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Tuesday 10 July 2012

UK Financial News on 2012-07-10

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.....

Diamond responds to MPs' claims
Ex-Barclays boss Bob Diamond says he is "dismayed" by MPs' views that he was "less than candid" when he appeared before the Treasury Select Committee last week......

King: Euro woes 'biggest worry'
The governor of the Bank of England, Sir Mervyn King, says the eurozone debt crisis has created "a great black cloud of uncertainty" hanging over global business......

Remploy confirms factory closures
Remploy, which provides employment opportunities for disabled people, is to close 27 of its factories, the government confirmed on Tuesday......

Eva Rausing found dead in home
Eva Rausing, a member of the family behind the Tetra-Pak drink cartons empire, has been found dead in west London, the BBC understands......

M&S hit by weak clothing sales
Marks and Spencer posts a drop in sales after wet weather hit demand for clothing and announces the departure of its head of general merchandise......

Google 'to pay' privacy penalty
The search giant is set to pay a US agency $22.5m (14.5m) to settle a privacy complaint according to a report......

UK trade gap narrows in May
The UK's trade deficit narrowed to 2.7bn in May, down from 4.1bn in April, as exports rose, official statistics show......

Farepak: Customers get 50% refund
Customers and agents of Farepak, the Christmas savings firm, will ultimately receive half of the money they lost when it collapsed......

TUC appoints first female leader
The TUC announces the appointment of Frances O'Grady as its new general secretary, the first woman boss of the trade union organisation......

RBS pulls out of Dubai debt talks
The Royal Bank of Scotland pulls out of $10bn (6.45bn) debt talks with Dubai Group, the struggling United Arab Emirates investment company......

Spain to get 30bn euros for banks
Eurozone finance ministers agree to offer Spain 30bn euros (24bn; $37bn) this month to help its banks, following talks in Brussels......

Aerohub 'could create 2,500 jobs'
Cornwall's new enterprise zone dedicated to the aerospace industry will create up to 2,500 jobs, according to the government......

Russian Duma backs entry into WTO
After 18 years of negotiations, Russia's parliament, the State Duma, ratifies the agreement to join the World Trade Organization......

China's trade surplus widens
China's trade surplus widened in June as import growth weakened, underscoring worries about both the domestic and global economy......

UK housing market is 'lacklustre'
Activity in the UK housing market remains "in the doldrums" with little chance of a pick-up soon, according to surveyors......

Theo Paphitis buys Robert Dyas
Entrepreneur and Dragon's Den star Theo Paphitis buys the electrical and hardware retailer Robert Dyas in a deal thought to be worth about 10m......

San Francisco to stop buying Macs
San Francisco's Department of Environment plans to ban city agencies from buying Macs after Apple pulls out of an environmental scheme......

Barclays hit by website problems
A power failure led to a fault on the Barclays website, on a day when the bank's executive chairman is questioned by MPs......

Big firms face high pension costs
Companies in the FTSE 100 share index paid an extra 11bn into their pension schemes last year, aiming to reduce the schemes' deficits......

Families 'need income of 36,800'
A couple with two children must earn 36,800 to have an acceptable standard of living, anti-poverty charity the Joseph Rowntree Foundation finds......

Accounts frozen at US brokerage
A US regulator freezes the accounts of US futures brokerage Peregrine Financial Group following the attempted suicide of its chairman......

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......

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......

Crowd-funder Kickstarter UK bound
The crowd-sourced funding website Kickstarter is to launch in the UK this autumn, according to its Twitter feed......

Nigeria cancels aluminium sale
Nigeria's Supreme Court orders that the world's biggest aluminium producer, Rusal, be stripped of its ownership of a former state-owned aluminium processing plant......

Hawker planes in China bid talks
A Chinese aerospace firm, Superior Aviation Beijing, is in exclusive talks to buy bankrupt US aircraft maker Hawker Beechcraft......

Bradford get deadline extension
Bradford Bulls' administrators extend the deadline for when the club needs to have a new owner to 27 July......

SFL clubs seek merger plan change
Scottish Football League clubs are worried they would be underrepresented in a proposed merger with the SPL......

