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Thursday 19 July 2012

UK Financial News on 2012-07-19

Microsoft makes first ever loss
The computing giant Microsoft has made its first ever quarterly loss after it wrote off some of the value of its online advertising business......

Co-op to buy Lloyds bank branches
The Co-op agrees terms to buy 632 branches from Lloyds Banking Group, in a deal that could create a new force in UK High Street banking......

Google's sales and profits jump
The internet giant Google reports a jump in quarterly sales and profits in its first results statement since taking over Motorola Mobility Holdings......

UK 'should consider easing cuts'
The government should slow the pace of budget cuts next year if growth in the UK does not recover, the International Monetary Fund says......

UK retail sales edge up in June
UK retail sales volumes edged up by just 0.1% in June from the month before, figures from the Office for National Statistics show......

Nokia loss deepens to 1.4bn euros
Nokia posts losses of 1.41bn euros in the last three months as the Finnish mobile phone continues to lose market share to Samsung and Apple......

Morgan Stanley's revenues tumble
Morgan Stanley's revenues in the three months to the end of June fall 24%, hit hard by a decline in investment banking activity......

Central banks to discuss Libor
Bank of England head Sir Mervyn King has proposed to central bank counterparts that they discuss alternatives to Libor at a meeting in September......

Rogue firms face instant shutdown
The Office of Fair Trading is being given the power to instantly stop rogue money lenders, debt collectors and debt advice firms from operating......

Spain's borrowing costs increase
Debt-laden Spain raises 2.98bn euros (2.3bn) on the financial markets, but is forced to pay higher interest rates......

Mortgage lending 'fell in June'
Total mortgage lending, for both home buyers and people moving lenders, fell back in June, the Council of Mortgage Lenders says......

Cheques: Payments Council curbed
The Payments Council will lose its power to govern the payments processes underpinning the UK banking system......

Strike action starts at Remploy
Workers across Remploy's 54 factories begin the first of two 24-hour strikes in protest over plans to close many of the sites......

Remaining Clinton stores to close
The last Clinton Cards stores which remained unsold are to close by the end of July, Clintons' administrators Zolfo Cooper have announced......

Halfords head quits as sales fall
Car parts and bicycle retailer Halfords says its chief executive is stepping down and reports falling sales as the wet weather hits trading......

India arrests after factory riot
At least 90 people are arrested after one person dies in violent clashes between workers and managers at a Maruti car plant near the Indian capital, Delhi......

Yum Brands dented by China costs
Yum Brands, which runs the KFC, Pizza Hut and Taco Bell restaurant chains, sees its profit growth capped by higher costs in China......

Mizuho pays $128m to end CDO case
Japanese bank Mizuho Financial will pay $128m (82m) to settle claims that a US subsidiary inflated the value of financial instruments......

Sofia Vergara tops earnings list
The Modern Family actress is the highest paid in TV earning more than Kim Kardashian, according to US business magazine Forbes......

O2 offers customers compensation
Mobile phone network O2 will give compensation to hundreds of thousands of its customers after its network stopped working last week......

Private pension costs 'hidden'
Companies which sell private pension plans have been accused of hiding some of the costs that are levied on customers, eroding the value of their investment funds ......

Payment machine help 'not clear'
Many shoppers who have difficulties entering their Pin on a terminal when they pay are unaware that an alternative is available......

UK jobless total falls to 2.58m
UK unemployment fell by 65,000 to 2.58 million in the three months to May, according to official data, but the number out of work for more than two years rose......

Scots economy back in recession
Scotland follows the UK into a double-dip recession, according to the latest figures from the Scottish government......

Bank voted 7-2 to lift stimulus
The Bank of England's policy setting body voted 7-2 in favour of increasing quantitative easing, amid signs the UK economy is seeing little growth......

eBay sees quarterly income double
Online retailer and auction site eBay says its income doubled in the second quarter after higher revenue from its PayPal payment business......

Microsoft confirms Windows 8 date
Microsoft confirms the exact date in October that its new computer system will go on sale in what it calls the most important redesign in 10 years......

Capital One fined for mis-selling
Credit card issuer Capital One has been fined and ordered to refund two million customers for mis-selling products......

Bin Hammam wins Fifa ban appeal
Former Fifa presidential candidate Mohamed Bin Hammam says he wants to retire despite having his lifetime ban for bribery annulled......

