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Thursday 9 August 2012

UK Financial News on 2012-08-09

Barclays names Walker as chairman
Barclays bank appoints Sir David Walker, who led an inquiry into how banks are run, as its new chairman in the wake of the Libor scandal......

Yahoo may alter cashback plans
Technology firm Yahoo signals it may alter plans to return money to shareholders under new chief executive Marissa Mayer......

UK trade deficit at 15-year high
The UK's trade gap widened sharply in June, to its worst level since comparable records began in 1997......

World food prices rebound in July
Global food prices sharply rebound in July due to extreme weather conditions, a UN food and agricultural body says......

Jaguar boosts Tata Motors profits
A 34% rise in sales by luxury carmaker Jaguar Land Rover bolsters Indian parent company Tata Motors' profits......

US Postal Service in $5bn loss
The US Postal Service reports a quarterly loss of more than $5bn the week after making its first default on retirement health benefits......

US trade deficit narrows in June
The US trade deficit narrows in June as a steep drop in oil prices helps ease the country's import bill, and exports increase slightly......

Google to pay record privacy fine
Google agrees to pay a $22.5m penalty to settle a complaint about misleading users of Apple's Safari browser......

Repossessions hit 18-month low
The number of homes being repossessed in the UK has fallen to its lowest level since the end of 2010, says the Council of Mortgage Lenders......

Nestle's half-year profits rise
Nestle has reported a rise in net profit of 8.9% to 5.1bn Swiss francs for the first half of 2012, led by emerging markets......

Payday loan firm shut down by OFT
A payday loan firm, MCO Capital, has been shut down by the OFT for allowing itself to be duped by fraudsters who impersonated more than 7,000 people......

Tui Travel profits fall sharply
Tui Travel, which owns Thomson and First Choice, blames an early Easter holiday and sluggish business in France for a 73% fall in third quarter profit......

Struggling HMV posts annual loss
Troubled music, films and games retailer HMV posts an annual loss of 38.6m due to falling sales and the cost of restructuring work......

French Connection profit warning
Fashion retailer French Connection warns that it will report a fall in profits for the first half of 2012, as sales are down......

Sky wins sport channels appeal
Sky wins an appeal against a regulatory ruling that forced it to reduce the price at which it sells its main sport channels to competitors......

Aviva profits fall on write-downs
Insurance group Aviva sees its half-year profits fall 10% after it has to write down the value of its US businesses......

China inflation at a 30-month low
China's inflation dips to a 30-month low in July, giving policymakers a bigger cushion to boost stimulus measures to spur economic growth......

India output shows slowing growth
India's industrial output falls for the third time in four months in June, adding to worries about the health of Asia's third-biggest economy......

'Some euro members could leave'
Some eurozone members may have to leave the bloc as the debt crisis goes on, according to Otmar Issing, one of the euro's architects......

News Corp registers $1.6bn loss
Rupert Murdoch's News Corp swings to a loss partly due to the weakness of its publishing business, which includes newspapers like the Times and the Sun......

Oki shares plunge on fraud fears
Shares of Japanese equipment-maker Oki Electric plunged nearly 41% after being caught in a accounting scandal.....

Avatar maker in China 3D venture
James Cameron has announced a joint venture with two Chinese firms in a bid to capture the country's fast-growing movie market......

VIDEO: Will the Olympics strengthen economy?
The hope was that the Olympics would boost the economy but there have been mixed results......

AUDIO: The rising cost of a cup of tea
The wholesale price of black tea has risen 41% since the beginning of the year. Simon Bower explains why and whether it will affect consumers......

AUDIO: Faulty pumps 'dispensing extra fuel'
The AA told 5 live about the petrol pumps that have been dispensing more fuel than customers have been paying for......

VIDEO: Focus on growth in food industry
The British government's focus on increasing investment in the UK has turned to the food and retail industries......

AUDIO: The credit crunch five years on
Five years ago on August 9 2007, the credit crunch started as a result of banks beginning to worry about lending......

