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Friday 27 July 2012

UK Financial News on 2012-07-27

Barclays faces new investigation
Barclays faces a new investigation by the financial watchdog, the bank reveals, as it announces a 13% rise in half-year profits to 4.2bn......

US economic growth slows to 1.5%
Growth in the US economy slowed between April and June to an annualised pace of 1.5%, but Wall Street rallies on the better-than-expected figures......

Bank account sales face scrutiny
New rules will ensure customers are assessed to ensure they are eligible to claim insurance offered as part of a paid-for bank account......

Spanish economy 'needs reform'
Spain is in an "unprecedented" double-dip recession and the outlook for the country remains "very difficult", says the International Monetary Fund......

Facebook shares drop to new low
Shares in Facebook fall more than 16% to $22.37, as investors react to the social network's first set of results since its flotation......

JJB Sports boss Jones steps down
The chief executive of JJB Sports, Keith Jones, steps down just weeks after a new chairman was parachuted in to try to revive the retailer......

BP ordered to pay $3.1bn damages
BP is ordered to pay $3.1bn (1.97bn) in damages to its Russian joint venture over its aborted Arctic exploration deal with Rosneft......

Tech titan backs gay marriage law
Amazon.com founder Jeff Bezos and his wife donate $2.5m to defend a gay marriage law facing a referendum in Washington state in November......

Accounts now 'fixed after errors'
Separate errors that affected the accounts of customers at Nationwide and NatWest have been corrected, the firms say, with a promise of refunds......

Airbus A350 XWB is delayed again
Airbus has said it will delay the introduction of its fuel-efficient A350 to fix a glitch related to its wings......

Sales of top-end homes slow down
House prices have risen slightly over the year in England and Wales, although sales of 1m-plus homes have dropped sharply, figures show......

Nadir 'hid theft' behind success
Former Polly Peck tycoon Asil Nadir hid multi-million pound theft behind the massive success of his international company, the Old Bailey is told......

Six jailed for insider dealing
Six men are sent to prison for a total of 16 years for insider dealing, with the judge describing their actions as "deliberate, planned and dishonest"......

Smartphones lift Samsung earnings
Samsung Electronics reports a record quarterly profit, boosted by a surge in smartphone sales and improved margins in its TV business......

Greek PM in tough bailout talks
Greek PM Antonis Samaras meets international creditors to try to persuade them that Athens deserves its final bailout instalment......

Slump in Europe hits Renault
French carmaker Renault says profits were hit by deteriorating demand in crisis-hit Europe during the first half of the year......

Lloyds increases PPI provision
Lloyds Banking Group reports a half-year loss of 439m and says it has increased provision for payment protection insurance claims by 700m......

Profits at British Gas owner rise
Centrica, the owner of British Gas, reports a 15% rise in first-half profits to 1.45bn, including a 23% rise in profits at British Gas......

Cameron defends economic policies
The prime minister says the government has acted "decisively" on the economy, as he addresses an Olympics event targeting investment in the UK......

ECB chief's comments spark rally
European Central Bank chief Mario Draghi says the bank is ready to do "whatever it takes" to back the euro, prompting a rally in shares and the currency......

South Korea economic growth slows
South Korea's economic growth slowed between April and June, coming in at 0.4%, down from 0.9% in the first quarter, official figures show......

Robot deal knocks Amazon profits
The online retailer Amazon reports a 96% fall in profits for the three months to the end of June due to a robot maker deal......

Errors at Nationwide and NatWest
Payments have been taken twice from hundreds of thousands of Nationwide accounts, while technical problems have hit NatWest's online banking......

Engine demand lifts Rolls-Royce
Rolls-Royce reports a rise in half-year profits thanks to strong demand from planemakers for fuel-efficient engines......

Fulham stadium expansion agreed
Fulham's plans to extend the capacity of their Craven Cottage ground to 30,000 are approved......

Danske Bank to sponsor top flight
The Irish FA announce Danske Bank as the new title sponsor of the Premiership for the 2012/2013 season......

