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Tuesday 31 July 2012

UK Financial News on 2012-07-31

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.....

Tchenguiz warrants ruled unlawful
Search warrants issued to the Serious Fraud Office as part of their investigations into property tycoons Robert and Vincent Tchenguiz are ruled unlawful......

Olympics 'hits shopper numbers'
Shops in central London saw a sharp drop in visitors at the start of the Olympics, figures suggest, with shoppers put off by fears of overcrowding......

Monti: 'Light at end of tunnel'
Italy's prime minister says he sees "light at the end of the tunnel" of the eurozone debt crisis as President Barack Obama calls to discuss the issue......

Online hotel deals 'broke law'
Two online travel agents and a hotel group could be limiting price competition on hotel room sales, early results of an OFT inquiry find......

Income levels at nine-year low
Individuals had less disposable income to spend in the first three months of the year than during any quarter since 2003, figures show......

Deutsche admits Libor failures
Deutsche Bank confirms that a "limited number" of staff were involved in the Libor rate-rigging scandal, as it cuts 1,900 jobs in a cost-cutting drive......

Online poker duo settle for $731m
Two online poker companies agree a $731m (466m) settlement with the US justice department over illegal internet gambling charges......

UBS loses $356m on Facebook sale
Swiss bank UBS says it lost 349m Swiss francs ($356m) due to problems with the launch of Facebook shares, more than halving its quarterly profits......

Hotmail replaced by Outlook.com
A re-engineered Outlook.com replaces Hotmail as Microsoft seeks to win over customers from rival Google-powered services......

Tax credits deadline approaching
Tax officials have reported a busy day at the HM Revenue and Customs call centre as the deadline for renewing tax credit claims approaches......

India sees growth slowing to 6.5%
India's central bank cuts its economic growth forecast for the country, which is one of the world's fastest-growing......

Half of India left without power
Hundreds of millions are left without electricity in northern and eastern India, after a massive power cut that also cripples much of the transport system......

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......

BP reports sharp fall in profits
Oil giant BP reports a sharp drop in second quarter profits after it reduces the value of a number of key assets......

Peers criticise broadband focus
The government's broadband strategy risks leaving many communities behind, by focusing on speed over reach, says a House of Lords committee......

Honda profits increase four-fold
Honda Motors reports a four-fold increase in first quarter profits as it continues to recover from the impact of last year's natural disasters......

Disabled people 'feel hostility'
A survey by the charity Scope suggests many disabled people feel media coverage about benefit cheats has a negative impact on them......

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......

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......

Taiwan slashes growth forecast
Taiwan's economy contracted in the three months to the end of June, as the global slowdown weighed on export-dependent countries......

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......

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......

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

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......

VIDEO: Trade 'terrible' in central London
Despite the millions of spectators pouring into Olympic venues, businesses in central London are complaining of poor trade, and visitor attractions have seen a 30 to 35 per cent fall in numbers......

VIDEO: Can winning brands help the economy?
Can successful brands help the sluggish economy?.....

VIDEO: Fresh twist in US-EU airline tax row
Washington is looking to ratchet up the pressure in an ongoing row over EU legislation that will force airlines using European airports pay for their carbon emissions......

AUDIO: House prices 'fall 3,500 per mile'
House prices fall 3,500 for every mile when leaving London towards Manchester, explained estate agent Henry Pryor......

AUDIO: Minister defends broadband strategy
The government's strategy for improving broadband in the UK has been criticised as "misguided" in a parliamentary report. Ed Vaizey, Minister for Culture, Communications and the Creative Industries, responds to the criticism......

VIDEO: Duchess attends UK arts event
The Duchess of Cambridge has met some of the biggest names in UK arts culture, as part of a campaign to attract more investment in the country......

AUDIO: 'Failure to regulate' local radio
The Office of Fair Trading is looking at the takeover by the biggest commercial radio group in the country, Global Radio, of the Guardian Media Group's radio interests, for 70 million. The independent radio consultant Grant Goddard and Trevor Dann, f.....

AUDIO: Calais: London's 'Olympic suburb'
The northern French region of Pas de Calais has spent 95m regenerating itself into a high-tech Olympic training centre, hosting a number of Olympic teams including some from Britain......

Controversy over Man Utd share sale
What does Man Utd's share sale say about the club?.....

Africa's healthcare technology revolution
Technology opens doors to affordable healthcare in Africa.....

Nomura battles fresh image crisis
New Nomura chief battles fresh image crisis.....

Will the ECB's bond plan work?
How could the European Central Bank assist troubled countries?.....

Will the UK's new super port sink or swim?
What are the prospects for the UK's new deep sea port?.....

Viewpoint: Building banks from scratch
Does building banks from scratch create real competition?.....

