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Sunday 15 July 2012

UK Financial News on 2012-07-15

Libor scandal 'to hit more banks'
Barclays warns its staff that the Libor scandal will envelop other banks and "put in perspective" the bank's own culpability......

UAE opens new oil pipeline route
The United Arab Emirates opens and begins operating a key overland pipeline which bypasses the Strait of Hormuz, controlled by Iran......

Homes more affordable, says study
The stagnant housing market is bringing more homes within the reach of first-time buyers, a study suggests......

Blackberry firm loses patent case
Blackberry maker Research in Motion is ordered to pay $147m in damages after losing a patents infringement case......

Rail cash boost 'to be announced'
The government is expected to announce a plan of rail investment totalling billions of pounds on Monday......

VIDEO: Your Money: Sell Olympic tickets legally
In this week's Your Money, Declan Curry looks at how to sell Olympic tickets legally and how to make sure you renew your claim for tax credits......

How big could the Libor scandal get?
How big could the Libor scandal get?.....

High Street brands head East
Europe's mass market brands hope for luxury's success in China.....

Did anyone lose out when Libor was fixed?
Was the interbank rate as fixed as a pro wrestling match?.....

Inventor turns plastic trash into liquid gold
July 15 - A Filipino inventor has found a way to turn plastic waste into fuel for vehicles. Jayme Navarro is not claiming to have invented the process but he says, in the Philippines where landfills are the size of large hills, it's a practical solut.....

Benefits cap 'pushing thousands into work'
The Coalition's plan to cap benefits for each household is already starting to push people off welfare and into work, ministers will claim.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/215df629/mf.gif' border='.....

Was the petrol price rigged too?
Motorists may have been paying too much for their petrol because banks and other traders are likely to have tried to manipulate oil prices in the same way they rigged interest rates, an official report has warned.<img width='1' height='1' src='htt.....

Hospedia's first buy is Extramed
Hospedia, the company formed from the wreckage of controversial hospital bedside telephones and television company Patientline four years ago, will announce its first acquisition on Monday in a move aimed at transforming itself into a healthcare IT s.....

Olympic security: G4S relies on army of temporary managers
The giant security company G4S has been relying on a team of low-cost temporary managers to oversee its crisis-hit Olympics security staffing operation, it can be disclosed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Former Deccan Chargers chief Tim Wright sues over dismissal
The former chief executive of the Indian Premier League cricket team, the Deccan Chargers, has accused the side's owners of unfairly firing him, still owing him 10m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Banks are 'mis-selling to the vulnerable'
Vulnerable people in financial difficulty are being mis-sold "packaged" current bank accounts by leading UK banks on false premises, it has been claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/215deaba/mf.....

Libor scandal: FSA chief Lord Turner to face MPs over rate abuses
Lord Turner, head of the Financial Services Authority, is today expected to be criticised by MPs for being slow to react to Libor abuses which American regulators picked up nearly five years ago.<img width='1' height='1' src='http://telegraph.feed.....

Libor scandal: Marcus Agius to face investors as Jerry Del Missier takes to the stand with MPs
Marcus Agius and Sir Mike Rake will this week meet investors in bid to contain the fall-out from the Libor scandal Barclays faces further embarrassment from Jerry Del Missier's evidence to MPs.<img width='1' height='1' src='http://telegraph.feedsp.....

North Sea gets second wind
First North Sea oil field to come on stream experiences new lease of life.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/215d461d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Trade row flares over China's rare earths
China and rival world powers have reached a stalemate over supplies of key metals, in a dispute which highlights global tensions over Beijing's trading policies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/215.....

The week ahead in business and economics: July 16 - 20
Most retailers are despairing about the wash-out summer, which has seen fewer consumers on the high street and quashed any appetite to splash out on fashion, festivals or barbecues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Eurozone rescue without growth means Finland could be first to leave
After last week's euro meeting, Spanish 10-year government bond yields fell back to 6.6pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/215d632b/mf.gif' border='0'/><br/><br/><a href="http://d.....

Wall Street braced as global slowdown hits America
Wall Street is braced for signs that slowing growth has finally caught up with American companies as some of the country's biggest begin releasing their results this week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Fed fiddles as America slides back into recession
The Economic Cycle Research Institute in America has doubled down on its recession call. A fresh US slump is not just a risk any longer. It has already begun.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/215ce4.....

China's economic woes could continue for 'some time'
China's economic woes could continue for "some time," premier Wen Jiabao has warned, raising fears that the world's second largest economy is headed for a hard landing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

BBC executive questions why Barclays chairman Marcus Agius remains on corporation's board
A BBC executive has criticised the corporation's decision to keep Marcus Agius on its executive board despite the Barclays chairman's resignation over the rate-fixing scandal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

M&S boss begs for more time to win womenswear war
Marks & Spencer chief executive, Marc Bolland, has begged shareholders for one more year's grace to turn around the retailer's underperforming clothing division.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Libor scandal forces Barclays from UAE rate panel
Barclays has quit the panel that sets Abu Dhabi's inter-bank lending rate in the wake of the Libor scandal, even though one of its biggest shareholder is a member of the Emirates' ruling family.<img width='1' height='1' src='http://telegraph.feeds.....

Glaxo holds secret talks with Human Genome Sciences
Drugs giant GlaxoSmithKline is holding talks to buy American firm Human Genome Sciences, its partner on an immune system disease medicine, in a $2.6bn (1.7bn) deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Puma pins Olympic hopes on Bolt to speed sport sales
With the London Olympic games just days away, German sportswear giant Puma is pinning its hopes on sprint legend Usain Bolt to speed up sales and outpace its bigger competitors Adidas and Nike.<img width='1' height='1' src='http://telegraph.feedsp.....

Direct Line flotation could be sunk by private equity bids
Royal Bank of Scotland-owned Direct Line's plans for flotation could be sunk as two private equity consortiums plan rival takeover bids for the UK's largest car insurer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Jeremy Hunt: not the time to play G4S 'blame game'
Jeremy Hunt has called on the UK to pull together to ensure the security of the London Olympics, claiming that G4S failing to provide enough trained security guards shouldn't be made into a political issue.<img width='1' height='1' src='http://tel.....

Virgin Records could be sold in Universal Music deal
Universal Music is drawing up plans to sell Virgin Records after acquiring it in a 1.2bn deal to buy EMI to avoid competition issues with the EU by reducing its market share in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Dashwood: losing sheikh turns to indebted United
British racehorse owner trainer, John Gosden, won the Bahrain Trophy at Newmarket this week with Shantaram.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/215a9ba1/mf.gif' border='0'/><br/><br/><.....

'Glimmer of hope' on UK economy for George Osborne
An initial glimmer of hope on the economy is expected this week with a new report set to claim that pressure on household finances has begun to ease even though the economy will remain flat.<img width='1' height='1' src='http://telegraph.feedsport.....