Get a grip on Olympics, MPs urge
MPs warn the government to "get a grip" on security firm G4S to ensure the Olympic Games run smoothly......

RFL has record turnover in 2011
The Rugby Football League announces a record-high turnover of 29.04m, an increase of 18.5%, for 2011......

VIDEO: Seaside tourism hit by washout summer
The weather might be perking up now but months of rain have taken their toll on traditional seaside resorts......

VIDEO: Retail sales 'affected by rain'
Retail sales rose by just 0.1% last month - a much lower figure than experts had been predicting......

VIDEO: Co-op to buy Lloyds TSB branches
Almost five million Lloyds TSB customers are to be transferred onto the books of the Co-operative bank after a deal was agreed over the sale of more than 600 branches......

AUDIO: Do businesses want to leave EU?
BCC's director John Longworth told 5 live that British businesses want a looser relationship with the European Union......

VIDEO: What next for Nokia?
The mobile phone company Nokia announced losses of 1.41bn euros.....

VIDEO: Music piracy: Google under fire
The British music trade body, BPI has requested the deletion of more illegal online music files in the six months of this year so far than in the whole of 2011......

VIDEO: 'Little evidence' sports products work
If the Olympics has inspired you to get fit this summer, you might want to think twice before shelling out for sports drinks or high tech trainers......

AUDIO: Brands 'haven't seen potential' of The Oldie
The editor and founder of Oldie magazine Richard Ingrams and Scott Wilkinson, founder of Bordello Advertising, discuss the success of the magazine......

Tackling ambush marketing at London 2012
Tackling ambush marketing at London 2012.....

Libor losers turn to the courts
Banking on a win.....

Syria: Hunting for President Assad's assets
The hunt is on for al-Assad's assets.....

Popular trainer brands lose out to fakes
Can fake fashion trainers ever be stopped?.....

London Tweety12, the social Games
Olympic athletes and social media: will they behave?.....

Do corporate mission statements make good rock songs?
Do corporate mission statements rock?.....

Hong Kong investors drive risk-taking in Asia
Hong Kong's "love to gamble" culture drives investors.....

U.S. Day Ahead: GE's Immelt has to wow investors
July 19 - The pressure is on CEO Jeff Immelt when General Electric releases results in the morning thanks to its smaller rivals smashing earnings forecasts......

Breakingviews: The Morgan Stanley caboose
July 19 - Jeffrey Goldfarb and Antony Currie discuss the troubling signs from Morgan Stanleys weak second-quarter earnings and what it means for Chief Executive James Gorman......

Trading at Noon: Tech leads Wall St. higher for 3rd day
July 19 - The overall tech sector, including IBM, eBay and Qualcomm, leading the Nasdaq higher today......

Europe Day Ahead: Spain back in danger zone
July 19 - Spain's 10-year borrowing costs push back above the critical 7% level as euro zone finance ministers consider their next move in the crisis.....

Spanish yields rise above 7 pct
July 19 - Ten-year Spanish bond yields rose above the 7 percent line seen as unsustainable in the long-run on Thursday, after the country paid euro-era record yields for five-year funding as investors remain concerned about its finances and growth pr.....

Nokia posts steep Q2 loss
July 19 - Finnish mobile phone maker Nokia reported a steep loss for the second quarter, although not as much as feared, as it continues to lose market share to Apple and Samsung Electronics. Joanna Partridge reports.....

3XSQ: Investors concerned about a different 'Morgan'
July 19 - Investors are now focusing on Morgan Stanley after the investment bank reported a steep drop in quarterly revenue from a year earlier......

Sports Spread: Playing the British Open
July 19 - Britain's big summer of sport continues with The Open golf. We look at the favourites and outside bets for the oldest major championship......

Market Pulse: Spain bailout could come within weeks - Lloyds
July 19 - A weak bond auction raises the stakes for Spain, and a full sovereign rescue could come within weeks, says Lloyds. At the other end of the spectrum, France borrows for next to nothing......

London theatres fear Olympics impact
July 19 - UK tour operators are complaining of a plummet in advance bookings of visitors coming to London this Summer causing concern for theatres over the footfall through their doors despite the Olympics. Joanne Nicholson reports.....

