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Monday 30 July 2012

UK Financial News on 2012-07-30

Pension debts of UK plc swell 75bn in a year
Retirement obligations have been hit by the Bank of England's quantitative easing programme.....

Staveley sets up homeless charity
Middle East power broker, who reportedly advised on Barclays' fund injections during the crisis, sets up foundation for the homeless.....

Sloane Robinson slips out of top 20
London hedge fund manager no longer among Europe's largest as two years of underperformance sparks asset decline.....

Markit Group chief rules out IPO this year
Financial services firm's CEO quashes industry speculation of a flotation in the next year.....

Hosking calls time on 26-year Marathon
Co-founder's decision to retire this year is seen as a prelude to a sale of the asset manager.....

Banks miss out on $1.2bn in fees as IPO market shrinks
Volatile markets and spooked investors continue to hit investment banks' flotation fees.....

Canadian banks are making waves on the global stage
Bank of Montreal Capital Markets has defied the odds to report a 23% increase in global investment banking fees.....

Post-Libor business still good, say Barclays bosses
The bank has done brisk business since the Libor story broke, including three initial public offerings, five M&A transactions and a number of multi-billion bond issues.....

Ex-Oriel debt chief takes lending back to basics
Michael Berry's next venture is a credit fund targeting UK business investment.....

JP Morgan shakes up $2bn tech and operating costs
US bank prepares firm-wide scheme to integrate platforms and cut costs.....

Linpac owners look to offload holdings
The owners of the UK plastics and packaging company are looking to divest a number of its assets.....

Record July for corporate bonds in Europe
An aversion among investors to struggling sovereigns and banks in the region has driven demand for safe-haven corporate assets.....

Man Utd prices shares at $16 each
Manchester United plans to sell shares at between $16 and $20 each, raising as much as $330m (210m) in New York, according to documents filed in the US......

New calls for action on the euro
US and German ministers press for international co-operation, as markets rise on expectations that there will be imminent action to tackle the crisis......

HSBC counts fines and claim costs
HSBC puts aside $2bn to cover potential mis-selling claims and money-laundering fines as it announces a sharp rise in first-half profits......

Fees imposed on 'free' accounts
Small businesses that bank with Santander are told that their accounts, supposedly free for ever, will now cost them at least 7.50 a month......

Tight timetable for Libor review
The team reviewing the scandal-hit Libor rate is given two weeks to publish its initial proposals on possible reforms and changes to regulation......

Chrysler in profit on US sales
Chrysler swings to a profit of $436m (278m) as the carmaker was boosted by sales in its home US market......

Mortgage lending 'fell in June'
The number of new mortgages approved for home buyers fell to the lowest level in 18 months in June, Bank of England figures show......

Man Utd gets Chevrolet as sponsor
Manchester United signs a new seven-year deal to have its shirts sponsored by US car brand Chevrolet......

Apple and Samsung face jury trial
The world's two biggest smartphone makers head to court in California for one of the biggest patent trials to date......

Fuel costs knock Ryanair profits
Low-frills airline Ryanair reports a sharp drop in quarterly profits as a result of "significantly" higher fuel costs......

Wet weather 'hits retail sector'
The number of retailers going out of business between April to June jumped sharply, due in part to the wet weather, a study says......

Japanese output in surprise fall
Industrial production in Japan unexpectedly falls for the third consecutive month, reinforcing fears that the country's economy is losing steam......

Losses widen at Air France-KLM
Europe's biggest airline Air France-KLM reports a 895m-euro second quarter loss as it is hit by redundancy payouts from cost-cutting measures......

Massive power failure hits India
A massive power cut causes disruption across northern India, including in the capital, Delhi, affecting more than 300 million people......

HK tycoon named in trading probe
Shipbuilder China Rongsheng Heavy tries to calm investors after a separate firm controlled by its chairman is implicated in an insider trading scandal......

Euro remarks fuel bond rumours
Germany and Italy saying they will do everything possible to protect the eurozone fuel rumours that purchases of Spanish bonds are to resume......

RFL casts doubt on Bradford offer
The Rugby Football League are unlikely to accept the second bid submitted to them by the ABC consortium for Bradford Bulls......

More Olympic tickets put on sale
More tickets go on sale amid the row over empty seats, organisers say, as London's transport appears to run without major problems......

AUDIO: Can the US help save the eurozone?
5 live asked the head of credit at Legal and General if Tim Geithner's visit to Germany could be seen as significant......

AUDIO: Retail sector 'moving opposite way'
The number of insolvencies in the retail industry is growing very rapidly, a PriceWaterhouseCoopers report says. David Chubb, one of the authors of the report, and Stephen Robertson, director-general of the British Retail Consortium, discuss the situ.....

VIDEO: Samsung and Apple clash heads to trial
Apple and Samsung's long running legal battle over claims of patent infringement will be aired in court in California......

