse......

Bypass row goes to Supreme Court
Campaigners fighting to stop Aberdeen's bypass will go before judges at at the Supreme Court in London for the start of a two-day hearing......

Russian oligarchs in court battle
A High Court case between the Russian oligarch Oleg Deripaska and a rival billionaire begins in one of the UK's largest ever commercial disputes......

AUDIO: Bank reform plan 'bad for competition'
Former RBS chief warns against creating more banks......

VIDEO: Firms compete at Farnborough airshow
The Farnborough International Airshow is getting under way, as commercial aerospace continues to defy recession in Europe......

VIDEO: Soggy spell makes crops too wet
Cauliflower, carrots and cabbages are too wet to pick and are rotting in the fields, the National Farmers' Union has said......

VIDEO: Building societies face PPI pressure
Building societies say they are being "bombarded" with bogus claims for PPI compensation - and the situation is getting worse......

VIDEO: Miliband: Strike off bad bankers
Labour steps up demands for a shake-up of the banking system, with a call for a code of conduct for bankers......

VIDEO: Cable hails BMW's 250m for Mini
As the German car manufacturer, BMW, invests 250m in its UK factories over the next three years to increase production of the Mini, Business Secretary Vince Cable hails the Mini as ''a great British success story"......

VIDEO: Brazil's battle over bottles of wine
Brazil's fine wine producers are demanding the government raise taxes on imported bottles of wine to encourage people to buy home-grown brands......

Murray loses match but raises profile
Murray loses match but increases brand profile.....

What eurozone countries can learn from South Korea
What eurozone countries can learn from South Korea.....

Inside Britain's double-dip recession
How to come back from double-dip recession.....

Markets look poised for bumpy summer
Global stock markets seem to be in for a weak time.....

Aeroplane updates heat up Airbus Boeing rivalry
New engines and better wings help airliners cut fuel burn.....

The story behind world's 'richest woman'
The woman behind the tag 'world's richest'.....

Eurozone holidays: Ask our expert
Do you have questions about your eurozone holiday?.....

U.S. Day Ahead: Good luck RIM chief Thorsten Heins!
July 9 - RIM CEO Thorsten Heins will have to be convincing about the fortunes of the beleaguered company when he addresses a shareholder meeting. Also expect a potential curve ball from disgruntled workers......

Boeing and Airbus battle at air show
July 9 - U.S. planemaker Boeing lands the first blow at this week's Farnborough Airshow, winning an order worth up to $7.2 billion from U.S. lessor Air Lease, as a market share battle with its European rival Airbus plays out. Hayley Platt reports.....

Marine scientists seek solutions to global reef decline
July 9 -The world's foremost marine scientists, attending a symposium in Queensland, Australia, are warning of dire consequences for coral reef systems if the issue of climate change is not addressed on a global level. The scientists are meeting in C.....

Details not headlines at euro meeting
July 09 - Euro zone finance ministers met on Monday to flesh out the details of a possible European banking union, but analysts remain skeptical of European leaders' policy of apparently muddling through each new crisis, as Joel Flynn reports......

Trading at Noon: Merger activity heats up
July 9 - Wellpoint's buyout of Amerigroup is just the latest in a series of mergers kicking off the third quarter......

Breakingviews: Obamacares M&A booster
Antony Currie and Rob Cyran discuss how the presidents Supreme Court victory is giving an adrenalin shot to racy healthcare deals like WellPoints $4.5 bln takeover of Amerigroup......

Digital cadaver table puts surgeons at cutting edge
July 9 - London medical students are learning about human anatomy with a digital scanning table which creates virtual cadavers in 3D. The table uses a combination of graphics and computed tomography (CT) scans to replicate a real body, allowing stude.....

Europe Day Ahead
July 9 - A look to the close of the European markets and a look ahead to the next day's trading, as well as what to expect from the Asian markets overnight......

3XSQ: Storm clouds gather over Wall Street as earnings start
July 9 - Analysts have revised down their estimates for Alcoa, the first Dow component to kick off earnings after the close......