RFL rejects Bradford Bulls offer
The Rugby Football League rejects the conditional offer from the ABC consortium for administration-hit Bradford Bulls......

VIDEO: How can Facebook keep its chin up?
The BBC's Aaron Heslehurst on what Facebook has to do to turn around its fortunes on the stock market - and good news for Barclays Bank......

VIDEO: Barclays faces new FSA probe
Troubled bank Barclays faces a new investigation as it announces a 13% rise in half-year profits......

AUDIO: Nationwide working on debit glitch
Nationwide Building Society has been working overnight to correct problems where thousands of people had money taken from their accounts twice. Kevin Peachey has more details......

VIDEO: Facebook shares slump to new low
Facebook has reported a loss of $157m (100m) in its first results since its flotation in May and its growth is slowing in lucrative markets......

AUDIO: How secure is Chip and Pin?
UK-based researchers have shown how malicious software could compromise cards......

AUDIO: Vince Cable: This is 'Plan A Plus'
The latest GDP figures released yesterday were more grim than most people were expecting. Economics editor Stephanie Flanders gives her analysis, and Business Secretary Vince Cable explains what the coalition is planning to do to get growth back on t.....

VIDEO: PM: UK to gain 13bn from Olympics
David Cameron has told BBC Breakfast that although the UK is spending around 9bn on the Olympic Games, it will also be gaining around 13bn......

'Perpetual motion' drives electric cars
Electric cars with 'unlimited range' are here.....

Spain's stampede of white elephants
The white elephants that dragged Spain into the red.....

Tech can empower African women
With technology, African women can change the face of business.....

D.C. gridlock lifts recession chance
July 27 - The biggest drop-off in consumer spending in a year is raising speculation the U.S. will be in recession by year's end or early 2013 unless Washington gets its act together. Jill Bennett reports.....

U.S. Week Ahead: Fed in focus ahead of jobs report
predict U.S. employers added 100,000 new jobs in July......

Speedo replaces 'shark' suit with torpedo design
July 27 - After being forced to revise the technology used in its swimsuits when the swimming federation FINA outlawed full-body, impermeable suits in 2009 Speedo says it's come up with a new approach inspired by torpedo design. Matt Cowan reports......

Wealth Strategies: Off the Beaten Track Tech. Stocks
July 27 - In the wake of the Facebook and Zynga debacles Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management gives his tech. stock picks that are off the beaten track......

Breakingviews: Facebook vs Amazon
July 27 - Richard Beales and Breakingviews columnists discuss Facebooks share price plunge and why investors reacted differently to Amazons somewhat similar earnings report......

Europe Week Ahead: The Draghi bounce - blip or turnaround?
July 27 - Mario Draghi sparked a bounce with hints of intervention on the debt crisis. A busy week of bank policy meetings, economic data and bond auctions will test whether the turnaround has staying power......

New probe for Barclays
July 27 - After posting better than expected first-half results and saying sorry for its role in an interest-rate rigging scandal, the British bank Barclays revealed a new regulatory probe and more U.S. lawsuits. Joanne Nicholson reports.....

Entrepreneur helps fight cancer with "hedge fund"
July 27 - Communities around Belgium are saving trimmings from hedges to be used in cancer-fighting drugs. Scientists use a chemical found in the plants to create drugs for chemotherapy. One entrepreneurial tree cultivator is helping to harvest the d.....

European markets end volatile week on a Draghi high
July 27 - European stocks, bonds and the euro all rise, boosted by ECB president Mario Draghi's pledge to do whatever it takes to save the euro. Jamie McGeever reports......

London bridge turns up sound for Olympics
July 27 - As London gears up for the opening of the 2012 games, a 3D sound installation on Millennium Bridge looks to give commuters an Olympic spring in their step. Ciara Sutton reports......

3XSQ: Tracking Zuckerberg's decline
July 27 - Mark Zuckerberg's wealth declines as Facebook stock plunges following a dismal quarterly report......

Market Pulse: ECB may fire cheap loans bazooka - strategist
July 27 - The ECB may try to calm the euro zone debt crisis by boosting liquidity with cheap 5-year loans to banks, says City Index Chief Strategist Ashraf Laidi......

