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Thursday 2 August 2012

UK Financial News on 2012-08-02

Euro proposals disappoint markets
European markets fall following comments from ECB head Mario Draghi, who says the bank is working on measures to help the euro but gives few details......

Ferguson denies Man Utd windfall
Sir Alex Ferguson denies speculation that he stands to benefit financially from Manchester United's imminent share flotation in New York......

GM posts loss on weakening euro
US car giant General Motors reports a fall in profits due to weak sales in Europe, where the debt crisis has weighed on the euro......

LinkedIn beats analyst forecasts
Business-focused social networking website LinkedIn's quarterly profits beat expectations as Facebook shares slump another 4%......

Bank holds off from more stimulus
The Bank of England keeps interest rates on hold at 0.5%, and also holds off from any more stimulus measures......

Sky cleared over pay-TV movies
Sky's strong position in the pay-TV movie market "does not adversely affect competition", the Competition Commission confirms......

HMV chief executive to stand down
The chief executive of music, films and games retailer HMV, Simon Fox, is to step down next month after six years in the role......

Sharp announces 5,000 job cuts
Sharp, the maker of Aquos TVs, says it will cut 5,000 jobs, just under 10% of its workforce, in an attempt to cut costs......

Trinity Mirror profits from cuts
Shares in Trinity Mirror soar 20% after it the newspaper group says it expects full-year profits to beat expectations......

Adidas hoping for Olympics boost
Sportswear maker Adidas says its full-year profits should be at the top end of forecasts thanks to major sporting events such as the Olympics......

'Slight growth' in construction
The UK construction sector unexpectedly saw slight growth in July, according to a closely-watched report, but new orders continued to decline......

Sony cuts annual profit forecast
Japanese electronics maker Sony cuts its forecast for annual profits by a third after it sees first quarter losses widen......

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......

Thomas Cook makes quarterly loss
Struggling travel group Thomas Cook says its turnaround plan remains on track despite reporting a three-month loss......

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......

BNP Paribas cutbacks help profits
France's biggest bank, BNP Paribas, reports better-than-expected profits in the three months to June following a round of job and spending cuts......

Inter Milan in Chinese stake sale
Italian football club Inter Milan says that a group of Chinese investors will become its second-largest shareholder......

Facebook details 'false' accounts
Facebook estimates that more than 83 million of its 955 million active accounts do not represent real unique users......

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......

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......

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......

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......

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......

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......

Toyota to recall 878,000 vehicles
Toyota says it will recall 878,000 vehicles in the US and Canada to fix a problem with the rear suspension arm......

JAL profits boosted by strong yen
Japan Airlines' first-quarter profits more-than-double as it cuts costs and the strength of the yen boosts demand for international travel......

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

New bidders enter Port Vale talks
Keith Ryder remains committed to buying Port Vale, despite the administrators putting the troubled club back on the market......

AUDIO: The true cost of going for gold
Prof David K Forrest, from the University of Salford, explains how much it costs in terms of investment for a country to win a gold medal in the Olympic Games......

VIDEO: Rare look at an illegal oil refinery
The Nigerian authorities say they are clamping down on the illegal trade in crude oil, but the BBC's Will Ross found an illegal refinery......

VIDEO: Troubled times for Sony
The BBC's Aaron Heslehurst on why Japanese electronics giant Sony has had to revise its net income forecast......

VIDEO: Adidas boss 'happy' with Olympic sales
Adidas says it has already hit its Olympics sales target......

VIDEO: GM profits expected to fall
The world's largest car maker, is expected to report a drop in quarterly profits......

VIDEO: Markets turn to Draghi for way out
Many in the markets are now turning to Mario Draghi for a way out of the eurozone crisis.....

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?.....

HBOS whistleblower hits out at bank regulators
HBOS whistleblower hits out at bank regulators.....

Chinese medicine and its ancient practices
Chinese medicine and its ancient practices.....

China: The paradox of foreign education
Foreign degrees no longer give graduates an advantage in China.....

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

U.S. Day Ahead: What the Fed will watch in July jobs report
The Fed will be paying close attention to a key level in tomorrow's job report, we tell you which one......

Wealth Strategies: Markets too much for retail investors
Aug. 2 - Securities lawyer Bill Singer says Knight's trading loss indicates market technology may be too far ahead of small investors and that regulators need to be on the ground to prevent future losses......

The new normal: Jobless in America
Aug 2 - Labor expert Kathy Krepcio describes the new normal job market for Americans which includes freelancing, holding multiple jobs and a whole lot of uncertainty......

Trading at Noon: Dark 'Knight' falls; super to stupor Mario
Aug 2 - Knight Capital stock dives over 50% after a trading glitch, and Mario Draghi's lack of action sends markets tumbling today......

