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Friday 13 July 2012

UK Financial News on 2012-07-13

JPMorgan raises its trading loss
US bank JPMorgan Chase raises its estimated losses in a recent trading error to $5.8bn, but still reports a big profit, sending shares higher......

Bankers shared Libor fear in 2008
Bank of England head Sir Mervyn King and then US bank official Timothy Geithner discussed concerns about Libor as early as 2008, documents show......

Scheme aims to lower loan costs
A multi-billion pound scheme designed to make more - and cheaper - loans and mortgages available to businesses and individuals is outlined......

China's growth rate slows to 7.6%
China's economy grew at 7.6% in the second quarter, its slowest pace in three years, as investment and demand fell in key export markets......

Apple's green registry u-turn
Apple is returning its products to a green certification scheme a week after pulling out of the registry......

Clinton: Warn voters of scarcity
Ex US president Bill Clinton calls on governments to convince voters of the need to tackle climate change and resource scarcity......

Construction output in sharp fall
Output from the UK construction sector fell 6.3% in May compared with a year earlier, official figures show, due in part to the fall in new public works......

Premier League re-signs with bank
Barclays extends its sponsorship of the Premier League in England until 2016 in a three-year deal worth 40m a year from 2013......

New 'Bill of Rights' for shoppers
Stronger consumer protection laws are being proposed by the government to measures that have been unchanged for decades......

Minister questions union time off
Francis Maude calls for urgent change to the way civil servants take time off for union activities......

Osborne defends bank probe panel
Chancellor George Osborne defends the cross-party group of MPs chosen to investigate the banking scandal amid claims it will be a "whitewash"......

'Infinite' shale fuel to boost US
The big growth in oil extracted from shale rock will mean the US will not need to import any crude within two decades, the former boss of BP has said......

Banks in current account check-up
The UK's banks will undergo a checkup from the Office of Fair Trading on the way they run current accounts for their personal customers......

Fake users hurt Facebook 'likes'
A BBC investigation suggests companies are wasting large sums of money on adverts to gain "likes" from Facebook members who have no real interest in their products......

Moody's cuts Italy's debt rating
Credit rating agency Moody's cuts Italy's standing and warns the country is likely to see a sharp rise in borrowing costs......

Germany to help Spain with skills
Germany plans to help Spain launch German-style youth apprenticeships, in an effort to tackle record unemployment......

LG settles LCD price-fixing case
LG Display is to pay $380m (246m) to settle an LCD price-fixing case in the US, the most paid by any of the 10 companies that have settled......

HK property billionaires charged
Two billionaire property developers and a former senior official in Hong Kong face corruption charges in one of the territory's most high-profile cases......

Mortgage lending for May rebounds
Mortgage lending rebounded in May, lenders say, after a slump following the reintroduction of 1% stamp duty for first-time buyers in April......

Big rise in black boxes for cars
There's a big increase in the number of drivers trying to get cheaper motor insurance by fitting black boxes inside their cars......

Euro falls to two-year dollar low
The euro falls to its lowest level against the dollar since June 2010 after the latest US Fed minutes dampen hopes of any new stimulus measures......

Ireland 2011 growth revised up
The Republic of Ireland's growth rate last year was double previous estimates at 1.4% but this year started badly, figures show......

UK 'must make more spending cuts'
The UK government must make deeper spending cuts or raise more money to keep public finances in check, the Office for Budget Responsibility says......

US bank in racial bias settlement
US bank Wells Fargo will pay at least $175m (113m) to settle accusations that it discriminated against African-American and Hispanic borrowers......

Boeing and United in $14.7bn deal
US planemaker Boeing announces an "historic" order from United Airlines for 150 Boeing 737s, in a deal worth up to $14.7bn (9.5bn)......

Peugeot Citroen to cut 8,000 jobs
French carmaker Peugeot Citroen sets out plans to cut 8,000 jobs and close an assembly plant outside Paris as losses mount......

Sponsors' Games tickets sold on
An investigation has been launched after the BBC found sponsors' London Olympics tickets had been sold to the public for 20% more than their face value......

Green accepts Division Three vote
Rangers chief executive Charles Green says he will not challenge the vote to place his new club in Division Three......

Bulls' stock sale to raise cash
Bradford Bulls is holding a stock clearance in an effort to raise more funds to help keep the struggling club afloat......