India's energy crisis threatens growth
India's energy crisis threatens its economic growth.....

U.S. Day Ahead: Don't hold your breath for BenGyver
July 31 - Investors are poised to see if Ben Bernanke and the Fed will act swiftly to prop up the economy. But don't expect any unconventional heroics like 80s MacGyver......

Housing hope won't stop a recession
July 31 - The rise in U.S. home prices for the 4th month, according to a new survey, is good news for the sector. But given growing economic trouble spots, it may not be enough to prevent another recession, according to Yale economist Robert Shiller......

Man Utd fans enraged by IPO plans
Jul 31 - A group of Manchester United fans have accused the American Glazer family of milking the English Premier League soccer team for cash after IPO terms revealed they planned to take half of the proceeds of its flotation. Joanne Nicholson report.....

Breakingviews: EMI deals sour note
July 31 - Antony Currie and Jeffrey Goldfarb discuss why Vivendi could be financially better off if EU regulators nixed its $1.9 bln acquisition of British rival EMI......

Trading at Noon: Coach stalls, Bud flat & banks bleed
July 31 - Coach and Anheuser Busch hurt by North America, and European banks get pounded with poor quarterly reports......

Male birth control plans begin to gel
July 31 - Scientists in California are reporting promising results with an experimental contraceptive gel for men. Using a combination of two hormones, the researchers say they have been able to lower the sperm count of males significantly, bringing .....

Recession, Libor, Facebook hit banks
July 31 - A slew of grim second quarter results hit Europe's banks with UBS, Deutsche Bank, and BBVA reporting huge losses. Ciara Sutton reports......

3XSQ: Facebook stings UBS, Pfizer strong
July 30 - UBS saying it lost millions in Facebooks IPO, while Pfizer says cost cutting helped boost profits......

BP profits not slick
July 31 - The UK oil company BP reported a nose dive in profits in their quarterly results, citing weak oil prices and the Gulf of Mexico spill as the main causes. Joanne Nicholson reports.....

Asia's appetite for British tailoring
how China now came to account for 80 percent of its sales. Ivor Bennett reports......

U.S. Morning Call: Earnings Out -UBS, Deutsche, BP, Pfizer
July 31 - Profits at UBS more than halved in the second quarter, rival Deutsche Bank not faring any better......

Market Pulse: Don't touch European banks with a barge pole
July 31 - Profit at several large European banks tumble, putting the troubled financial sector under even greater strain. Trade financials if you want, but don't invest in them, says CMC Market's Michael Hewson.....

The downfall of 'China's Jackie Kennedy'
July 31 - A profile of the wife of disgraced Chinese politician Bo Xilai, a once glamorous lawyer now facing a tragic end after triggering once of the country's biggest recent political shakeups......

Breakingviews: Facebook costs UBS some of its new friends
Breakingviews.....

Reuters Today: Trading slump hits bank profits
July 31 - Profit shrivels at UBS and Deutsche Bank as the euro zone debt crisis hits client activity......

Wealth Strategies: Easier to save a buck than to earn a buck
July 30 - TIGER 21's Michael Sonnenfeldt says even the uber-wealthy are finding it difficult to make money in the current market and feel wealth preservation is a better goal than wealth generation right now......

Wealth Strategies: Facebook IPO too hyped for uber-wealthy
July 31 - Tiger 21's Michael Sonnedfeldt says investors are looking to get in on financing entrepreneurial ventures like Facebook and Groupon, but that they're more likely to get in early than to buy the IPOs......

Investors hungry for Fed action
July 30 - Summary of business headlines: Wall Street turns tepid awaiting possible stimulus from ECB, Fed; Apple, Samsung begin face-off in court; U.S. meat industry hungry for corn relief. Conway G. Gittens reports......

Fed, ECB: actions louder than words
July 30 - Central banks have said a lot about their intention to step in as needed to boost economic growth, but actions could speak louder than words at their meetings later this week. Bobbi Rebell reports......

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......

Court hears Apple was 'betting the company' on the iPhone
Apple was "literally betting the company" with the iPhone, a US court heard on the first full day of Samsung patent trial.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21e9b6ed/mf.gif' border='0'/><br/>.....

Google buys online marketing start-up Wildfire
Google has bought online marketing service Wildfire for $250m (159m) in a bid to expand its lucrative advertising business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21e9b6ee/mf.gif' border='0'/><br/&g.....