Breakingviews: Markets' dark Knight
Aug 2 - Jeffrey Goldfarb and Breakingviews columnists discuss the ill-advised finger-pointing over technical trading glitches and the ongoing turmoil for Knight Capital and its electronic flub......

ECB closer to buying euro zone bonds
Aug.02 - The European Central Bank says it will gear up to buy Italian and Spanish bonds on the open market but will only act after euro zone governments have activated bailout funds to do the same. Ciara Sutton reports.....

Did ads scare Londoners away?
Aug.02 - London is usually one of the world's busiest cities, but business groups and retailers have been complaining that an ad campaign designed to warn people of potential travel disruptions during the Games may have frightened away their customer.....

Europe Day Ahead: RBS braces for fine
Aug. 2 - A look ahead to Friday's key events includings earnings from RBS and Allianz. Plus services PMIs and U.S. non-farm payrolls......

Greece braces for more cuts
Aug.02 - Greeks react to new spending cuts after government coalition leaders clinched a deal on 11.5 billion euros of austerity demanded by the country's lenders. Hayley Platt reports.....

No bond-buying bonanza from a tetchy, flustered Draghi
Aug. 2 - Mario Draghi paves the way for the ECB to buy large amounts of short-dated bonds in September. But markets unimpressed with no action now. It wasn't Draghi's best day at the office......

3XSQ: Cost of disaster for Knight Capital
Aug 2 - Trading firm Knight Capital loses $440 million in erroneous trades; General Motors posts better than expected profits......

BNP Paribas beats rivals
Aug.02 - France's biggest bank, BNP Paribas exceeded expectations but profits were still down more than 13 percent as the bank tries to weather the euro zone storm. Joanne Nicholson reports.....

Factbox: China's superstar under the spotlight
Aug. 2 - How did 16-year-old Ye Shiwen go from little-known athlete to swimming sensation?.....

Market Pulse: Bet on UK rate cut, bond buys in November
Aug. 2 - No surprise as the Bank of England holds steady on rates and bond buying, but bet on a rate cut and more QE no later than November, says BNP Paribas Chief UK Economist David Tinsley......

Breakingviews: Convertibility risk hard to measure
Breakingviews Assistant Editor, Peter Thal Larsen.....

Macau casino revenue growth tanks, but don't bail yet
Aug. 2 - Macau's casino revenue growth falls to its lowest rate since 2009, which means pain for casino operators and investors. But it's not yet time to pull out all your chips, say analysts......

Reuters Asks: What does Draghi have up his sleeve?
Aug. 2 - Does Mario Draghi have a crisis-fighting bazooka in the ECB's arsenal, and will he fire it later today? His own words last week raised expectations that he does, and he will......

Breakingviews: China's economy - not as bad as you think
Aug. 2 - The latest data out of China might be fodder for those who predict the nation's miracle story is ending. But here's why things may not be that bad......

Reuters Today: It's D-Day....Draghi Day
Aug. 2 - Can ECB President Mario Draghi deliver on his pledge last week to do "whatever it takes" to save the euro? Plus, Q2 earnings roll in, Day 7 of the Olympics......

BNP Paribas CEO on Q2 earnings
about the bank's second quarter earnings......

U.S. Morning Call: Time for Draghi to walk the walk
Aug 2 - After yesterday's lackluster Fed announcement, investors are looking to the ECB to deliver on promises to support the euro......

Investing while Fed's in limbo
Aug 1 - While the Federal Reserve fails to announce new ways to boost economic growth, strategists say there are still places for investor to put their money while the U.S. economy remains in limbo. Jeanne Yurman reports......

Bernanke not ready to spread wings
Aug 1 - Summary of business headlines: The Dow slips below 13,000 as the Federal Reserve offers no new stimulus and few clues of when it will; Knight Capital spooks trading floor; monthly auto sales disappoint; Time Warner, Comcast post ad-less earni.....

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......

Debt crisis: As it happened - August 2, 2012
ECB President Mario Draghi said a rate cut was discussed but it was decided the time was not right as he stressed the central bank may act independently in markets and use "non-standard measures".<img width='1' height='1' src='http://telegraph.fee.....

Draghi allows time for eurozone politics to prepare for Spanish bail-out
Investors threw up their hands in despair today after deciding Mario Draghi had let them down. But markets have consistently failed to read the Draghi runes accurately.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Less borrowing, not more, is the answer
Vince Cable wants more bank lending to business but few, if any, creditworthy companies want more bank borrowing - and nor should they.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21fe2323/mf.gif' border='0'/&.....

Debt crisis: Markets fall after Draghi disappoints - live
ECB President Mario Draghi said a rate cut was discussed but it was decided the time was not right as he stressed the central bank may act independently in markets and use "non-standard measures".<img width='1' height='1' src='http://telegraph.fee.....