Split opposition biggest threat to post-Assad Syria - Nomura
July 19 - Mystery surrounds the whereabouts of president Bashar al-Assad as rebel forces close in on the Syrian capital Damascus, a day after a suicide bomber killed three of the country's top security chief......

Time to pour into gold?
July 19 - Gold prices have been stuck in limbo recently but the bulls make a convincing case for a rally this year that could see them surpass even their previous dizzy heights......

Reuters Breakingviews: Spanish Banks need jiggery-pokery
July 19 - Creative finance will be needed to fund what could be a 100 billion euro bill and keep cost off the states balance says Breakingviews......

Reuters Today: Rates scandal hots up, Spain back above 7%
July 19 - Central bankers and regulators intensify their scrutiny on the interbank rate-rigging scandal. Spain sells bonds as yields top 7% again, and as an 'endgame' in Syria, where is President Assad?.....

Breakingviews: The end of the affair for banks in Asia?
July 19 - The global financial crisis sent stockbrokers running to Asia, hoping the region would pick up the slack. But Asian equities are taking a pummelling, and it looks like the banks are in retreat......

Wealth Strategies: Biotech to heat up this summer-StockTwits
July 19 - StockTwits co-founder and CEO Howard Lindzon says the biotech sector will be the hot trending topic for investors over the next few months as new drugs and treatments come to market......

U.S. Morning Call: IBM CFO confident; eBay posts profit beat
July 19 - IBM sees a strong June, raising its full-year earnings target, and eBay posts a better profit than anticipated for the quarter......

Perfect storm for UK music festivals
July 19 - Bad weather, the Olympics and an over-saturated market are brewing the 'perfect storm' for UK music festivals, as many events struggle to sell out. Amy Gardner reports from Latitude festival......

Tech bellwether IBM raises outlook
July 18 - Summary of business headlines: IBM earnings reassure markets; Ebay says Europe strong; Bank of America slashing costs; New hopes for housing. Bobbi Rebell reports......

Investors hit the hold button
July 18 - Individual investors are staying on the sidelines of the stock market, looking for more hand holding while they consider their next move. Sasha Salama reports......

U.S. Day Ahead: MS' reputation set to survive Facebook IPO
' Breakingviews Antony Currie......

Big biotech shareholders could earn billions in takeovers
analysis finds the largest shareholders of biotechs bought into the companies at such low costs, they'll likely be willing sellers in a takeover bid and could make billions in profits......

Trading at Noon: BofA's victory rally over; stock drops
Breakingviews Antony Currie says Bank of America's cost-cutting is paying off but without revenue growth, the bank will look mediocre......

Swimming robot limbers up to make a splash
July 18 - Scientists in Japan have developed what they say is the world's most advanced swimming robot, designed to improve performance in the pool. Called "Swumanoid", the robot isn't yet ready for a role in Japan's Olympic swimming programme but, b.....

Breakingviews: BofA winning half the battle
July 18 - Richard Beales and Antony Currie discuss how Bank of Americas big effort to cut costs will make it mediocre, but only revenue growth will help make it great......

Microsoft reports first ever loss as public company
Microsoft announced tonight that an accounting adjustment to reflect a weak online ad business led to its first quarterly loss in its 26 years as a public company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Debt crisis: World Bank chief warns on eurozone crisis impact
The new president of the World Bank has warned that most global regions will be hit by the eurozone debt crisis and that it is vital to protect the strong economic gains of the past decade in the developing world.<img width='1' height='1' src='htt.....

Spanish debt crisis returns as Germany nears bailout fatigue
Spanish borrowing costs have surged to euro-era highs despite draconian fiscal cuts and backing from the German parliament for the country's 100bn bank rescue package.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

The Black Horse has been tamed but don't expect an easy ride
In the end it took a bunch of bureaucrats from Brussels to teach Lloyds the lesson many believe it's been owed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21845735/mf.gif' border='0'/><br/><br/>.....

Wall Street is ready to pounce on the City, and we must defend it
Despite the scandals, London's global financial centre remains a priceless asset, says Fraser Nelson<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21845736/mf.gif' border='0'/><br/><br/><a href.....

Dong and Siemens sign 2.3bn deal for giant UK wind turbines
Dong Energy has signed an estimated 2.3bn deal to buy 300 giant Siemens wind turbines for use off the coast of Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21845021/mf.gif' border='0'/><br/>&l.....