AUDIO: Bupa members 'can no longer afford premiums'
The UK's biggest health insurer has warned that treatment costs have become so expensive that hundreds of thousands of people are abandoning private medical cover. Dr Natalie-Jane McDonald, the managing director of BUPA's UK Business, gives her react.....

AUDIO: News Corp posts $1.6bn loss
Rupert Murdoch's News Corporation has reported a sharp loss due to restructuring costs and newspaper advertising woes......

VIDEO: Sales boost for Jaguar Land Rover
Jaguar Land Rover, the UK's most profitable car-maker, has increased sales by a third......

West End luxury brands see Games boost
High end shops benefiting from the Olympic pound.....

American law: How non-US companies are affected
Should American law rule the world?.....

German coal power revival poses new threat
New power stations threaten Germany's Green Revolution.....

New biofuels offer hope to hungry world
New biofuels offer chance of a better balance.....

Russian tech giants eye the West
Russian tech giants eye the West.....

Have Americans lost their taste for more and more stuff?
Have Americans lost their taste for more stuff?.....

U.S. Day Ahead: It's crunch time for JCP boss Ron Johnson
Aug. 9 - J.C. Penney CEO Ron Johnson has to convince investors he can stop the bleeding at the struggling retailer when it releases results in the morning......

The Exchange: Identifying the Breakout Nations
Rob Cox talks to Morgan Stanley investment manager Ruchir Sharma about identifying the next successful emerging economies, the subject of his book, Breakout Nations: In Pursuit of the Next Economic Miracles......

Standard Chartered bites back against Iran charges
Aug. 9 - After the explosive charges made against Standard Chartered by New York State's Department of Financial Services, the British bank is fighting back and even threatening to launch a counter-suit against the regulator. Joanna Partridge reports.....

Golden pay day for Olympic athletes
Aug. 9 - Olympic gold medalists look to cash in on their London 2012 success as companies eye them for lucrative sponsorship and endorsement deals. Ciara Sutton reports......

Breakingviews: StanChart stirs Fed
Aug 9 - Jeffrey Goldfarb and Breakingviews editors discuss the Federal Reserves concerns about Standard Chartered and what it says about regulators working at cross-purposes......

Trading at Noon: Cisco boosted on Goldman nod
Aug. 9 - Cisco Systems' shares are up after a bump from Goldman, leading the Nasdaq higher; the Dow and S&P 500 are little changed......

Wealth Strategies: Traders bearish on JC Penney stock
Aug. 9 - StockTwits executive editor Phil Pearlman says social media has been indicating negative buzz around retail giant JC Penney's earnings report out on Friday......

China court considers Gu murder trial verdict
Aug. 9 - Gu Kailai, the wife of Chinese politician, Bo Xilai, has gone on trial for the murder of British businessman, Neil Heywood - the court adjourned after seven hours to decide its verdict. Joanne Nicholson reports......

Europe Day Ahead: German inflation, IEA report, ThyssenKrupp
Aug. 9 - A look at Friday and German inflation looks to keep euro zone policymakers on their toes, as the IEA release their monthly oil report and ThyssenKrupp earnings are seen down by 86%......

BBC tunes in Super Hi-Vision for Olympics
Aug. 9 - The British Broadcasting Corporation, Japanese public broadcaster NHK and Olympic Broadcast Services are running a joint trial of a new "Ultra HD" television format during the Olympic Games in London, offering viewers the chance to see event.....

Robot takes muscular approach to bomb disposal
Aug. 9 - A team of Colombian students is developing a bomb-deactivating robot that responds to human muscle movement. Using sensors and wireless technology, the students say their robot, called Prometheus, will bring a new level of precision to the d.....

3XSQ: Bad news for Murdoch in quarterly profit report
Aug. 9 - News Corp posted a quarterly loss after taking $2.85 billion of non-cash restructuring and impairment charges......

U.S. Morning Call: Knight's losses could have been worse-WSJ
Aug. 9 - Knight Capital held about $7 billion of stocks at one point on Wednesday last week when its software broke down, revealing Knight's problems could have been much worse......