Euro Crisis Watch: ECB's Draghi digs his heels in
July 9 - No sign of change in attitude from the ECB. Mario Draghi tells parliamentarians the ECB will do what is needed but will stick to the mandate......

Growth and European fears hit shares
July 09 - The euro hovers near a two-year low and world shares fall as the darkening global growth outlook combined with low hopes of progress in Europe's debt crisis drive investors away from risk assets. Jamie McGeever reports.....

Market Pulse: Sell euros for British pounds - a win-win?
July 9 - Spanish bond yields back in the danger zone above 7% and the euro hits multi-year lows. But carry on selling euros against sterling, no matter what, says BNP Paribas......

Breakingviews: The perils of an indispensable boss - Dixon
July 9 - Now that Bob Diamond has been kicked out Barclays is struggling to find new leadership. Directors should never have let this happen says Hugo Dixon......

U.S. budget deal crucial - EADS
July 9 - Failure to agree a U.S. budget deal could cost defence firms billions in lost sales, warns EADS North America CEO Sean O'Keefe......

Reuters Breakingviews
global commentary unit Breakingviews......

Airbus vs Boeing - the next generation dogfight
July 9 - Airbus and Boeing are taking their bitter rivalry to a new generation of large and medium jets. President and Airbus CEO Fabrice Brgier tells us how he aims to win air supremacy......

Little Christmas cheer in Santa's China workshop
July 9 - The view from one of China's main export hubs is that Christmas will be less merry this year, with vendors turning to local customers as foreign buyers cut back purchases......

Finmeccanica CEO on death threats and anarchist attacks
July 9 - Death threats scrawled on the HQ wall, an exec shot by anarchists and a bribery investigation - just three of the items in the inbox for Finmeccanica CEO Giuseppe Orsi......

Reuters Today: China, Eurogroup - reasons to be fearful
July 9 - A sharp slowdown in Chinese inflation and another meeting of euro zone finance chiefs gets the trading week off to a cautious start. But one person is feeling on top of the world - Roger Federer......

U.S. Morning Call: Wall St. eyes lower open, earnings
July 9 - U.S. stock futures are pointing to a lower open as S&P 500 companies gear up to report second-quarter earnings......

BMW fans Olympic flame with 250m Mini investment
BMW celebrated the arrival of the Olympic torch at its Cowley, Oxford, plant today by announcing plans for a 250m investment to help pave the way for a new generation of the Mini range and disclosing it wants to open a second production base in Holla.....

Debt crisis: ECB pledges action as southern Europe buckles
The European Central Bank has vowed to do whatever it takes to hold the euro together after the North-South gap in borrowing costs reached fresh extremes, pushing the two halves of monetary union closer to breaking point.<img width='1' height='1' .....

Paul Tucker denies Diamond Libor memo claims
Bob Diamond's account of a crucial call that led Barclays to lower its Libor submissions has been disputed by the deputy governor of the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/212cc7d1/mf.....

Tucker denies Diamond Libor memo claims
Bob Diamond's account of a crucial call that led Barclays to lower its Libor submissions has been disputed by the deputy governor of the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/212c8ca2/mf.....

Bank of England emails reveal depth of government fears over banks
A series of emails from October 2008 - between Paul Tucker, Bob Diamond and Jeremy Heywood - were released yesterday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/212c8ca4/mf.gif' border='0'/><br/><.....

Tucker monkeys about with see no evil, hear no evil defence
THERE'S been a bit of a misunderstanding. The raft of evidence, phone calls, meetings, emails, all suggesting Libor fixing was rife at the height of the financial crisis, was really nothing of the sort.<img width='1' height='1' src='http://telegra.....

Miliband calls for banks to be broken up and creation of a state investment bank
"Predatory bankers" peddling inappropriate financial products such as interest rate swaps should be struck off under tough new banking regulation, according to Ed Miliband.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

'A cesspit': Libor scandal may be going on elsewhere
Libor was a 'cesspit' and banks cannot be trusted to be honest in several other major markets, Bank of England warns.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/212c2af2/mf.gif' border='0'/><br/><.....