Markets crumble as Draghi bond plan deemed too vague
The European Central Bank has opened the door to a blitz of bond purchases and fully-fledged quantitative easing in a radical shift of policy, but only once Europe's leaders have activated their own rescue machinery.<img width='1' height='1' src='.....

Good news Britain: Rupert Soames on the secrets of Aggreko's success
Rupert Soames, the chief executive of Aggreko, says the key to the recent success for the temporary power provider is growth in emerging markets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21fd9e6c/mf.gif' bo.....

Good news Britain: Rupert Soames on the secrets of Aggreko's success
Rupert Soames, the chief executive of Aggreko, says the key to the recent success for the temporary power provider is growth in emerging markets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21fd9a74/mf.gif' bo.....

Shareholders complain to Treasury over RBS 'nationalisation'
Top shareholders in RBS have complained to the Treasury over "dangerous" and "damaging" suggestions that the taxpayer-backer lender could be fully nationalised.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21fd.....

Resilient Schroders makes gains as FTSE 100 tumbles on ECB disappointment
Schroders eyes the future as 200-year old asset manager announces resilient results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21fd04ef/mf.gif' border='0'/><br/><br/><a href="http://da.feed.....

Court rejects Barclays move to delay Libor test case
Barclays has failed in an attempt to delay a legal claim over allegations it mis-sold an interest rate swap to a care home operator.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21fd04f4/mf.gif' border='0'/>.....

Ladbrokes counts the cost of digital delays
The launch of Ladbrokes' long-awaited new website has been delayed until the fourth quarter, missing the start of the football season.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21fcd86f/mf.gif' border='0'/&g.....

One in eight companies 'stuck in debt trap'
Almost one in 10 UK firms are "zombie businesses" that are servicing debt but cannot grow, according to an insolvency group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21fcab62/mf.gif' border='0'/><br/&.....

Women open more savings accounts but men deposit more cash
Women have good intentions to save - but it is men who manage to put more money away for a rainy day.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21fcab63/mf.gif' border='0'/><br/><br/><a hre.....

BSkyB can air films first, says Competition Commission
Shares in BSkyB got a boost after the pay TV market's watchdog said it saw no problems around the company's rights to be the first to air films from Hollywood's biggest studios.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Pfizer sells Kent site to private consortium
American pharmacuetical giant, Pfizer, has sold its research site in Kent to a private consortium headed by two businessmen who run the former Samsung site in Teesside.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

US housing market staunches the bleeding just in time
Residential fixed investment (RFI) is not a phrase that trips off the tongue. But amid the lines of discouraging data packed into the US government's most recent report on economic growth, it was one of the few sounding a brighter note.<img width=.....

Adidas 'sells 100m of Olympic merchandise'
Adidas, the maker of sporting goods and a sponsor of the London Olympics, said it has sold around 100m of Olympic merchandise as second-quarter turnover rose 16pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Mario Draghi's speech: what the analysts say
Spanish borrowing costs rise and stock markets fall - with the Madrid bourse dropping sharply - after ECB president Mario Draghi said the bank may act independently in markets but announced no specific measures. Here is what some top analysts said.&l.....

FTSE 100 slides on ECB disappointment
London's blue-chips tumbled as a key meeting of the European Central Bank failed to meet market expectations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21fb3a0e/mf.gif' border='0'/><br/><br/>&.....

Mario Draghi on the eurozone: in quotes
European Central Bank President Mario Draghi has been speaking at a news conference after the bank left its benchmark interest rate at 0.75pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21fafed3/mf.gif' borde.....

Debt crisis: Draghi say ECB ready to act independently - live
ECB President Mario Draghi said a rate cut was discussed but it was decided the time was not right as he stressed the central bank may act independently in markets and use "non-standard measures".<img width='1' height='1' src='http://telegraph.fee.....

FTSE 100: London blue-chips slide on ECB disappointment
London's blue-chips tumbled as a key meeting of the European Central Bank failed to meet market expectations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21fafed7/mf.gif' border='0'/><br/><br/>&.....

ECB press conference: Mario Draghi's opening statement
ECB President Mario Draghi has said an interest rate cut was discussed but it was decided the time was not right as he stressed the central bank may act independently in markets and use "non-standard measures". Here is his opening statement in full.&.....

Hop Farm Festival owner needs extra funding after poor ticket sales
Music Festivals warns it expects to make a loss after poor ticket sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21fafed9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

ECB pledges to preserve price stability for the euro
The European Central Bank President Mario Draghi reiterates his promise to do "whatever it takes' to save the euro.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21fb92f0/mf.gif' border='0'/>.....