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Saturday 28 July 2012

UK Financial News on 2012-07-28

UK will keep AAA rating, S&P says
The UK will hold on to its top AAA credit rating, the Standard & Poor's agency says......

Public 'driving senior pay shift'
Public pressure is helping drive a gradual shift on pay for senior corporate executives, according to an influential investor......

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 almost 12% 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 says it will delay for three months the introduction of its fuel-efficient A350 to fix a glitch related to its wings......

Google 'breaches' UK privacy deal
Google "appears to be in breach" of a deal to delete material gathered by its Street View cars, says the UK's privacy watchdog......

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"......

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......

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......

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......

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......

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

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......

Dow claws back above 13,000
July 27 - Summary of business headlines: Stocks rally on Wall Street and Europe on hopes of new central bank stimulus; U.S. economic growth slows to low of the year; Economy taking a toll on maternity ward; Facebook down 38 percent from IPO. Conway G.....

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......

Rainmaker: Aviva needs John McFarlane and his bold decisions
"I don't want to be one of those chief executives who hangs around and stays on longer [past their due date]."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21d0116c/mf.gif' border='0'/><br/><br/>.....

Aviva set to sell US division at 800m loss
Aviva is preparing to sell its US division after receiving approaches for the business it bought for 1.8bn in 2006.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21d0116d/mf.gif' border='0'/><br/><br.....

Struggling Mouchel in talks with lenders to reduce 180m debts
The crisis-hit support services group Mouchel is battling to secure its future as it tries to agree a rescue restructuring agreement with banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21d0116e/mf.gif' bor.....

Spanish bail-out 'impossible', experts warn
A full-blown sovereign bail-out of Spain would be economically and politically impossible and cost up to 650bn (510bn), an in-depth study has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21d0116f/mf.gif.....

UK's biggest internet gold dealer Jewellery Quarter Bullion could be put up for sale
The company behind Bullion By Post, the UK's biggest internet gold and silver dealer, could be up for sale after appointing Grant Thornton to provide strategic sales advice.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

City 'losing out' to US on lucrative tech IPOs, warns Wonga chairman Robin Klein
The chairman of the online lending site Wonga has called on the City to do more to encourage technology companies to float in London if Britain wants to take full advantage of its growing digital sector.<img width='1' height='1' src='http://telegr.....

RBS pays more than 25m to businessman David Agar over interest rate swaps
Royal Bank of Scotland has paid more than 30m (25m) to a businessman who claimed the bank mis-sold him an interest rate swap.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21d00d57/mf.gif' border='0'/><br/.....

HSBC set to take $200m hit on US money laundering scandal
HSBC is expected to make a $200m (127m) provision for costs after the bank was forced to apologise for failing to combat money laundering in its US operations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21d00.....

Michelin-star restaurateur Sami Wasif claims RBS rate swap has cost him 200,000
The co-founder of the Michelin-starred Chinese restaurant Hakkasan has claimed Royal Bank of Scotland mis-sold him an interest rate swap that has cost him nearly 200,000 in extra payments.<img width='1' height='1' src='http://telegraph.feedsportal.....

Etihad president James Hogan urges UK ministers for clarity over airports
One of the world's fastest-growing airlines has pressed UK ministers for "clarity" over Britain's aviation policy, warning it is making decisions now over where to send its aircraft in 20 years' time.<img width='1' height='1' src='http://telegraph.....

Bad weather helps Next buck recession and widen gap over rival Marks & Spencer
Britain's washout summer has helped retailer Next to widen the gap over its rival Marks & Spencer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21d00d5b/mf.gif' border='0'/><br/><br/><a hr.....

Ladbrokes to delay website launch as digital profits take hit
Troubled bookmaker Ladbrokes will further delay the launch of its revamped website until the end of the year amid fears it is heading for its lowest digital profits since 2004.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Looking for a safe haven? South-east Asia could fit the bill
Jim Rogers, co-founder of the Quantum Fund with George Soros and the entertaining author of a couple of On the Road-style investment books, understands the power of a headline.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Call it right and Russia will be BP's pot of gold
One of the risks of wrestling a bear is that they have a tendency to give you a bloody nose.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21d00d5e/mf.gif' border='0'/><br/><br/><a href="http:/.....

Andrew Sentance: UK's bad GDP figures are only half the story
A Sentance: We need policies that will make the economy more flexible.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21d00d5f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

How can RBS chief Stephen Hester fix the taxpayer's broken bank?
Difficult first-half results loom for beleaguered bank RBS.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21d00d60/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13926360522.....

London 2012 Olympics: Advertisers learn whether they have the golden touch
As marketing strategies for the Games hit full speed, brands discover whether they have won gold.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21d00d65/mf.gif' border='0'/><br/><br/><a href="h.....

Weir boosted as short-sellers leave
Weir Group, the most heavily shorted stock in the FTSE 100, saw a ray of hope for its share price this weekend after the number of investors shorting the stock declined.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Terry Smith: The idea that you allow a load of banks to set rates... you're going to have a problem
Tullett Prebon's Terry Smith on Libor and why he doesn't rate Vince Cable.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21cf8b67/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

JP Morgan shakes up management team
JP Morgan has shaken up its top management team with a raft of appointments that could lead to a successor being groomed to take over from Jamie Dimon.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ceb725/mf.g.....

ECB president Mario Draghi to meet Bundesbank head Jens Weidmann
Mario Draghi, president of the European Central Bank, will meet the head of Germany's Bundesbank in an effort to gain support for his controversial bond purchase plan.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Britain Unleashed: It is time politicans back our nation's great businesses
In these difficult economic times, a buoyant private sector is the only way to rediscover growth. The critics should stop running the UK down.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ce8719/mf.gif' borde.....

Germany must decide if it really wants to save the euro
Jim O' Neill: Berlin and the ECB hold the key to the future of the EMU.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ce3339/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

World holds its breath as America's debt battle looms
As debts soar, can the the world's leading economy turn itself around?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ce30ba/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

George Osborne hails safeguarding of Britain's credit rating
Chancellor claimed that the reconfirmation of AAA rating shows that the 'world has confidence' in the Coalition's deficit-reduction plan.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21cf246d/mf.gif' border='0'.....