VIDEO: Will the economy ever improve?
Some say growth and confidence will return to the economy later next year, others say it could feel gloomy for much longer......

VIDEO: Scheme aims to lower loan costs
A multi-billion pound scheme designed to make cheaper loans and mortgages more available to businesses and individuals is outlined.....

AUDIO: Coca-Cola defends Olympic sponsorship
John Brock, chief executive of Coca-Cola Enterprises, discusses sustainability and Olympic sponsorship......

VIDEO: Osborne: Loans come with conditions
The Bank of England is offering High Street banks up to 80bn of loans - provided they loan the money on to businesses and home-buyers......

VIDEO: What is holding China back?
The BBC's Jamie Robertson on what is holding China's economic growth back......

AUDIO: Cridland on bank lending scheme
The CBI's director general told 5 live Breakfast whether he thought the latest credit scheme would encourage banks to lend to businesses.....

VIDEO: The stress-free future of air travel?
At the Farnborough Airshow, Airbus have been showing off their vision of less stressful flying in the future - planes with panoramic windows and lots of room to stretch out......

VIDEO: JP Morgan investors seek loss answers
Investors in JP Morgan will be hoping to get answers later, when the bank releases results for the three months to the end of June......

Responding to lucky and unlucky numbers
Some people love Friday the 13th, but not all.....

Japan exports baseball stars to US
Japan's successful exports to America's MLB.....

Musicians doing it for themselves
The bands going it alone without a big-label record deal.....

Who will drive global recovery?
Who can drive the global economic recovery?.....

Global powerbrokers focus on food and water scarcity
Experts tackle food and water scarcity.....

Tech making Africa cheaper and safer
The future is mobile, says "Africa's Bill Gates".....

Is China heading for a crash?
Experts give their views on whether China is heading for a boom or bust.....

G4S profile: What is G4S?
What will Olympic contract problems mean for G4S?.....

The Exchange: Diving into Murky Waters
Antony Currie talks to "Dark Pools" author Scott Patterson about the rise of HFT systems that appear to be stealing a march on regular investors and whether regulators can keep up with Wall Street's tech revolution......

U.S. Week Ahead: It's a bird? It's a plane? No It's Bernanke
July 13 - Investors want to know what it will take for the Federal Reserve to start pumping more cash into the system when Ben Bernanke testifies on Tuesday & Wednesday......

Large solar flare signals weekend disruptions on Earth
July 13 - Space scientists say Earth will experience a moderate geomagnetic storm this weekend following what they call a coronal mass ejection from the Sun on July 12. Coronal ejections emit powerful bursts of X-ray and ultraviolet radiation, which .....

Saft Says: You Got Rich on Fed Puts
Columnist James Saft says a lot of the returns on your equity stem from one source according to Fed research: FOMC rate meetings......

Soggy summer spoils Paris cafe culture
July 13 - After the wettest June since the 1950s, and more rain in July, fewer Parisians are enjoying the city's famous outdoor cafes. The poor weather is another blow for cafes, already suffering due to the gloomy economic climate. Joanna Partridge .....

Trading at Noon: Market shrugs off JPMorgan loss
July 13 - JPMorgan earnings reveal the bank lost $5.8 billion in 2012 from disastrous credit bets.....

Breakingviews: JPMorgan vs Wells Fargo
July 13 - Jeffrey Goldfarb and Breakingviews columnists dissect the two very different stories coming out of second-quarter results from JPMorgan and Wells Fargo......

Europe Week Ahead: Investors look on the bright side
July 13 - Stocks and the euro bounce back despite grim news on the Chinese economy and Italian bank losses; Berlusconi's comeback and Spanish bond sales the focus next week......

Italy survives bond auction after credit downgrade
July 13 - The credit ratings agency Moody's surprised markets by downgrading Italy's government bond rating by two notches to Baa2 and warned it could cut it further. Joel Flynn reports.....

3XSQ: Dial D for Drama, D for Dimon
July 13 - JPMorgan loses $4.4 bln from its "London Whale" trades, and some traders may have tried to conceal bad credit bets in the first quarter......

Market Pulse: "Junk" status awaits Italy...just not yet
July 13 - Moody's cuts Italy's credit rating 2 notches closer to "junk" status, a fate that awaits it but not yet. In the meantime, Rome sells 5.25b of bonds, and a familiar face could be about to return......

Breakingviews: Global warming spurs food inflation
July 13 - Despite a modest effect on food inflation this year continued extreme weather patterns will create food inflation spikes and be devastating for poor countries say Breakingviews.....