AIA thriving along with Asia's middle class
July 27 - AIA Group president and CEO Mark Tucker predicts more good times ahead after forecast-beating results thanks to the insurer's focus on Asia......

Reuters Today: Barclays says sorry as profits top $6bln
July 27 - Barclays apologises for the Libor scandal as H1 profits beat forecasts. Plus London gets ready for the Olympics......

Beer wars brewing in thirsty Asia
July 27 - As Asia's love affair with lager intensifies, global breweries are slugging it out to claim a bigger chunk of one of the world's last beer growth markets......

Asia Week Ahead: China data and Japan earnings in spotlight
July 27 - Breakingviews' Wayne Arnold talks China PMI and a slew of earnings from the Japanese car giants......

U.S. Morning Call: Facebook stock plummets in premarket
July 27 - Facebook reported a drastic slowdown in revenue growth in its first earnings report as a public company......

Facebook loses more Wall St. friends
July 26 - Facebook's first quarterly report as a publicly traded company earned it few friends among shareholders even as it posted double-digit user growth. Conway G. Gittens reports......

Facebook fumbles first earnings
July 26 - Summary of business headlines: Slower revenue growth for Facebook; Amazon and Starbucks warn; Consumer products companies show strength; Markets reassured by euro zone central bank chief; U.S. initial jobless claims fall near four-year low......

U.S. Day Ahead: Facebook stock drops after earnings
July 26 - Facebook shares turn negative after the company reports second-quarter 2012 results......

The Exchange: The Trouble with TARP
Antony Currie talks to Neil Barofsky, the former TARP Inspector General about his new book, Bailout, to decipher what two years of dealing with both U.S. banks and the DC crowd tells us about the future of finance......

Brazil team looks for Olympic boost
July 26 - As London prepares for the official opening of the Olympic Games, the next host city Rio de Janeiro is looking to use sport to woo investment amid slowing growth in Brazil. Matt Cowan reports......

Saft Says: Corporate earnings indicate slowing economy
Columnist James Saft says companies are burnishing profit margins, but reveal weakening revenues, a sure sign that folks are spending less and the economy is tipping down......

After falling behind, Greece looks ahead
July 26 - has scraped together a plan to save nearly 12 billion euros over the next two years in an increasingly desperate effort to convince visiting EU and IMF inspectors it deserves to be saved rather than pushed out of the euro zone. Joanne Nicho.....

Shell results marred by oil volatility
July 26 - Shell results kick off a bleak quarter for oil majors as weaker oil and gas prices take their toll. Hayley Platt reports......

Questor: have utilty shares had their day?
Questor on whether utilities still offer healthy dividends.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ca8ab5/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13926355948.....

Facebook shares tumble to record low
Facebook has lost almost $50bn in market value since floating, as investors sent its shares tumbling to a record low following its maiden results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ca1db8/mf.gif' b.....

Google failed to delete Streetview data
Google has admitted that it failed to delete all the data it collected illegally from its Streetview programme despite repeated assurances that it had been erased.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Financial Services Authority probe proves Barclays hasn't learnt the lessons of Libor
After the interest-rate rigging scandal, the bank's finance director Chris Lucas is now embroiled in an FSA investigation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ca1dba/mf.gif' border='0'/><br/>.....

Barclays facing new crisis with inquiry into fees
Barclays has been engulfed in a fresh crisis, in the wake of the Libor scandal, after the bank admitted it is being investigated over fees paid to Middle Eastern investors at the height of the financial crisis.<img width='1' height='1' src='http:/.....

Mobile operators may share networks to avoid blackouts
Major mobile operators could share each other's networks to ensure none of them is hit by another service blackout like the one which affected O2 customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ca190e.....

Parlophone sale to save Universal's EMI deal
Universal Music Group may be forced to offload EMI's most lucrative label, Parlophone, in an attempt to placate EU regulators.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ca190f/mf.gif' border='0'/><br.....