Free tickets for Olympic football
Young Scots have a chance to apply for 50,000 free tickets for eight Olympic football matches at Hampden......

VIDEO: Call to ban junk food Olympic sponsorship
London cardiologist Dr Aseem Malhotra believes we need to end the relationship between fast food company sponsorship and sport to save lives......

VIDEO: 'I fly the A380 at Farnborough'
Peter Chandler, Experimental Test Pilot at Airbus, talks the BBC through his A380 display at Farnborough as he practices the show in a simulator......

AUDIO: Heathrow queue slow hand-clapped
A queue waiting to pass through immigration at Heathrow airport started to slow hand-clap the two-hour delay......

AUDIO: Have floods affected the economy?
Stephen Watkins, a farmer from Worcestershire, and economist DeAnne Julius, discuss how damaging the recent floods will be for the economy......

AUDIO: King: Banks have become too big
The World At One's Martha Kearney joined Sir Mervyn King, the Governor of the Bank of England, for one of the eight regional visits he makes each year, this time to his home city of Wolverhampton......

VIDEO: Diamond to 'forgo' 20m bonus
Ex-Barclays boss Bob Diamond has given up bonuses worth up to 20m following his resignation amid the bank lending rate scandal, says Chairman Marcus Agius......

VIDEO: The euro: Where did it all go wrong?
It is 10 years since much Europe celebrated the formation of the euro and many think we are still suffering from the hangover, so was it doomed from the very beginning?.....

VIDEO: Tucker denies role in Libor 'cesspit'
Newsnight's Paul Mason reports on the inter-bank lending rates scandal which has been described as a "cesspit"......

Farnborough gears up for aircraft order bonanza
Aircraft orders start to take off at the Farnborough airshow.....

Africa's journey to space takes off
A continent's aspirations in space.....

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

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

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

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

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

U.S. Day Ahead: Fed could open the floodgates in September
'Mark Felsenthal says it could happen soon......

New research could help advertisers read your mind
July 10 - Researchers in New York have shown that measuring human brain waves could help advertisers develop more effective campaigns. The team monitored brain wave activity in volunteers to determine what types of film scenes elicited universal resp.....

Trading at Noon: Blue-chip blues as Q2 outlook lowered
July 10 - Shares of Advanced Micro Devices & Applied Materials fall on lowered outlooks.....

Breakingviews: Intel chips in to ASML
July 10 - Jeffrey Goldfarb and Robert Cyran talk about why Intels $4.1 billion investment in the Dutch company ASML, including bankrolling next-generation chip production, looks like a clever deal......

Sceptisms over Spain banks package
July 10 - Euro zone ministers struggle to reassure financial markets that an aid package for Spain will help stabilise the currency bloc - a task made all the harder by a German legal challenge to its crisis-fighting tools. Joel Flynn reports.....

3XSQ: Looks like Facebook over Yahoo
July 10 - Hulu Boss Jason Kilar reportedly being considered for Facebook post after passing on CEO job at Yahoo......

Europe Day Ahead: German inflation to stay steady
July 10 - The final reading for German inflation in June should show prices rising at 2% a year. Markets will scrutinise minutes which may show whether the U.S Federal Reserve is likely to loosen policy further......

Barclays' Diamond loses $30m pay-off
July 10 - Marcus Agius, the Barclays Chairman, announced that the former chief executive, Bob Diamond, would not get $30m in bonuses, as he defends the bank's conduct and culture at a British government inquiry. Joel Flynn reports......

No Olympic win for UK retail
July 10 - British retailers got a temporary lift in June from the Queen's Diamond Jubilee, but analysts warn the Olympics are unlikely to attract shoppers or help them increase their retail sales. Joanna Partridge reports.....

OECD sees no end to jobs crisis
July 10 - Unemployment in advanced economies will remain high until at least the end of 2013, with young people and the low-skilled bearing the brunt of what is by far the weakest economic recovery in the past four decades, the OECD said on Tuesday. .....

Boeing eyes airshow comeback
July 10 - After years of trailing Airbus in the market for new jet orders, Boeing says it's about to retake the lead. We talk to Boeing's vice president of marketing, Randy Tinseth......