VIDEO: HSBC reports profit despite scandal
HSBC announces an 11% rise in half-year profits to $12.7bn (8.1bn), despite the scandal surrounding alleged money laundering......

VIDEO: Boom for Japan's fireworks makers
The season for fireworks displays is underway in Japan, but it is getting more expensive for taxpayers......

Insurance tips for new cyclists
Insurance tips if you're inspired by GB cyclists.....

Fireworks light up Japanese economy
Fireworks give much-needed boost to Japan's economy.....

U.S. Day Ahead: Markets naively optimistic before Fed meeting
Breakingviews Agnes Crane......

High hopes for ECB action
July 30 - Markets were optimistic policy changes at the European Central Bank would aid the euro zone crisis as concerns grow for Spain and Italy. Joanne Nicholson reports......

Trading at Noon: JPM falls; Yelp, Linkedin soar
July 30 - Deutsche Bank downgrades JPMorgan. Yelp rises 12 pct as it revamps its mobile app......

Breakingviews: Dimon vs Weill
July 30 - Jeffrey Goldfarb and Antony Currie discuss the subtext of Jamie Dimon's management shakeup at JPMorgan given his former mentor Sandy Weills recent comments about breaking up banks......

Shamed HSBC takes $2 billion hit
July 30 - HSBC's boss says revelations of lax anti-money laundering controls are "shameful and embarrassing" for Europe's biggest bank. Sonia Legg reports......

Europe Day Ahead: Monti, Hollande and EU emissions
July 30 - Mario Monti and Francois Hollande meet in Paris to discuss euro zone issues, while the U.S. looks to outlaw European emissions levies......

3XSQ: GM marketing chief out; HSBC $2 bln hit
July 30 - GM's marketing chief Joel Ewanick given a red card and HSBC takes a $2 billion hit for U.S., U.K. flaws......

Israeli team grows human bones from fat
July 30 - A team of Israeli scientists has grown human bones in a laboratory using stem cells. The technique opens new possibilities for patients requiring bone repair or replacement using their own cells as building blocks. Jim Drury reports......

Greek bank deal sparks strike
July 30 - Workers from the majority state-controlled ATEbank stage a 24 hour strike in Athens after learning larger rival bank Piraeus is to take over ATEbank's healthy assets. Hayley Platt reports......

300 million without power in India
July 30 - Seven of India's states have been affected by the worst electricity blackout to hit the country in a decade, causing delays to commuters, traffic standstill, and problems in hospitals. Joanne Nicholson reports......

U.S. Morning Call: Markets turn to global policy makers
July 30 - Ahead of meetings this week, global markets looking at the Fed and the ECB for more monetary easing.....

Profits fail to takeoff at Ryanair
July 30 - Europe's biggest budget airline Ryanair, undershot analyst forecasts with a profit slide of 29 percent in the three months to June as it grappled with a toxic mix of austerity, recession and stubbornly high fuel prices. Hayley Platt reports.....

Market Pulse: Bazooka or bust for Draghi this week
July 30 - An Italian bond auction passes off smoothly, thanks to the "Draghi effect". But the ECB chief must deliver on his boldest rhetoric to date that he will save the euro, says Eric Wand at Lloyds......

Breakingviews: HSBC worries hit earnings and reputation
July 30 - HSBC sets aside $2 bln to cover costs for PPI mis-selling and money laundering, but it's the snowballing effect and muddying of its reputation that should concern the bank, say Breakingviews.....

Mythbusting the Japanese economy
July 30 - Disasters, economic stagnancy and lumbering corporations -- in the news Japan often gets a bad rap. We debunk some common misconceptions to show it's a more promising investment than many think......

Reuters Today: HSBC profit set to be overshadowed
July 30 - Strong H1 earnings at HSBC set to be overshadowed by U.S. compliance issues and Libor scrutiny......

ECONOMY 2012: Ryanair eyes endless euro zone crisis
July 30 - Demand looks weak right across Europe and there's little prospect of an end to the region's crisis, says Ryanair CFO Howard Millar......

Camera system brings new focus to ball sports
July 29 - For fans of fast-moving sports like squash, raquetball or table tennis, Japanese engineers can take you closer to the action with a camera system that tracks even the fastest moving objects. It won't be deployed during these Olympic Games b.....

UK's true Olympic challenge remains
We'll ignore the empty seats. Forget also that Britain is so gripped by anti-business sentiment that corporate sponsors and freeloaders became automatically blamed, initially at least, for half-deserted Olympic venues.<img width='1' height='1' src.....

If it wants to stop saying sorry, HSBC must retrench fast
Charges for money-laundering and mis-selling PPI and interest rate swaps show just how far Britain's biggest bank has fallen from grace.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21de9fcf/mf.gif' border='0'/.....

Former HSBC chiefs faces bonus clawbacks
Top HSBC executives could have millions of pounds of bonuses clawed back after revelations that the lender handled money linked to drug cartels and terrorists.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21de9.....

