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Friday 20 July 2012

UK Financial News on 2012-07-20

Spain bank deal gives no respite
Spain's stock market suffers its biggest one-day fall in two years and yields rise despite eurozone finance ministers approving a bank bailout......

UK public borrowing rises in June
The government borrowed more than expected in June, leading some analysts to question whether it will meet its deficit reduction target this year......

IMF economist turns on the Fund
Departing senior IMF economist Peter Doyle pours scorn on the Fund's "tainted" leadership and says he is "ashamed" to have worked there......

Farmers renew milk price protests
Farmers have renewed protests by blockading milk processing plants, after a supermarket chain announced it would pay more for milk......

Vodafone sees revenue growth slow
Vodafone sees its sales growth slow in the first quarter, dragged down by a weak performance in Europe......

BBA leaves Libor head post vacant
The British Bankers' Association will have no director of Libor while investigations into the manipulation of the interest rate continue......

Regulator sets parcel price cap
A cap on prices that Royal Mail can charge for large letters and small parcels sent by second-class post has been confirmed by the regulator......

Fresh warnings of weak PC sales
Chip maker AMD says it has been hit by disappointing PC sales as new research suggests a drop in demand from Asia......

Shares in cashmere firm plummet
Shares in cashmere producer Dawson International plummet after announcement about pension fund concerns......

GE optimistic despite profit fall
US industrial giant General Electric (GE) reports net income of $3.1bn for the second quarter of 2012, down from $3.7bn the same time in 2011......

Warrant issued for Quinn nephew
An arrest warrant has been issued for Peter Darragh Quinn, a nephew of the bankrupt former billionaire Sean Quinn......

Peugeot defends plan for job cuts
The head of PSA Peugeot Citroen warns that French government criticism of the carmaker's restructuring is creating a "dangerous" situation......

Resolution drops investor payment
Shares in Resolution Limited drop 9% after it cancelled plans to give 250m back to shareholders, blaming uncertain economic conditions......

Rents rise to near record levels
Private rents in England and Wales rose by 0.9% in June, to a monthly average of 718, a survey indicates......

Microsoft in first loss to date
Computing giant Microsoft makes the first quarterly loss in its history after it wrote off some of the value of its online advertising business......

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......

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......

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......

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......

Plan to boost UK's High Streets
The government has announced plans to try to revitalise the UK's High Streets, after a report by television retail expert Mary Portas......

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......

Heineken bids for Tiger brewer
Heineken makes a bid to buy the remaining share of Tiger beer maker Asia Pacific Brewery that it does not already own......

Canada pension fund to buy Goals
The board of Goals Soccer Centres accepts a 73.1m buyout offer from one of Canada's biggest pension funds......

New Yahoo boss could make $70m
Technology firm Yahoo reveals the remuneration package it has offered to new chief executive Marissa Mayer could top $70m......

SFL seeks new TV deal for Rangers
The Scottish Football League approaches broadcasters with a package to show up to 25 live Rangers games in Division Three......

Consortium submits bid for Bulls
A consortium of Bradford-based businessmen submits a conditional bid for administration-hit Super League side Bradford Bulls......

Home Office had G4S staff warning
The Home Office was told of a "possible temporary shortfall" in G4S security guards for the Olympics on 27 June, Home Secretary Theresa May says......

VIDEO: Tractor protest at milk price cuts
Hundreds of farmers have staged blockades at milk processing centres in protest at the prices they are being paid......

VIDEO: Will Olympics provide lasting legacy?
We are just one week away from the greatest show on earth but what happens after the competitors pack up and go home?.....

AUDIO: Forbes: American dream is alive
The publisher tells the Today programme's Simon Jack that tax cuts and less government intervention are the key to economic success......

VIDEO: The topsy-turvy world of debt
In some parts of the eurozone investors are actually paying the government to hold their money - in other words interest rates have turned negative......

AUDIO: What makes a good boss?
Is a good manager a good manager regardless of industry or are the best bosses from the "shop floor"?.....

VIDEO: India car factory hit by violence
Production at the Maruti Suzuki factory near the Indian capital, Delhi, is halted after violent clashes between workers and managers......

AUDIO: Is outsourcing good for business?
A partner at KPMG told 5 live Wake Up To Money that mismanaged outsourced contracts can be a huge problem......

VIDEO: Economic plan is 'a fraud, a scam, a lie'
Simon Jenkins has said the government would be better off giving the billions of pounds it plans to pump into the UK economy to the public in the form of a Christmas bonus......

Infrastructure investment: Is the UK government doing enough?
How important is it to invest in infrastructure?.....

Dairy farmers fear for the future
Price of milk forces dairy farmers to consider their future.....

How to reboot the ICT curriculum
Press start for new ICT curriculum.....

The African tech-hub boom
Fifty and counting - riding the African tech hub boom.....