Market Pulse: The 5-yr crisis surprise winners and losers
Aug. 9 - It's 5 years to the day the world financial crisis really erupted. How have financial assets performed in that time? Some obvious ones - gold soared, Greek stocks collapsed - but some surprises too......

London sets its sights on post-Olympic stock market gold
Aug. 9 - Recent history shows that the stock market of Olympic Games host nations consistently outperforms the world average the calendar year after the event. Can Britain's FTSE continue this trend in 2013?.....

Breakingviews: Safe havens looking riskier
Breakingviews' Robert Cole......

China's murder trial of the decade kicks off
Aug. 9 - The trial of Gu Kailai, wife of purged politician Bo Xilai, began today. Experts expect a guilty verdict in a speedy trial that has shown little signs of judicial independence......

Reuters Today: Top Stories and Analysis
Aug. 9 - A look at the early action in the European markets and the days hot stocks, as well as a final wrap-up of Asia trading......

Breakingviews: A future for foreigners at Chinese banks?
Aug. 9 - With Chinese lenders wanting to build business abroad, and Western bankers hungry for mainland jobs, it seemed like an ideal match. But some expats are finding out the grass in China isn't so green......

Muscling in on China's shoppers
Aug. 9 - Sinking sales of consumer brands like Burberry in China overshadow the real story - Chinese retail demand is stronger than you think......

Reuters Asks: 5 years into the crisis...how many more to go?
Aug. 9 - The deepest financial crisis in decades was always going to last a while. But, to quote any kid on a family car trip, are we nearly there yet?.....

Scandal-plagued News Corp posts loss
Aug. 8 - A $3 billion charge overshadowed otherwise solid earnings at News Corp as the company continues to deal with the fallout from its hacking scandal. Bobbi Rebell reports......

Bad news for News Corp
August 8 - Summary of business headlines: News Corp results weaker-than-expected; Dow, S&P 500 barely extend four-day rally; McDonald's post worst same-store sales in almost a decade; Starbucks invests in mobile payment business; Google's Android gra.....

U.S. Day Ahead: Why Man U is just like Disney
Correspondent Olivia Oran......

LIGHTNING ROUND: Equities haven't yet hit highs for 2012
Aug. 8 - U.S. stocks may be a little rich right now, according to NYSE trader Joe Greco, but they haven't hit their highs for the year. He's looking for energy and financial stocks to lead the way higher......

Google pays $22.5m to settle Apple charges
Google will pay $22.5m (14.4m) to settle charges it bypassed the privacy settings of customers using Apple's Safari browser, the US Federal Trade Commission (FTC) said today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Barclays plays it ultra safe with Sir David as its new chairman
It looks like the old boys' network has triumphed again with the appointment of Sir David Walker as the new Barclays chairman.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/223ad5a9/mf.gif' border='0'/><br.....

Hard landing for China as factory prices fall and deflation looms
Factory gate prices in China fell at an accelerating rate of 2.9pc in July as the economy flirted with industrial recession, prompting calls for further stimulus to head off Japanese-style deflation.<img width='1' height='1' src='http://telegraph......

Manchester United to become most valuable football club in the world
Manchester United will become the most valuable football club in the world following its controversial flotation in New York.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/223adb89/mf.gif' border='0'/><br/.....

Sir David Walker appointed Barclays Chairman: Letter from Marcus Agius
Sir David Walker, a former chairman of Morgan Stanley International and author of the Walker review of banking, is to succeed Marcus Agius as the new chair of Barclays. Here is the full letter sent to Barclays staff from Marcus Agius.<img width='1.....

Aviva slumps to 456m loss after taking hit on US operation
Aviva, the UK's second largest insurance group, reported a 456m loss for the first half of the year after being hit by the cost of restructuring its global operations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Diplomatic Darty bolsters shares by averting Knight Vinke clash
The former owner of Comet rose after the group reached agreement with its biggest shareholder.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/223a54b1/mf.gif' border='0'/><br/><br/><a href="http.....