3XSQ: Looks like Facebook over Yahoo
July 10 - Hulu Boss Jason Kilar reportedly being considered for Facebook post after passing on CEO job at Yahoo......

Wealth Strategies: Emerging market tech stocks stand out
July 10 - Wells Fargo's Derrick Irwin says that, while growth may be slowing in emerging markets, there are opportunities in the tech and IT services providers of China and Brazil......

U.S. Morning Call: Google may shell out $22.5 mln fine
July 10 - Google may pay $22.5 million to settle charges that it bypassed the privacy settings of customers using Apple's Safari web browser, says The Wall Street Journal......

Market Pulse: Brent could fall to $78 a barrel - analyst
July 10 - Michael Hewson of CMC Markets believes oil prices have further to fall as the global economy slows, reducing demand for crude......

Breakingviews: Libor - regulated out of existence?
Breakingviews......

EU gives Spain more time on deficit
July 10- Euro zone ministers have agreed to grant Spain an extra year until 2014 to reach its deficit reduction targets in exchange for further budget savings and set the parameters of an aid package for Madrid's ailing banks. Sonia Legg reports......

Airbus set for blockbuster announcements - COO
July 10 - Airbus COO John Leahy says the party's far from over in the aviation industry as he prepares to make some key announcements at the Farnborough International Air Show......

Reuters Today: China, Spain the 2 clouds hanging over markets
July 10 - Slowing Chinese import growth and continued uncertainty over Spain keep investors on the defensive. Plus, Barclays' Agius in the parliamentary spotlight......

Reform best fuel for China's slowing growth engine -economist
July 10 - Grim import data is the latest sign reform is needed in China, with state-owned enterprises locking up cash and stunting the private sector's ability to drive growth, says Ben Simpfendorfer......

Trouble taking off: challenges dog China's private airlines
July 10 - China's aviation industry, tightly guarded by state-owned giants, is no easy place for upstarts. Spring Air is one of the few private airlines that has stayed aloft......

Backing off the fiscal cliff
July 9 - President Obama's proposal to extend the Bush-era tax cuts for those making under $250,000 cuts to the heart of the controversy over what it will take to save the struggling U.S. economy. Bobbi Rebell reports......

Alcoa beats despite dull prices
July 9 - Summary of business headlines: Alcoa kicks-off earnings season with results that were not as bad as feared; Wall Street declines as global economy worries grow; WellPoint to buy Amerigroup for $4.5 billion in Medicaid play; Boeing flies out .....

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.....

Sir Mervyn has indicated what to expect from the Bank in future
The humbling of Bob Diamond ought to have salvaged one last desperate triumph for our discredited City regulators before they disappear.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2135e683/mf.gif' border='0'/.....

Germans in court battle to block eurozone bailouts
The German Constitutional Court may take up to three months to rule on an injunction by private citizens and Left-wing lawmakers aimed at blocking the eurozone bailout machinery, leaving markets hanging in suspense as the eurozone debt crisis eats at.....

Debt crisis: Spain vows to 'deep clean' financial sector after rescue deal
Under the deal to bailout Spain's stricken banks, the Government must come up with a roadmap of structural reforms by the end of July.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2135e686/mf.gif' border='0'/&g.....

Libor scandal: Bob Diamond says allegations 'unfair and unfounded'
After dropping a claim to bonuses worth 20m Bob Diamond has reacted angrily to claims that he lied to MPs last week at the Treasury select committee, saying the suggestions were "terribly unfair" and "unfounded".<img width='1' height='1' src='http.....

Diamond hits back at claims he lied to Treasury committee
Bob Diamond has reacted angrily to claims he lied to MPs last week, saying the suggestions were "terribly unfair".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2135e033/mf.gif' border='0'/><br/><br/.....

Marcus Agius: "I cannot speak to Mr Diamond's testimony"
Marcus Agius has given a very different account of Barclays' recent travails to that of its former chief executive, Bob Diamond.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2135e03a/mf.gif' border='0'/><.....