Nigeria's low-cost tablet computer
The man behind Africa's low-cost tablet computer.....

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.....

U.S. Week Ahead: 3 things to focus on for Facebook earnings
July 20 - The only two things you need to know about next week are Facebook and Apple and we'll tell you three things to focus on ahead of Facebook's first earnings report......

Breakingviews: Banks reveal M&A sorcery
July 20 - Breakingviews editors discuss Citigroup and Morgan Stanleys yawning $13 bln valuation gap on their wealth management joint venture......

Trading at Noon: IPO fever on Wall St as Kayak debuts
July 20 - IPO activity heats up with Kayak and Palo Alto surging in their debut today......

Skull scanner the latest tool for ID-ing the dead
July 20 -Computer scientists in Spain have developed a 3D skull scanner that can identify skeletons when decomposition has rendered DNA and fingerprint testing impossible. The researchers at Granada University say their device could prove invaluable .....

Europe Week Ahead: Company profits to drive market sentiment
July 20 - Some of Europe and America's biggest corporations report their quarterly earnings, following a string of results which were not as bad as many investors had feared......

China bets on Ireland for horse racing future
Jul.20 - China chooses Ireland as a partner to help establish a 2 billion dollar national equine centre, as it begins establishing a horse racing and breeding industry. Ciara Sutton reports......

3XSQ: GE withstands European weakness
July 20 - GE maintains guidance as weakness in Europe remains within its expectations......

Decoder: Man Utd IPO - soccer stars or media moguls?
July 20 - It may be the world's most valuable sports team but Manchester United is taking a different tack in its attempt to lure reluctant investors......

Mobile app Path goes its own way
July 20 - The San Francisco-based startup Path has been in the spotlight since Facebook agreed to pay one billion dollars for the photo-shariing app Instagram, as both services focus on mobile. Matt Cowan reports......

The greener side of fashion
July 20 - An Estonian fashion designer brings a sustainable and environment conscious clothing line to the catwalk. Hayley Platt reports......

U.S. Morning Call: GE powers on with quarterly earnings
July 20 - GE reported a 2.5 pct rise in Q2 profit as solid U.S. demand for energy equipment offset the effects of a weak EU economy......

SodaStream gets Coca-Cola in a fizz
July 20 - Coca-Cola threatens SodaStream with legal action after the soft-drinks machine maker uses its cans and bottles as part of a comeback campaign. Ciara Sutton reports......

Who are the winners in the Libor scandal? All of us ...
July 20 - Everyone's a winner if the result of the Libor scandal ends in tighter regulation which helps prevent future financial crises......

Market Pulse: Stocks rally grinds to a halt
July 20 - European shares ease off four-month highs and Spain's borrowing costs climb back above seven percent, despite the expected approval of a bank bailout plan later in the day......

Breakingviews: Heineken tries to take Asian Tiger by the toe
Breakingviews......

How to be an Apple smuggler in China
July 20 - The latest iPad has officially arrived in China, four months after its U.S. launch. But it was already widely available on the mainland, thanks to illicit imports from Hong Kong......

Reuters Today: Banks mull joint settlement of Libor probe
a number of banks under investigation over Libor manipulation are considering a class settlement to avoid a Barclays-style backlash......

Google+ growth spurt
July 19 - Summary of business headlines: Google earnings jump on ad biz; Microsoft's big charge leads to first quarterly loss; Economic doldrums continue; Job cuts to come at Morgan Stanley. Jeanne Yurman reports......

Knocking hard on Apple's door
July 19 - Google's Nexus 7 tablet is selling out making the company a potential threat to Apple in the hardware business. And it's not the only one looking to cut into Apple's dominance. Bobbi Rebell reports......

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......

The social status of the Olympics
The International Olympic Committee has announced a ranged of new social media programs that it says will make the London 2012 Summer Olympics the most tech-savvy Games ever......

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.....

Debt crisis: IMF 'suppressed signs that Europe was facing debt crisis'
The International Monetary Fund deliberately suppressed evidence that Europe was heading for a debt crisis, according to a blistering resignation letter from a senior economist at the fund.<img width='1' height='1' src='http://telegraph.feedsporta.....

'Pop-up' shops set to revitalise high streets
The red tape that retailers face could be cut under Government plans to revive ailing high streets by encouraging entrepreneurs to take on empty shops.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/218e4d50/mf.g.....

Libor scandal: Bank of England refused to take responsbility for regulating Libor
The Bank of England has been accused of refusing to lead reform of the discredited Libor system after failing to act on warnings more than four years ago over interest rate rigging by banks.<img width='1' height='1' src='http://telegraph.feedsport.....

IAG shares slide on grounded bond sale
International Airlines Group was left stuck on the runway today after a bond sale failed to take off.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/218db89a/mf.gif' border='0'/><br/><br/><a hre.....