Witness: Horses, archers, and muscle on display in Mongolia
July 13 - Mongolia embraces its nomadic roots with the annual Naadam festival. But migration to capital city Ulan Bator could threaten the nation's ancient traditions. Max Duncan reports......

Watch the skies - the private spy drones are coming
July 13 - Drones are moving off the battlefield and into everyday life, but some worry what will happen when anyone can afford a spy in the sky. Julian Satterthwaite reports from the Farnborough airshow......

Reuters Today: China slowdown paves way for more easing
July 13 - Beijing is expected to take further measures to stimulate the economy after figures show Chinese GDP grew by 7.6% in the second quarter, its slowest rate in three years......

China's economy: Down, but not out
July 13 - The world's second-largest economy is going through a "cold" phase, but talk of a steep slowdown is vastly overblown, says veteran China watcher Stephen Green......

Asia Week Ahead: China awaits more data, new iPad
July 13 - Foreign investment in China looks set to weaken further, and Apple releases its new iPad for eager mainland shoppers. Also, Indonesia car sales are poised to come in under targets......

Hyundai workers stage first strike in 4 years
July 13 - Workers at South Korea's Hyundai Motor Co stage a partial strike after annual wage talks collapsed over pay and working conditions. Hayley Platt reports......

Reuters Asks: Is the party over for planemakers?
July 13 - As defence budgets around the world are slashed and airlines struggle with high fuel prices and falling demand, we ask whether the party's over for the world's big planemakers......

U.S. Morning Call: JPMorgan profit falls on $4.4 bln loss
July 13 - JPMorgan's second quarter profit falls after a $4.4 bln trading loss......

Dow cant catch a break
July 12 - Summary of business headlines: Blue chips slide for 6th day in a row despite jobless claims at 4-year low; Boeing wins big at UK air show; Yahoo hacked; Infosys warns. Conway G. Gittens reports......

Techs could be earnings wreck
July 12 - Economic storms swirling across the U.S., Europe and Asia could sweep up the tech sector, which starts to turn in its quarterly report cards next week. Bobbi Rebell reports......

U.S. Day Ahead: JPM's Dimon aims to win back street cred
July 12 - JPMorgan's chief Jamie Dimon is going to have his skills tested when he talks face to face with analysts at a highly unusual meeting at the company's headquarters......

Futuristic airport security measures unveiled at Farnborough
July 12 - Surveillance and security detection company FLIR is offering visitors to the Farnborough International Airshow a preview of what they believe will be the airport check-ins of tomorrow. They've devised a series of new high-tech security meas.....

Trading at Noon: U.S. stocks fall on economic slowdown
July 12 - U.S. stocks are plunging with the S&P 500 and Nasdaq down more than one percent.....

US knew of Lloyd's role in Libor scandal
Lloyds Banking Group may have been rigging its Libor submissions as early as August 2007, explosive documents released tonight by the Federal Reserve of New York suggest.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Sir Mervyn left to flounder in a Libor can of worms
It just gets worse. If Sir Mervyn King was up to his waist in Libor before, now he's drowning in it.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21532417/mf.gif' border='0'/><br/><br/><a href.....

ITV Rises as FTSE 100 Bolstered by China Hopes
ITV benefited from the Aegis effect today as the 3.2bn takeover of the marketing company drew attention to the media sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21528772/mf.gif' border='0'/><br/&.....

Debt crisis live: as it happened - July 13, 2012
Italy's bond yields are hovering around the danger zone of 6pc, while civil servants in Spain protest against the government's sweeping austerity measures that were approved by the Spanish cabinet this afternoon.<img width='1' height='1' src='http.....

Spanish civil servants protest against cuts
Spanish civil servants took to the streets on Friday to protest against austerity measures as Spain's cabinet rubber-stamped tax rises and spending cuts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21527bde/mf.....

Debt crisis: live
Italy's bond yields are hovering around the danger zone of 6pc, while civil servants in Spain protest against the government's sweeping austerity measures that were approved by the Spanish cabinet this afternoon.<img width='1' height='1' src='http.....

Italy's credit rating downgraded before key debt auction
Italy suffered a downgrade of its credit rating shortly before a major auction of its debt on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2151e0e8/mf.gif' border='0'/>.....