Farnborough Airshow: UK to invest 120m in aerospace
The Coalition has signaled a major change in its industrial policy by identifying the aerospace sector as a "winner" and pledging financial support for it, while also proposing to take a "strategic approach" to the ailing defence industry.<img wid.....

Permira scraps refinancing and sale of Birds Eye owner Iglo Group
Private equity group Permira has shelved plans to both refinance and sell Iglo Group, the frozen food business which owns Birds Eye.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2136b652/mf.gif' border='0'/>.....

Libor scandal: two London traders suspended from Mitsubishi
Two London-based traders have reportedly been suspended from the London division of Mitsubishi UFJ Financial Group as part of a probe into Libor abuses at Rabobank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Barclays was 'aggressive' with regulators for 'years', said FSA
Barclays was repeatedly warned of "aggressive", "misleading" and "unhelpful" approach to tax, regulation and accounting rules in evidence released today that shatters Bob Diamond's claims that the bank has been unfairly victimised by the Libor invest.....

Tetra-Pak: How a carton took over the world
Privately-owned Swedish company Tetra-Pak has grown into the largest packaging company in the world, with 10bn of annual sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/213520de/mf.gif' border='0'/><b.....

FSA's Wheatley to examine wider market prices in wake of Libor scandal
A wide range of financial benchmarks are to be scrutinised in a government-backed investigation, after Bank of England policy-maker Paul Tucker warned the Libor rate-setting scandal could be repeated in other markets.<img width='1' height='1' src=.....

BP halts Alaska offshore project as safety changes inflate cost
BP has halted plans for an 100m barrel oil development offshore Alaska, after safety standards introduced following the Gulf of Mexico disaster sent costs well above a planned $1.5bn (1bn).<img width='1' height='1' src='http://telegraph.feedsporta.....

Anti-business anger is threat to UK prosperity
Most people have little love for the market economy: they tolerate it when the going is good, and turn against it in bad times.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2134e5c1/mf.gif' border='0'/><b.....

Martin Lewis's top 10 money saving tips
The money saving expert's best tips over the past six months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/213435d9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/139262170.....

Misery for pensioners as annuity rates fall to new lows
Annuity rates - which determine the retirement income of millions of pension savers - keep falling.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21343079/mf.gif' border='0'/><br/><br/><a href=.....

America's biggest companies: in pictures
Fortune magazine releases its annual list of America's largest companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2134307a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....

Queen's Jubilee holiday keeps Britain in recession - Niesr
Think tank Niesr says that without the extra bank holiday given in June for the Queen's Diamond Jubilee, Britain would have emerged from recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2134307c/mf.gif' .....

Portugal's recession expected to ease
The Portuguese economy is set to shrink by 3pc this year instead of 3.4pc forecast previously, the national central bank has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/213327de/mf.gif' border='0'/>&l.....

Marks & Spencer annual general meeting: as it happened
Live coverage of Marks & Spencer's annual general meeting in London, as Brazilian knickers prove a winner among M&S customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/213327df/mf.gif' border='0'/&g.....

Marcus Agius' TSC hearing: FSA accuses Barclays of being too 'aggressive'
The FSA said Barclays frequently argued for regulatory approaches "which are at the aggressive end of interpretation", in a scathing letter to the bank, the Treasury Select Committee has revealed during bank chairman Marcus Agius' appearance.<img .....

Marks & Spencer annual general meeting: live
Live coverage of Marks & Spencer's annual general meeting in London, as Brazilian knickers prove a winner among M&S customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21314822/mf.gif' border='0'/&g.....

Government to retain stake in air traffic company NATS
The Government has abandoned plans to sell off its 49pc stake in the National Air Traffic Service amid fears the organisation could have fallen into foreign hands.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Barclays' Marcus Agius at TSC over Libor scandal: as it happened
Treasury Committee chairman Andre Tyrie attacks Barclays chairman Marcus Agius for bank's 'lack of candour' after it redacted parts of FSA statement used during grilling of Bob Diamond.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Jimmy Choo announce 20 per cent profit boost
Luxury accessories label Jimmy Choo have revealed pre-tax profits of 26.9 million, an almost 20 per cent increase on the previous year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/213271a3/mf.gif' border='0'/&.....