Heineken launches 3.8bn bid to tame Tiger in Asian brewing battle
Dutch brewing giant Heineken has launched a bid for Asia Pacific Breweries, in a deal that could see it pay 3.8bn to take full control of the maker of Tiger Beer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21.....

Court backs Betfair on racing levy
Betfair took a swipe at William Hill after the High Court rejected an attempt by the bookmaker to overturn a decision by the Horserace Levy Board.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/218de388/mf.gif' b.....

Spain spooks markets as Valencia requests aid from stricken state
Spanish shares suffered their biggest one-day drop in two years, leading European markets' plunge downwards, after a major Spanish region said it needed rescuing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21.....

Farmers must co-op - just ask the Archers
Let me get a guilty secret out of the way. I'm an Archers fan. I just can't help myself wallowing in a nostalgic escape back to evenings at home when young, the familiar theme tune trilling from the kitchen.<img width='1' height='1' src='http://te.....

Share holder rebels: the unlikely activists
Opera singers, retired solicitors, nuns; they're ordinary shareholders taking our corporate giants to task. But to what effect?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/218d4fc3/mf.gif' border='0'/><b.....

Debt crisis: as it happened - July 20, 2012
Spanish borrowing costs climb back above 7pc, as eurozone ministers hold a teleconference to approve up to a 100bn bank rescue.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/218d1704/mf.gif' border='0'/><b.....

Spain won't grow until 2014 as eurozone agrees bank bailout
Spain's stock market suffered its largest one-day fall in two years after the country revealed it will not return to growth until 2014 and will have to pay an extra 9.1bn next year just to service its debt.<img width='1' height='1' src='http://tel.....

Share tips: Winners and losers from the Olympics
Questor on which firms to invest in with the Olympic factor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/218d879c/mf.gif' border='0'/>.....

Chancellor seen at risk of public sector borrowing overshoot
Chancellor George Osborne has hit an obstacle in his plans to cut Britain's deficit, after the public sector borrowed 500m more in June than it did last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/218ca5.....

Debt crisis: live
Spanish borrowing costs climb back above 7pc, as eurozone ministers hold a teleconference to approve up to a 100bn bank rescue.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/218a774e/mf.gif' border='0'/><b.....

Sir Mervyn King called Libor review 'wholly inadequate', new emails show
Sir Mervyn King, Governor of the Bank of England, described the British Bankers' Association review of Libor in 2008 as "wholly inadequte" in 80-pages of emails and papers released by the central bank today.<img width='1' height='1' src='http://te.....

BoE/Fed/BBA communications on Libor: a timeline
Sir Mervyn King, Governor of the Bank of England, described the British Bankers' Association review of Libor in 2008 as "wholly inadequte" in 80-pages of emails and papers released by the central bank on Friday. Here is a timeline of the corresponden.....

Italy's economic crisis risks sparking 'civil war' in Sicily
The misery caused by Italy's financial crisis could spark a "civil war" in the southern island of Sicily, the mayor of regional capital Palermo said on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/218c1.....

Bank of England releases Libor correspondence: the emails
Sir Mervyn King, Governor of the Bank of England, described the British Bankers' Association review of Libor in 2008 as "wholly inadequte" in 80-pages of emails and papers released by the central bank on Friday. Here they are in full.<img width='1.....

Sterling rises to a three-and a half-year high against the euro
Holidaymakers heading to the continent will see their cash travel further after the pound hit a near four-year high against the battered euro.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/218bdd99/mf.gif' borde.....

Demutualisations: how have your shares fared?
An analyst's view of Barclays shows that what is bad for customers may be good for investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/218bad87/mf.gif' border='0'/><br/><br/><a href="http:.....

Fitch slashes credit ratings of Japan's biggest banks
Fitch has cut the credit rating of three of Japan's biggest banks over concerns about Tokyo's ability to support the financial sector, after the nation's sovereign debt rating was also cut.<img width='1' height='1' src='http://telegraph.feedsporta.....

Vodafone revenues are hit by eurozone debt crisis
The eurozone debt crisis took a bite out of Vodafone's revenues in the past quarter, as cash-strapped customers cut down on mobile phone usage.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/218aae15/mf.gif' bord.....

Peugeot steps up job cut row with French government
The row between the French government and PSA Peugeot Citroen took another turn on Friday after the car maker's chairman said criticism of its massive job cuts was creating a "dangerous" situation.<img width='1' height='1' src='http://telegraph.fe.....

ONS figures: the full document
UK government borrowing rose more than expected in June as a weak economy continued to weigh on public finances. Here is the document in full.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2189c4ec/mf.gif' borde.....

UK Government borrowing rises: in graphs
UK government borrowing rose more than expected in June as a weak economy continued to weigh on public finances, making it harder for George Osborne to hit his deficit targets. Here are the figures in graphs.<img width='1' height='1' src='http://t.....