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Saturday 21 July 2012

UK Financial News on 2012-07-21

Murdoch quits UK directorships
Rupert Murdoch has resigned from a string of directorships controlling his News Corporation's UK newspapers......

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 blockade two milk processing plants in a second night of price cut protests, after welcoming one supermarket chain's decision to 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......

2012 brand ban for 'large groups'
Only large groups of spectators wearing "visibly branded" clothing are at risk of being banned from Olympic venues, 2012 organisers say......

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......

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......

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......

VIDEO: Can 'pop-up shops' boost 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......

VIDEO: 'Only retailers profit from milk'
Co-operative and Morrisons have announced that they will pay increased premiums on milk to suppliers after protests by dairy farmers......

VIDEO: Does Iraq's food ration system need reform?
Since 1990 the Iraqi people have been given food rations almost free of cost, but now the government says it has plans to reform the system to make distribution more efficient......

VIDEO: Berlin's drive for tech start-up
David Reid reports from Berlin on how the accidental birth of the start-up scene could end up giving birth to a lot more......

VIDEO: London tourism 'ready for Games'
As thousands of people arrive in London for the Olympics, the capital is gearing up with a series of cultural celebrations......

VIDEO: House-sitting to save on rent and bills
Looking after someone's house while they are on holiday is one way to try to earn money while saving on rent and bills. You might end up doing a bit of doggy day care too......

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: It's Your Money: Banks and break ups
In this week's Your Money, Declan Curry looks at big changes for high street banking names and how divorce can affect finances......

House-sitters aim to avoid high rents
'Why I have chosen to housesit other people's homes'.....

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

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

Wall Street fumbles on Europe fears
July 20 - Summary of today's business headlines: U.S. investors took profits on fears Spain may eventually need a bailout; GE profits top estimates but revenues fall short; Google reports strength in online ads; Xerox cuts annual profit forecast; Kay.....

Adults turn to teen fiction eBooks
July 20 - EBook sales surge in the Young Adult category as teens and adults turn to hot fiction including Hunger Games, Twilight and Harry Potter. Jill Bennett reports......

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......

'BarCap was the Wild Wild West - that's what we called it'
A former Barclays Capital trader, who asked to remain anonymous, speaks about his job and the relentless pressure to achieve higher margins.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2194221a/mf.gif' border=.....

Can Barclays' investment bank arm keep producing the billion-pound goods?
After the Libor scandal, questions are being asked over the future of Barclays' investment banking division.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2194221b/mf.gif' border='0'/><br/><br/>&l.....

Lloyds vows to speed up ring-fencing
Lloyds Banking Group is set to signal that it will bring forward the "ring-fence" separation of retail and investment banking ahead of the 2019 deadline.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2194221c/mf.....

Andy Haste leads private equity bid for Direct Line
Andy Haste, the former chief executive of RSA Group, is leading a private equity consortium looking to bid for insurer Direct Line Group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2194221d/mf.gif' border='0'.....

Pizza Express entrepreneur 'could invest in Gordon Ramsay's restaurants'
Luke Johnson, the entrepreneur who made his name running Pizza Express, is thought to be considering an investment in Gordon Ramsay's restaurant company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21943aea/mf.....

Lord Green is pushed on HSBC money laundering
A shadow treasury minister has written to Lord Green, trade minister, demanding answers about HSBC's money laundering problems in America and Mexico.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21943aeb/mf.gif.....

Euro exit and depreciation would bring economic gains
In an exclusive extract from his updated book, Roger Bootle explains why allowing a country such as Greece to leave the euro is not as hard as everyone thinks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21943.....

Firms could relocate back to Britain after tax change
Between 10 and 15 major corporations are looking at relocating back to Britain following changes to the rules for taxing foreign profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21943aee/mf.gif' border='0'.....

John Kay review to demand pay deal reform
Soaring levels of executive pay should be made more transparent, a Government inquiry into the future of British equity markets will demand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2194387e/mf.gif' border=.....

BP stand-off over Russian dividend
Tensions between BP and its Russian oligarch partners escalated after a TNK-BP board meeting ended in a stand-off over one of the joint venture's key projects.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21943.....

Centrica to defend British Gas over profit rise
British Gas owner Centrica is this week expected to report a 26pc leap in earnings for its household electricity and gas supply business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21943884/mf.gif' border='0'.....

AKQA founder, Ajaz Ahmed: I have a duty now to WPP and Sir Martin
Ajaz Ahmed is the advertising whizkid who so impressed WPP's Sir Martin Sorrell he bought an 80pc stake in his agency.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21943886/mf.gif' border='0'/><br/><.....

George Osborne's big test on Britain's economy
With Britain expected to have stayed in recession during the second quarter, the Chancellor is under increasing pressure to come up with some growth measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/219438.....

SGX's weak denial fans flames of LSE merger talk
SGX may not yet be ready to commit to a full-blown marriage with LSE, but that does not mean further moves towards unity will not be forthcoming.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2194388c/mf.gif' bo.....

Lloyds leads the charge back to simple banking
Lloyds Banking Group may not exactly be Apple but among competitors, chief executive Antonio Horta-Osorio at least enjoys some un-occluded vision.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2194388e/mf.gif' b.....

Wall Street wants assurances from Facebook on sales
Facebook chief executive Mark Zuckerberg is facing new demands to show he is fully committed to driving the sales and profits of the social networking site.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21943891.....

Festival of Business: the Olympic lift for 'Made in UK'
West Midlands manufacturer fuelled by making parts for the Olympic Torch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2193d3a8/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....

Invest in a solution to the global food crisis, not its symptoms
For the third time in five years, the world is braced for a food crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2193c855/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Is the US losing patience with the eurozone debacle?
Having shown the eurozone a lot of latitude, the rest of the world - particularly America - is on the brink of losing patience.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2193c856/mf.gif' border='0'/><b.....

Rupert Murdoch steps down from NI boards
Rupert Murdoch's grip on UK newspapers is loosening "finger by finger", as he resigns string of directorships.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2193c3d0/mf.gif' border='0'/><br/><br/>.....

Recession deepens as British economy shrinks for third straight quarter
Official figures are expected to show that Britain's economy has shrunk for a third successive quarter, prolonging the nation's recession and threatening to derail chances of recovery this year.<img width='1' height='1' src='http://telegraph.feeds.....

European Investment Bank to fund Greek firms
The European Investment Bank will provide 1.44bn in loans to struggling Greek firms, providing a stimulus to the debt-laden country's ailing economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2192d0d1/mf.gif.....

The euro is "irreversible" and not in danger, says Draghi
The euro is "irreversible" and the beleaguered currency union is not in danger of collapsing, according to European Central Bank President Mario Draghi.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2192464e/mf......

Kay forum to tackle equities 'short-termism'
A major review of the UK's equity markets is expected to recommend the creation of a permanent forum to encourage longer term decision- making from the investment community.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Olympics debacle may cut G4S's credit rating
The credit rating of G4S may be cut, Standard and Poor's has warned, following the company's Olympics security fiasco.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21903965/mf.gif' border='0'/><br/><.....