Regulators need to stop wasting our money if they want proper funding
Another bruising day in the courts for the Serious Fraud Office. Our financial crime fighter is in the dock these days more often than the miscreants it is supposed to be prosecuting.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Aldi to create 3,000 jobs as discount supermarkets march on
Aldi, the discount supermarket chain, is to create 3,000 jobs in the UK over the next year as its popularity with cash-strapped British households shows no sign of slowing down.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

China prepares vast stimulus as slump threatens Asia
China has ditched its reform strategy and prepared a vast stimulus package as the country's soft-landing turns uncomfortably hard, with recession warnings flashing across East Asia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

SFO to continue Tchenguiz investigation after search warrants ruled 'unlawful'
The Serious Fraud Office vowed to press on with its controversial fraud investigation into property entrepreneur Robert Tchenguiz despite suffering a damning High Court judgment on the case.<img width='1' height='1' src='http://telegraph.feedsport.....

Elementis special dividend sparks a share reaction
Investors in chemical group Elementis were in their element today as strong results and news of a special dividend set off a reaction and helped the stock surge ahead.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

BP is not 'losing its way', chief executive Bob Dudley insists, as profits plunge 96pc
BP chief executive Bob Dudley insisted the company had not lost its way, despite reporting a 96pc plunge in profits, to just $238m (152m) for the second quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21e.....

Household incomes hit seven-year low
Household incomes fell to their lowest level in seven years in the first three months of the year, as families were hit by high inflation and smaller pay rises.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21e8.....

It's time Britain celebrated all of its winners - whether they are Olympians or business leaders
Faster, higher, stronger: there is something truly magnificent about the Olympic virtues, those principles famously enunciated by Pierre de Coubertin, the founder of the modern Games, in 1894.<img width='1' height='1' src='http://telegraph.feedspo.....

UBS to sue Nasdaq over Facebook IPO
UBS is threatening to sue Nasdaq after technical problems at the exchange cost it nearly 230m on the Facebook flotation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21e8bf31/mf.gif' border='0'/><br/>&.....

Expedia fixed prices of hotel rooms says Office of Fair Trading
The competition regulator believes Intercontinental Hotels colluded with Expedia and Booking.com to limit discounts on rooms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21e8b7ea/mf.gif' border='0'/><br/.....

Debt crisis: as it happened - July 31, 2012
Greece's deputy finance minister warns that the near-bankrupt country is "on the brink" with cash reserves at "almost zero," as eurozone unemployment hits a record level of 11.2pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Italian police raid Barclays' Milan office
Italian police have raided Barclays' Milan office as part of an investigation into the alleged rigging of Euribor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21e89355/mf.gif' border='0'/><br/><br/.....

Manchester United faces questions over 'overextended' IPO valuation
Manchester United began the week with the commercial equivalent of a goal that would have had fans purring. If fans had been applauding, it did not last long.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21e848.....

Debt crisis: live
Greece's deputy finance minister warns that the near-bankrupt country is "on the brink" with cash reserves at "almost zero," as eurozone unemployment hits a record level of 11.2pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Manchester United supporters' group criticises Glazer family following 150m share plan
Only half the proceeds of Glazer family's planned IPO will be used to reduce United's massive debt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21e90658/mf.gif' border='0'/>.....

Glazer criticised by fans' group over 150m Manchester United share plan
Only half the proceeds of Glazer family's planned IPO will be used to reduce United's massive debt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21e71fd9/mf.gif' border='0'/><br/><br/><a href=.....

UBS 'lost 227m on Facebook flotation'
Banking group UBS has claimed that the botched stock market listing of social networking giant Facebook cost it Sfr349m (227.4m).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21e6af42/mf.gif' border='0'/><.....

N&P building society reports 40pc rise in bank account switching
Consumers continue to shun the big four banks following recent City scandals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21e6af43/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....

Fiat shares drop 5pc as profits plunge
Italian auto giant Fiat saw its shares drop more than 5pc after net profit in the second quarter plunged to 358m despite a rise in trading profits due to its newly-acquired US arm Chrysler.<img width='1' height='1' src='http://telegraph.feedsporta.....

Apple 'considering stock split to join Dow'
Apple is mulling a plan to split its stock that could see the technology giant join the Dow Jones Industrial Average, according to reports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21e6af45/mf.gif' border='.....

Olympics home-working 'risks consumer data breach'
Companies are putting personal information about consumers at risk by allowing employees to work from home during the London Olympics without taking extra precautions to protect data says Shred-it, the document destruction business.<img width='1' .....

Elite US fund managers eye 'Cambridge Cluster'
Government efforts to persuade US fund managers to back hi-tech companies clustered around Cambridge got under way on Monday just two months after Hewlett-Packard raised questions about the value of its heavy investment in the area.<img width='1' .....

BP profits plunge: market reaction
Analysts described BP's second-quarter results as "disappointing" as the oil giant saw profits nose-dive from $5.4bn to $238m after it was hit by huge impairment charges.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....