OECD warns Britain is stuck in 'weak growth' cycle
Britain is in store for "continuing weak growth" as the global economy slows, the Organisation for Economic Co-operation and Development has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21285371/mf.gif'.....

Centamin under pressure on Egypt fears
Gold miner Centamin lost its shine with investors on Monday after reports surfaced in Egypt suggesting the company could have its licence to mine revoked.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/212bb2e8/m.....

Debt crisis: as it happened - July 9, 2012
ECB President Mario Draghi Spanish gives testimony to the EU Parliament's Economic and Monetary Affairs Committee as Spanish borrowing hit danger levels ahead of eurozone finance ministers' meeting.<img width='1' height='1' src='http://telegraph.f.....

The Farnborough International Airshow 2012 in Hampshire
In pictures: the Farnborough International Airshow in Hampshire.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/212b4aaf/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/139262.....

Paul Tucker tells MP he did not encourage Barclays to manipulate Libor rate
Paul Tucker, the Deputy Governor of the Bank of England, has denied suggestions that he encouraged Barclays to artificially lower a key interbank lending rate.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/212b4.....

Debt crisis: live
ECB President Mario Draghi Spanish gives testimony to the EU Parliament's Economic and Monetary Affairs Committee as Spanish borrowing hit danger levels ahead of eurozone finance ministers' meeting.<img width='1' height='1' src='http://telegraph.f.....

Watch live: Paul Tucker at the Treasury Select Committee
The deputy governor of the Bank of England is questioned by MP's over the Libor scandal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/212ac027/mf.gif' border='0'/><br/><br/><a href="http://da......

Paul Tucker Libor scandal hearing: as it happened - July 9, 2012
Deputy Governor of the BoE tellls MPs that the last line of Bob Diamond's controverisal memo gives the wrong impression that he was asking Barclays to rig Libor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/212.....

Libor scandal: Paul Tucker gives evidence to MPs - live
Deputy Governor of the Bank of England tellls MP that the last line of Bob Diamond's controverisal memo gives the wrong impression that he was asking the Barlcays to rig Libor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

China's inflation rate slows sharply as demand slides
China's annual inflation rate slowed to the lowest level in more than two years in June, signalling falling demand for goods and raising the likelihood of more stimulus measures in the world's second largest economy.<img width='1' height='1' src='.....

Profile: Paul Tucker, one of 'the good people' at the Bank of England
Paul Tucker, deputy governor of the Bank of England, is due to give evidence to the Treasury Select Committee on Monday. Here is a short profile of a man once described as "one of 'the good people" at the Bank by former Chancellor Alistair Darling.&l.....

New national pension scheme 'will cause pay freezes'
Thousands of workers will see their pay frozen as a result of the Government's new national pension scheme, a report suggests.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/212a6e88/mf.gif' border='0'/>.....

Former BP chief Lord Browne returns to North Sea oil industry
Lord Browne of Madingley, former BP chief executive, returns to the North Sea oil industry with a 97m investment in Fairfield Energy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/212a3291/mf.gif' border='0'/>.....

Waterloo: the town waiting more any other for the new BlackBerry
RIM faces tough questions from investors as loyal customers desert.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/212b1bf2/mf.gif' border='0'/>.....

Blackberry faces its Waterloo
RIM faces tough questions from investors as loyal customers desert.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2129fe6a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/139.....

Farnborough Airshow: David Cameron singles out small UK engineer JJ Churchill
David Cameron singled out JJ Churchill, a family-owned engineering business that employs just 133 people, as he officially opened the Farnborough Airshow.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21292b11/m.....

Farnborough Airshow: Boeing pips Airbus to first big deal
Boeing has clinched the first big deal of this year's Farnborough Airshow on Monday with a firm order from Air Lease Corporation for 75 of its redesigned 737 Dreamliner worth $7.2bn (4.6bn).<img width='1' height='1' src='http://telegraph.feedsport.....