Oil explorers in vogue as FTSE 100 edges higher
Tethys Petroleum was keeping traders busy today on what was a very good session for oil explorers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21845022/mf.gif' border='0'/><br/><br/><a href=".....

HSBC money laundering: where was the regulator?
Carl Levin looked unusually lost for words. The Democratic Senator for Michigan had just wrapped up a hearing into HSBC's decade-long failure to enforce US anti-money laundering (AML) laws.<img width='1' height='1' src='http://telegraph.feedsporta.....

LSE in merger talks with Singapore exchange
The London Stock Exchange Group is in talks with the owner of Singapore Exchange about a potential 7.2bn merger, but any deal would need to be granted EU approval.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Spanish protests over new austerity measures
Government workers staged rallies in dozens of Spanish cities today as the country's parliament passed the latest round of austerity measures. The ruling conservative Popular Party used its majority in parliament to push through the measures.<img .....

Retail sales growth slows as Jubilee fails to boost spending
The Queen's Diamond Jubilee celebrations failed to lift Britain's retail sector as hoped in June.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21843e81/mf.gif' border='0'/><br/><br/><a href="h.....

Rupert Murdoch will find News Corp's AGM vote hard to ignore
Rupert Murdoch might have survived last year's News Corporation AGM, but the shareholder vote at this year's meeting will be tougher to brush aside.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21843854/mf.gif'.....

Debt crisis: IMF calls on Coalition to draw up 'Plan B'
The Government must ease austerity and deploy a 'Plan B' in early 2013 if economic recovery fails to materialise, the International Monetary Fund has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2184385.....

HSBC dragged closer to heart of Libor investigation
UK's largest bank could be dragged into the Libor investigation after links emerged between one of its traders and peers at other banks were at the centre of investigations by regulators.<img width='1' height='1' src='http://telegraph.feedsportal......

Halfords chief David Wild departs as sales fall
Struggling bike and car parts retailer Halfords has cast adrift its chief executive, David Wild, after issuing its ninth-profit warning in two years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21843858/mf.gif.....

Penguin Books moves into self-publishing by buying Author Solutions
Penguin Books' parent company, Pearson, has made a major leap into the rapidly-growing self-publishing industry with the $116m (74m) acquisition of Author Solutions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Verde leaves Lloyds feeling green: state-backed bank sells to Co-op
Peter Marks, the Yorkshire-born retail veteran who heads the Co-op Group, was understandably in an expansive mood today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2183b83c/mf.gif' border='0'/><br/>&.....

State-backed Lloyds sells 632 branches to Co-op at a knock-down price
The British taxpayer and fellow Lloyds shareholders are receiving just an initial 350m for the bank's forced sale to Co-op of its 632 branches ordered by Brussels.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Debt crisis: as it happened - July 19, 2012
Germany's lower house of parliament approved the Spanish banking bailout as Wolfgang Schaeuble, German finance minister, warned Spain faced an "emergency situation".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

3bn collapse in lending to businesses
Bank lending to businesses collapsed by 3bn in the three months to May, according to the latest gloomy assessment from the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2183b843/mf.gif' border='.....

German parliament approves Spanish bank bailout
Germany's parliament has approved by large majority an aid package for crisis-wracked Spanish banks that aims to prevent the country's whole economy being dragged deeper into the mire.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Debt crisis: live
Germany's lower house of parliament approved the Spanish banking bailout as Wolfgang Schaeuble, German finance minister, warned Spain faced an "emergency situation".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Video: 2012 Business Bullet, Episode 22
The monthly roundup of London 2012 Olympic business news. Find out about all of the latest finance and business news, courtesy of Cisco and The Daily Telegraph.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2183.....

IMF warns UK recovery has stalled: the full report
Britain's recovery has stalled and the Government must be prepared to relax austerity to focus efforts on boosting growth to pump life into the ailing economy, the International Monetary Fund said. Here is their report in full<img width='1' height.....

IMF snapshot of the UK economy: in graphs
The Government must be prepared to relax austerity to pump life into the ailing economy, the International Monetary Fund (IMF) has warned. Here is a snapshot of its assessment of the British economy.<img width='1' height='1' src='http://telegraph......