Sorrell: Olympic Opening Ceremony was great advert for Britain
"Brand Britain" has been given a major boost by the Olympic opening ceremony, according to the country's most successful adman, Sir Martin Sorrell.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21de8214/mf.gif' .....

Bankers found to have rigged Libor rate could face jail
The Serious Fraud Office has warned it will bring criminal charges against bankers involved in Libor rate rigging, potentially leading to prison sentences of up to 10 years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Greene King investors should stop filling glasses after strong rally
It's time for investors in pub group Greene King to stop filling their glasses, according to Liberum Capital analyst Patrick Coffey, who called last orders on his stock recommendation and cut the company to "hold" from "buy".<img width='1' height=.....

Rain washes away hopes of retail fillip
The bad weather drowned hopes of a retail bounce-back as sales growth in July crashed to its weakest level since April, according to the CBI.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21de785d/mf.gif' border.....

Mortgage price war in prospect as Nat West launches record low fixed rate
Nat West has launched the lowest-ever five-year fixed rate mortgage, indicating a 'race to the bottom' among lenders competing for desirable customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21de7860/mf.g.....

Debt crisis: ECB intervention hopes drive markets higher
European markets rose sharply amid mounting speculation of a dramatic intervention by the European Central Bank to arrest the crisis engulfing the region.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ddf7f8/m.....

Oligarchs deny BP proposal for $1bn TNK-BP dividend
BP's oligarch partners in TNK-BP have piled pressure on the oil major ahead of its half-year results by refusing to approve the payment of a $1bn dividend.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ddde33/.....

Geithner and Schaeuble urge euro co-operation
The top finance officials from Germany and the United States urged co-operation in the fight against the debt crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ddde37/mf.gif' border='0'/><br/><.....

NatWest sparks price war with record five year mortgage
NatWest trumps HSBC's 2.99pc five year fixed rate with a 2.95pc product<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ddbb6e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Debt crisis: as it happened - July 30, 2012
US Treasury Secretary Timothy Geithner and German finance minister Wolfgang Schaeuble urge quick reforms to end a crisis of confidence in the euro, as markets rise on hopes of imminent ECB action to tackle the crisis.<img width='1' height='1' src=.....

Debt crisis: live
US Treasury Secretary Timothy Geithner and German finance minister Wolfgang Schaeuble urge quick reforms to end a crisis of confidence in the euro, as markets rise on hopes of imminent ECB action to tackle the crisis.<img width='1' height='1' src=.....

European Central Bank's Mario Draghi stung over euro-bee analogy
City Diary: ECB's Mario Draghi gets stung, no godly hope for Lord O'Donnell and red faces over Sky economics tome.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21dd7f98/mf.gif' border='0'/>.....

Westfield banks on London in 3bn expansion
Westfield, the Australian shopping centre developer, plans to spend 3bn on new projects in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21de9fd6/mf.gif' border='0'/>.....

Westfield banks on London in 3bn expansion
Westfield, the Australian shopping centre developer, plans to spend 3bn on new projects in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21dd2f5c/mf.gif' border='0'/><br/><br/><a href=".....

Apple design chief: 'Our goal isn't to make money'
Apple might be the most valuable company in the world but its design chief insists it is not in it for the money.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21dc984f/mf.gif' border='0'/><br/><br/&.....

Profits jump at London 2012 Olympic stadium engineer
The company that built the foundations for London's Olympic Stadium has seen profits more than treble so far this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21de8226/mf.gif' border='0'/>.....

Profits jump at Olympic stadium engineer
Shares in Keller, the builder of the foundations for the London 2012 Olympic stadium, rose sharply after half-year profits jumped.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21dc74be/mf.gif' border='0'/>&l.....

Sir John Parker urges picking winners - a response
Sir John Parker says Britain need to picking industrial winners again, but someone who has known him since his Harland and Wolff days believes rebalancing the economy should go much further. Here is his letter.<img width='1' height='1' src='http:/.....

Ryanair suppresses price rises as recession and fuel costs hit profits
Ryanair saw its profits slide by almost a third in the first quarter, as a perfect storm of austerity, recession and high fuel prices hit earnings at Europe's biggest low cost airline.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

FTSE 100: Stimulus hopes drive blue-chips higher
British blue-chips started the week in the green amid renewed hopes that central banks may unveil further economic stimulus in coming days, which buoyed investor sentiment and helped the FTSE 100 climb 0.5pc.<img width='1' height='1' src='http://t.....

FTSE 100: Blue-chips climb on stimulus hopes
British blue-chips started the week in the green amid renewed hopes that central banks may unveil further economic stimulus in coming days, which buoyed investor sentiment and helped the FTSE 100 climb 0.5pc.<img width='1' height='1' src='http://t.....

Former La Senza director takes reins at JJB
Beverley Williams, a former director of lingerie chain La Senza, has been appointed interim chief executive of JJB Sports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21dbe3b4/mf.gif' border='0'/><br/>.....