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Wednesday 1 August 2012

UK Financial News on 2012-08-01

Manufacturing in worldwide slump
Manufacturing in most of the world is in a slump, a raft of reports from the US, UK, the eurozone and China suggest......

No-frills savings plans outlined
Plans to create a template for "no-frills" savings products in a bid to simplify the market are outlined by the UK government......

NYSE looks into odd share moves
The New York Stock Exchange investigates "irregular trading" after a series of unusual swings in some stocks......

Cheap bank lending scheme starts
A new scheme to prompt banks and other lenders to make more money available to firms and households has come into operation......

US Fed signals stimulus action
The US central bank, the Federal Reserve, signals that it may take more action to stimulate the world's largest economy, but announces no new measures......

House prices falling, says lender
House prices have fallen for the fourth time in five months, the latest survey from the Nationwide building society finds......

Haribo fined by antitrust body
Gummi bear-maker Haribo is fined 2.4m euros ($2.9m; 1.9m) by Germany's antitrust body for improperly swapping information with rivals......

BMW profits hit by higher costs
German luxury carmaker BMW reports a sharp fall in second quarter profits despite record sales and revenues......

Motorbike clothing retailer folds
Motorcycle clothing and parts retailer Hein Gericke goes into administration but its 49 UK stores are remaining open......

Missing Olympics tickets refunded
Sports fans who bought tickets from unauthorised sellers of Olympics tickets will receive a full refund, a regulator says......

Manufacturing at three-year low
The UK's manufacturing sector shrank at its fastest rate for more than three years in July, according to a closely watched survey......

Euro manufacturing woes deepen
The eurozone manufacturing sector contracted at its fastest pace in three years in July, according to a closely-watched survey......

US Congress announces budget deal
US Congressional leaders agree to keep funding the government until next March, narrowly avoiding a year-end showdown over taxes and spending......

Concern over Bluetooth 'loophole'
The owners of several empty business units in Derby are exploiting a loophole to avoid paying tax, the city council claims......

Access Bank wins 600m damages
Nigeria's Access Bank wins a High Court ruling in London ordering a former executive to pay 600m to the bank......

Tepco suffers big quarterly loss
Tokyo Electric Power Co (Tepco), the operator of the Fukushima nuclear plant, posts a $3.68bn quarterly loss as it struggles to recover from last year's nuclear crisis......

China manufacturing pace slows
Factory output in China registered its slowest increase in eight months in July, renewing fears of a slowdown in the economy......

Military pension age set to rise
The age at which members of the Armed Forces can claim pensions could rise from 55 to 60 under government plans, the Ministry of Defence says......

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......

S Korea inflation at 12-year low
South Korea inflation moderates to a 12-year low, paving the pay for authorities to boost growth as exports and manufacturing data disappoints......

World Bank preparing Burma aid
The World Bank says it is considering restarting aid to Burma for the first time in 25 years, to support reforms......

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......

SocGen profits hit by debt crisis
French bank Societe Generale reports a sharp fall in profits as the economic slowdown across Europe hits trading at its investment banking arm......

Next raises annual profit target
Retailer Next makes a small increase to its full-year profit target after it reports a rise in half-year sales......

Negative banks views help society
The largest building society in Wales hails a 168m boost in savings, claiming people are turning against the major banks......

VIDEO: Funding for Lending bank scheme launched
Banks and other lenders can start borrowing cheap money from Wednesday under the new Funding for Lending scheme......

VIDEO: What is the price of cheap milk?
As dairy farmers say they still face problems, one Newsbeat listener asks if milk in shops is too cheap......

VIDEO: Challenge faces video games industry
How do interactive entertainment companies keep customers happy when there is so much competition?.....

VIDEO: Sony boss hails company's revival
The chairman of Sony, Howard Stringer, has described the turnaround in the company's performance as "stimulating" as he conceded no company can expect to be on top all the time......

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......

AUDIO: London will have 'rosy future'
Culture Secretary Jeremy Hunt told 5 live that London businesses faced a rosy future and reflected on the Opening Ceremony.....

VIDEO: GE boss on US slowdown
Jeff Immelt, chief executive of General Electric on surviving during a slow-down......

VIDEO: Today's kids try the Commodore 64
BBC News has conducted an experiment to see what pupils of today make of the Commodore 64 home computer, as it celebrates its 30th anniversary......

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

Creative sector seeks to create wider support
UK creative industries seek wider appeal.....

Olympic canal moorings a 'shambles'
Anger and confusion over Olympic zone moorings.....

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

U.S. Day Ahead: Big Ben is a flop, how about Super Mario!
Aug 1 - After a no show from the Fed, Investors in the U.S. and all over the world want to see the ECB act swiftly to heal Europe's wounds when it comes out with its latest rate decision......