Barclays manipulated Libor submissions to 'fit in with the crowd'
The New York Federal Reserve warned top US officials in 2008 that lenders may be under-reporting their borrowing costs after a Barclays trader admitted attempts were made to manipulate Libor submissions to "fit in with the rest of the crowd".<img .....

Barclays manipulated Libor to 'fit in with the crowd'
The New York Federal Reserve warned top US officials in 2008 that lenders may be under-reporting their borrowing costs after a Barclays trader admitted attempts were made to manipulate Libor submissions to "fit in with the rest of the crowd".<img .....

G4S chief executive under pressure over Olympic shambles
The pressure on Nick Buckles, chief executive of G4S, has increased after a leading City analyst said there was a "question mark" over his future and he was ordered to appear before MPs.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Ford sales slump 10pc in Europe
Ford's western European sales slumped 10pc in the first half of 2012 as it claimed that H1 sales by all automakers hit their lowest level on the continent since 1994.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

BoE emails show Sir Mervyn King was aware of Libor 'misreporting' fears in 2008
Sir Mervyn King, the Governor of the Bank of England, was at the centre of the Libor scandal on Friday after it released emails showing the central bank was aware of concerns of possible "deliberate misreporting".<img width='1' height='1' src='htt.....

JP Morgan trading update: as it happened
JPMorgan Chase has revealed a $4.4bn loss from a failed trading "bet", up from $2bn, as chief executive Jamie Dimon updates investors on the US bank's performance in the second quarter.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

JP Morgan cuts Q1 profits on fears traders hid losses
JPMorgan Chase said its loss from a trading blunder has risen to $4.4bn (2.8bn) as it revised down its first-quarter profits on concerns that traders may have hidden losses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Banks' 1bn windfall to boost economy
Britain's lenders have been handed a near-1bn taxpayer-backed windfall that the authorities hope will allow them to lower borrowing costs for households and businesses and boost economic growth.<img width='1' height='1' src='http://telegraph.feeds.....

JP Morgan trading update: live
JPMorgan Chase has revealed a $4.4bn loss from a failed trading "bet", up from $2bn, as chief executive Jamie Dimon updates investors on the US bank's performance in the second quarter.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Most claimants to be exempt from new tribunal fees
Business leaders have raised fresh fears that the new tribunal fee system, designed to discourage spurious claims, will be "undermined" by the majority of people being exempt from the new rules.<img width='1' height='1' src='http://telegraph.feeds.....

JP Morgan reveals $5bn profits in second quarter
JP Morgan Chase, the biggest US bank, said it had generated $4.4bn of credit trading losses in its London offices but posted overall profit that was barely dented by the trades.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Funding for Lending: Q&A
Chancellor George Osborne has said the launch of an 80bn emergency scheme to kickstart bank lending showed Britain was "not powerless to act" in the face of the eurozone crisis. Here is a closer look at the scheme.<img width='1' height='1' src='ht.....

Banking inquiry is labelled a 'total joke' after Commons' attack dogs excluded
An inquiry into the rate-rigging scandal has been branded a "total joke" after two MPs who proved the toughest interrogators of banking chiefs were barred from the panel.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Tim Geithner pressed Sir Mervyn King to reform Libor
US Treasury Secretary Timothy Geithner is reported to have pressed the Bank of England to make changes in the way Libor was set in June 2008 in a private email.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/214d.....

George Osborne says Funding for Lending scheme 'shows UK not powerless to act'
Chancellor George Osborne has said the launch of an 80bn emergency scheme to kickstart bank lending showed Britain was "not powerless to act" in the face of the eurozone crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Sports Direct takes control of Flannels
Nike has put Umbro up for sale less then five years after buying it for 285m and Sports Direct - which held a 30pc stake in Umbro before it fell into Nike's hands in 2007 - is expected to join the running.<img width='1' height='1' src='http://tele.....

Funding for Lending: BoE and Treasury letters
The Bank of England has unveiled details of a scheme to help the UK's economy out of recession by enticing banks to lend to small and medium-sized businesses. Here are the confirmation letters between the BoE and the Treasury.<img width='1' height.....

Libor scandal: EU probe into 'shocking' rate-rigging includes Japan, says Joaquin Almunia
The EU investigation into a "shocking" interest-rate rigging scandal in the world's biggest money market in London also includes Japan, EU Competition Commissioner Joaquin Almunia has said.<img width='1' height='1' src='http://telegraph.feedsporta.....