Dairy Crest wins broker praise for `statesmanship'
Far from ending the week on a sour note, Dairy Crest was given a welcome boost in the form of effusive praise from Shore Capital today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21c984ad/mf.gif' border='0'/&.....

IMF gives Spain thumbs up but warns on EU, markets
The International Monetary Fund praised Spain for measures it is taking to confront the crisis but warned their success would depend on lower stress within debt markets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Debt crisis: as it happened, July 27, 2012
Germany Chancellor Angela Merkel and French president Francois Hollande back ECB President Mario Draghi's pledge to preserve the eurozone after Bundesbank opposes bond buying by the central bank.<img width='1' height='1' src='http://telegraph.feed.....

Debt crisis: Angela Merkel and Francois Hollande pledge to back euro
Angela Merkel and Franois Hollande pledged on Friday "to do everything to protect" the European Union's single currency, papering over deep divisions between them over how to tackle the Spanish and Italian debt crisis.<img width='1' height='1' src.....

London Olympics 2012: Opening ceremony to 'reinvigorate careers in engineering'
The Olympics effect is set to "reinvigorate" engineering as a career choice among young people, with the Opening Ceremony showcasing a wide variety of engineering roles, according to an expert.<img width='1' height='1' src='http://telegraph.feedsp.....

Debt crisis: live
Germany Chancellor Angela Merkel and French president Francois Hollande back ECB President Mario Draghi's pledge to preserve the eurozone after Bundesbank opposes bond buying by the central bank.<img width='1' height='1' src='http://telegraph.feed.....

Six jailed over insider trading in JP Morgan and UBS print room case
Six members of an insider trading ring have been jailed for their roles in a sophisticated scam which sparked the FSA's longest and most complex prosecution to date.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Formula One turnover fuelled by television fees
Broadcast fees and computer game royalties fuel revenue at Formula One holding company, Delta 2.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21c800eb/mf.gif' border='0'/><br/><br/><a href="ht.....

Facebook shares drop 15pc on fears over slowing growth
Facebook shares tumbled 15pc to a record low on Friday after its maiden results failed to ally concerns about its slowing revenue growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21c800ec/mf.gif' border='0'.....

Northern Rock 'bad bank' warns 10pc of customers struggling with mortgage payments
The "bad bank" running down the toxic loans of collapsed lender Northern Rock said about 10pc of its customers were struggling to meet mortgage repayments.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21c8361d/.....

Northern Rock 'bad bank' warns customers struggling with mortgage payments
The "bad bank" running down the toxic loans of collapsed lender Northern Rock said about 10pc of its customers were struggling to meet mortgage repayments.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21c800ed/.....

'Bad bank' warns customers struggling with mortgage payments
The "bad bank" running down the toxic loans of collapsed lender Northern Rock said about 10pc of its customers were struggling to meet mortgage repayments.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21c7c323/.....

Barclays leads the pack as blue-chips move higher
Barclays shares jumped during trading today as the bank, which has had its reputation tarnished by the Libor scandal, unveiled half-year profits which beat analyst estimates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

America's fiscal cliff suddenly got steeper
So the US economy was weaker in the year immediately after the great recession, but actually much stronger in the final quarter of 2011 than we were first told.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21c7.....

BSkyB buys British distribution company Parthenon
Broadcasting giant BSkyB has bought Parthenon Media Group, producer and distributor of content, to accelerate plans to sell its British-made television programmes overseas.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

US growth slows to 1.5pc: what the economists said
America grew at its slowest pace in a year in the second quarter, as the world's largest economy saw a sharp slowdown in consumer spending. Here's how economists reacted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

US growth slows to 1.5pc as consumer spending cools
America grew at its slowest pace in a year in the second quarter, as the world's largest economy saw a sharp slowdown in consumer spending.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21c76a90/mf.gif' border='.....

William Hill renews battle with Betfair as profits soar
William Hill is planning a fresh legal assault to force customers of Betfair, the gambling exchange, to pay a levy towards UK horse racing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21c76a93/mf.gif' border='.....