Saft Says: Fed sits on hands, pressure now on ECB action
Columnist James Saft says he thought the Fed had released an old FOMC statement when he read the latest release today. The Fed did nothing he notes, which means the ECB will be under pressure......

Olympics turns London into ghost city
Aug. 1 - Anger is growing among businesses in prime areas of London over "alarmist" warnings about Olympic chaos that have left parts of the capital a virtual ghost town. Hayley Platt reports......

Italy defensive as key ECB meeting looms
Aug. 1 - The Italian Prime Minister, Mario Monti, is visiting Finland as part of a short European tour to convince his partners austerity in southern Europe is good, while markets wait for ECB policy moves at a key meeting on Thursday. Joanne Nichols.....

Euro zone crisis hits cars, factories
Aug. 1 - French and Spanish car sales extended their decline in July and euro zone factory output is hit again as consumers cut back on costly goods in the face of economic uncertainty. Ciara Sutton reports......

Trading at Noon: Harley revs up; True Religion fades
Aug 1 - Harley-Davidson profit beats view and True Religion Apparel falls after posting Q2 results......

Breakingviews: Avons uphill struggle
Aug 1 - Richard Beales and Agnes Crane discuss why new CEO Sheri McCoy has a challenge on her hands and why ex-CEO Jung has outstayed her welcome as executive chairman......

Europe Day Ahead: Markets wait for ECB rate decision
Aug. 1 - A week of disappointing euro zone news reaches it crescendo on Thursday as ECB president Mario Draghi announces the central bank's rate decision, with investors hoping for one or two surprises......

India blackout shines light on solar alternative
Aug. 1 - The failure of India's northern electricity grid this week has shone a light on the massive demand for power in a country that is struggling to maintain supply. It has also bolstered efforts to develop solar power as an alternative, particul.....

3XSQ: Media, money and makeup
Aug 1 - Results from Time Warner, Mastercard and Avon as markets look to the Fed......

U.S. Morning Call: Fed ready to spur weary U.S. economy
Aug 1 - The Fed will likely show it is ready to act against a weakening economy but stop short of aggressive measures for now......

Shrinking investment bank saps SocGen profits
Aug.1 - French bank Societe Generale reports a worse-than-expected 42 percent drop in second-quarter earnings, hit by one-off write-downs on U.S. fund unit TCW and Russian subsidiary Rosbank. Ciara Sutton reports......

Market Pulse: Germany and ECB, remember Weber and Stark?
Aug. 1 - One day before the ECB meets it's worth remembering that for all Germany's opposition to non-standard ECB measures, the central bank has usually pressed ahead anyway. Plus, another UK data shock......

Breakingviews: StanChart's debts a worry
Breakingviews' Peter Thal Larsen......

Reuters on the Road: Guess2Give puts the fun in fundraising
Aug. 1 - Guess2Give founder Mark Chandler takes the taxi challenge to explain his unique way of fighting "fund raising fatigue" via an online sweepstake......

UK data lurches towards crisis levels
Aug. 1 - UK gloom deepens as the latest manufacturing PMI numbers fall far more than expected and approach crisis levels. Markit Chief Economist Chris Williamson gives us the lowdown......

A better way to track China's economy
Aug. 1 - Growth and manufacturing data are mainstays for those monitoring China's economic health. But investors may glean more from electricity consumption and cement price readings in the coming months......

SocGen Deputy CEO Cabannes on 42% slump in Q2 earnings
about the bank's second quarter earnings slump. Severin Cabannes says the bank is more than half way through a plan to slash debt and sell assets......

Reuters Today: World's growth engine barely growing at all
Aug. 1 - China's factory PMI down to an eight-month low, barely registering growth, as the euro zone debt crisis pours pessimism over Asia's powerhouse manufacturing centres.....

Wealth Strategies: Monster Beverage energizing midcaps
Aug. 1 - Nuveen's midcap fund manager Scott Mullinix says energy drink maker Monster Beverage and data provider Teradata are well positioned to outperform in the midcap stock space......

PayNet releases June's small business lending data
Aug. 1 - PayNet's William Phelan discusses the monthly survey of small business lending and the industries seeing the strength or weakness in their business growth......

Bernanke to wave his magic wand?
July 31 - Summary of business headlines: Wall Street waits for the conclusion of the Federal Reserve's two-day meeting as data point to stale economic growth; Coach disappoints; Facebook hits new low; UBS loses face. Conway G. Gittens reports......

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.....

Pressure on Spain to bow to bail-out
Italy's leader Mario Monti to make last-ditch effort to persuade Spain to take formal rescue, hoping to clear way for double-barrelled action by bail-out funds and ECB.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Debt crisis: as it happened - August 1, 2012
US markets slip as the Federal Reserve warns the economy has lost momentum so far this year and holds off on announcing any new monetary stimulus measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21f3582f/.....