George Osborne calls Tim Geitner to demand "fair treatment" of Standard Chartered
George Osborne intervened in the row over Standard Chartered with calls to the US Treasury Secretary in which he demanded "fair treatment of British businesses" by US regulators.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Mark Carney rules himself out of Bank of England governor race
The list of potential candidates to become the next Bank of England governor appeared to shrink as Mark Carney, the head of Canada's central bank, ruled himself out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Mark Carney rules himeself out of Bank of England governor race
The list of potential candidates to become the next Bank of England governor appeared to further shrink as Mark Carney, the head of Canada's central bank, ruled himself out of the race.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Christian Noyer: ECB determined to have strong impact on market
The European Central Bank is determined to bring down the excessive borrowing costs hurting Spain and Italy and should be ready to intervene decisively in bond markets very soon, said ECB governing council member Christian Noyer.<img width='1' hei.....

Sir David Walker to succeed Marcus Agius as Barclays chairman
Sir David Walker, a former chairman of Morgan Stanley International and author of the Walker review of banking, is to succeed Marcus Agius as the new chair of Barclays.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Sir David Walker to be Barclays chairman
Former chairman of Morgan Stanley, Sir David Walker, is to be named as the new chair of Barclays.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/223992c9/mf.gif' border='0'/><br/><br/><a href="h.....

Debt crisis: as it happened - August 9, 2012
Christian Noyer, a member of the European Central Bank's governing council, said the bank should be ready to intervene decisively in bond markets very soon as the bank slashed its growth expectations for next year.<img width='1' height='1' src='ht.....

Recovery hopes dashed as trade deficit widens; former Bank policymaker admits mistakes
A sharp rise in Britain's trade deficit dealt a fresh blow to recovery hopes as a former deputy governor admitted the Bank of England was "clumsy and slow" in its initial response to the crisis.<img width='1' height='1' src='http://telegraph.feeds.....

Sir David Walker to chair Barclays: profile
The career of Sir David Walker, the former Bank of England executive who is to be named the new chair of Barclays, has spanned both public and private sectors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22399.....

Will HMV last 10 years? I wouldn't bet my house on it, says boss
HMV's outgoing chief executive Simon Fox has said the troubled music retailer will return to profit next year, but would not bet his house on the business being around in a decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Debt crisis: live
France's constitutional court is poised to decide if adopting Europe's fiscal pact requires an amendment to the country's constitution, a day after the Bank of France predicted a recession in the third quarter of this year.<img width='1' height='1.....

Dunkin' Donuts considering UK comeback
Dunkin' Donuts, the US chain known for its weak coffee and carbs, is eyeing a return to British shores next year as part of a European-wide expansion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22398ec1/mf.gi.....

British rebalancing act is underway but needs a more concerted effort
Times are tough and today's trade data shows we're struggling to pay our way.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22398ec2/mf.gif' border='0'/>.....

Hard part of Aviva repair job lies ahead
Now that it's not gathering Moss (Andrew that is, the recently ejected chief executive) Aviva is cracking on with the repairs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22398ec3/mf.gif' border='0'/>.....

Tiny Australian town wants 68m to host Xstrata mine
An Australian hamlet is asking Xstrata to pay it at least A$100m (68m) if the global mining giant decides to proceed with a multi-billion-dollar coal mine in the area.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

McDermott becomes head of FSA enforcement
Tracey McDermott the acting head of enforcement at the Financial Services Authority has been given the permeant role, replacing her predecessor Margaret Cole.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2238f8.....

Good News Britain: UK talent helps drive Amec growth
Construction engineer is driven by jobs, growth, and excellence.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2238aea7/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/139264.....

Five best and worst performing asset classes during the crisis: in pictures
Five years have passed since the start of the financial crisis. Here, Jim Reid of Deutsche Bank reveals the best and worst performing asset classes since 2007<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2238ae.....