Virgin's Sir Richard Branson: Government must not back unrealistic West Coast rail bid
Sir Richard Branson has complained to the Government that it risks a re-run of previous rail franchise failures if it awards contract to unrealistically high bid from FirstGroup.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Reading the runes in property prices
What's going on in the property sector?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21f34958/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/139263904985/u/3/f/568300/c/327.....

Sorry luvvies, but Britain's real business creativity lies elsewhere
Lancaster House is this week playing host to the British Business Embassy, a series of events highlighting UK business to a world audience captivated by London 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Manchester United IPO critcised over use of JOBS Act
Manchester United's flotation in New York has been attacked for taking advantage of a new law intended to cut US unemployment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21f3495f/mf.gif' border='0'/><br.....

Competitiveness is improving but Europe urgently needs growth
If it wasn't already obvious, it is now. Europe, with Britain in tow, is sliding ever more inescapably back towards the economic cliff edge.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21f34965/mf.gif' border=.....

Debt crisis: live
US markets slip as the Federal Reserve warns the economy has lost momentum so far this year and holds off on announcing any new monetary stimulus measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ecc7a0/.....

Gold miner Avocet claims top podium spot as shares rise
Not only have Team GB secured their first gold medals of the Olympic Games, but Avocet Mining, which digs for the precious metal, secured the top spot on the mid-cap podium today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Standard Chartered avoids Libor probe
Standard Chartered has said it is not involved in the Libor-rigging investigations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21f26dcd/mf.gif' border='0'/>.....

European court rejects Northern Rock shareholders' case
Former Northern Rock shareholders have had their case for compensation dismissed by the European Court of Human Rights.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21f20e43/mf.gif' border='0'/><br/>&l.....

Olympus facing bribery investigation by US authorities
Japanese electronics giant Olympus is facing a criminal investigation by US authorities over alleged bribes it paid to doctors in Brazil.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21f26279/mf.gif' border='0'.....

Olympus facing bribery investigaiton by US authorities
Japanese electronics giant Olympus is facing a criminal investigation by US authorities over alleged bribes it paid to doctors in Brazil.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21f1d2c3/mf.gif' border='0'.....

Recovery hopes dented by weak manufacturing
Hopes that the economy will rebound strongly from recession have been dealt a severe blow by figures showing that the manufacturing sector shrank at its fastest pace in three years in July.<img width='1' height='1' src='http://telegraph.feedsporta.....

Debt crisis: What could the ECB do to save the euro?
The attention of world markets will be firmly fixed on the European Central Bank on Thursday, as it announces its monthly policy decision.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21f1c04b/mf.gif' border='0.....

Four Spanish regions rebel against Rajoy debt cap
Several Spanish regions are rebelling against the central government's decision to cap their debt, raising fresh doubts on Wednesday over Madrid's ability to meet deficit targets agreed with Brussels.<img width='1' height='1' src='http://telegraph.....

House prices fall but housebuilder Taylor Wimpey sees profits soar
House prices are falling at the fastest rate in nearly three years but Taylor Wimpey beat City expectations with swelled profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21f10b1e/mf.gif' border='0'/>.....

Gobbledygook - the latest threat to pensions
Impenetrable jargon could cause scupper the Government's new pension scheme, cutting the retirement incomes of millions of savers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21f10b21/mf.gif' border='0'/>.....

Global manufacturing slows as euro crisis dents demand
Manufacturing activity contracted in China and Europe and slowed in the US and Canada in July as the eurozone debt crisis dented global and domestic demand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21f0d7d6.....

FTSE 100: Next leads the pack as stocks climb
Next was the top-performer among the blue chips today as London's benchmark index eased higher.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ee333e/mf.gif' border='0'/><br/><br/><a href="htt.....

Heine Gericke falls into administration in UK
UK arm of German motorbike clothing retailer has 49 shops and 200 staff.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21f03917/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

US manufacturing grew at slowest pace in three years
The US manufacturing sector grew at its slowest pace in nearly three years in July as the eurozone debt crisis and economic and political uncertainty at home dented demand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Northern Rock shareholders 'shocked' as Europe rejects compensation case
Europe's decision to reject Northern Rock investors' claims for compensation from the UK government has been attacked as "shocking" by the UK Shareholders' Association.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Murdoch companies and directors could face phone hacking charges
News Corporation and its directors face the prospect of criminal charges in the UK after it emerged the parties could be liable for phone hacking offences under "neglect of duty" legislation.<img width='1' height='1' src='http://telegraph.feedspor.....

Haribo fined 2.4m for swapping sales information with rivals
German antitrust authorities have fined sweet maker Haribo more than 2m for the banned swapping of sales information with rival producers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21f00497/mf.gif' border='0.....