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Friday 10 August 2012

UK Financial News on 2012-08-10

Man Utd shares debut in New York
Shares in Manchester United begin trading on the New York Stock Exchange, rising slightly to $14.05, before finishing flat at the offer price of $14......

Libor 'cannot continue unchanged'
The current Libor rate-setting system is no longer a "viable option," a government-commissioned review says, as it outlines reforms to try to restore credibility......

Sharp corn price rises forecast
The US Department of Agriculture slashes its forecasts for corn production and predicts sharp price rises, due to a drought and heatwave......

Construction output falls again
Construction output in the UK falls in the second quarter, although the drop was less than expected......

China export growth slows sharply
China's export and import growth slowed sharply in July, raising fears about the strength of the world's second-largest economy......

Japan sales tax clears final vote
Japan's parliament passes a contentious bill to double the country's sales tax to 10% by 2015, a move that could spark an early election......

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

PepsiCo to re-enter Burma market
PepsiCo, one of the world's largest drinks makers, announces plans to re-enter Burma as various sanctions against it are lifted......

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......

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......

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......

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......

China in Taiwan investment pact
China and Taiwan have signed an investment protection deal in a bid to allay fears over Taiwanese firms of doing business in China......

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......

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......

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......

VIDEO: Glazers loaded debt onto Man Utd
Manchester United has begun trading on the New York Stock Exchange but not all fans are agree with the decision......

VIDEO: Libor system 'no longer viable'
The way the inter-bank, or Libor, interest rate is set is no longer fit for purpose. That's according to a review by the Financial Services Authority......

AUDIO: From prison to a successful business
Duane Jackson, CEO of Kashflow, explains how he went from being in prison to running a successful accountancy firm......

VIDEO: Tech giants compete over mapping
From off-road mapping to imaging from the skies, competition is hotting up between Apple, Google and Microsoft in the mapping arena......

VIDEO: How to taste beer like an expert
Roger Protz, the editor of CAMRA's Good Beer Guide, explains how to taste beer, at the Great British Beer Festival in London.....

VIDEO: US drought may drive up food prices
The ongoing drought in the US which has hit corn and soy growers could drive up food prices worldwide.....

VIDEO: How safe is China for business?
As the wife of a prominent Chinese politician is accused of murdering a British businessman - is the country safe for business?.....

VIDEO: Trust in Libor 'needs repairing'
The head of the review into Libor rate-setting, Martin Wheatley, has said any reforms need to ensure "credibility and trust" are restored in the system......

A social media Games to remember
Highs and lows of social media during the Games.....

Explaining the Libor scandal
Why has the crucial interest rate been so controversial?.....

Law firms warn of eurozone break-up
Olympic Games end, eurozone crisis returns.....

European Coal and Steel Community turns 60
The European Coal and Steel Community turns 60.....

Why US drought could affect us all
Why US drought could affect us all.....

Do Africa's start-ups need charity?
Does charity still matter to Africa's tech sector?.....

The Great British Brexit
Will Olympic confidence influence the UK's place in Europe?.....

U.S. Week Ahead: Groupon's Pinocchio moment
Aug 10 - Groupon boss Andrew Mason has to open the books on the company's online retail unit, Groupon Goods, when it reports earnings on Monday......

Kiip's rewarding mobile play
Aug. 10 - The San Francisco-based company founded by 21-year-old technology entrepreneur Brian Wong has received a total of $15 million in funding to create a mobile rewards network. Matt Cowan reports......

Wealth Strategies: Funds flow into grains, but vol remains
Aug. 10 - Sal Gilbertie, chief investment officer of the Teucrium Agriculture ETFs, says agriculture commodities should be a part of investors' portfolios, but points out the asset can be very volatile......

Breakingviews: Discounting Yahoos new CEO
Aug 10 - Antony Currie and Robert Cyran discuss how the internet companys shareholders already assume new boss Marissa Mayer will acquire firms and waste cash......

Trading at Noon: JCP sheds old threads for new outfit
Aug 10 - J.C. Penney sees early signs of improvement from its store overhauls & pricing policy, despite a deeper-than-expected drop in Q2 sales......

Manchester United fails to score with investors
Aug. 10 - Shares in Manchester United began trading on the New York Stock Exchange in what's being described a disappointing debut after the stock was priced below the expected range. Joanna Partridge reports......

FSA launches Libor overhaul
Aug. 10 - Libor benchmark interest rates are no longer "fit for purpose" and must be changed or replaced according to Britain's financial regulator. Ciara Sutton reports......

EuropeEurope Week Ahead: Euro zone GDP shrinking once again?
Aug. 10 - Economic data likely to dominate headlines next week. Euro zone Q2 GDP, Germany's ZEW and the Bank of England Minutes may provide the best indications of the state of the European and UK economies......

3XSQ: J.C. Penney pinching weak sales profits
Aug 10 - J.C. Penney reported a deeper-than-expected drop in quarterly sales, leading to a big loss......

Man Utd IPO kicks off on back foot
Aug. 10 - Man Utd shares to debut in New York after cut-price float shows soccer's limited investor appeal......

U.S. Morning Call: Exclusive-Big banks got tall order
Aug 10 - U.S. regulators directed five of the country's biggest banks to develop plans for staving off collapse if they faced serious problems......

Olympics could help markets sprint ahead
Aug. 10 - On records of past Olympics, stock markets of respective host nations have performed exceptionally, and investors are braced to see how Britain's FTSE performs after the dust settles. Jamie McGeever reports......

Market Pulse: perfect ten for European stocks
Aug. 10 - Europe's Eurofirst 300 blue-chip index racks up its tenth straight weekly gain - the longest winning streak since 2005......

Breakingviews: Barclays' next step
Breakingviews Assistant Editor Robert Cole......

Witness: Media at mercy of the court in China murder case
reporter John Ruwitch was on the scene......

China slowdown to have limited impact on oil demand - IEA
Aug. 10 - The International Energy Agency says the deceleration in China's economic boom is not likely to result in a sharp drop in energy use.....

Australia athletes slipping, but coaches cashing in
Aug. 10 - The land down under is suffering its worst performance in the pool since 1976...while Australia's coaches are getting paid big bucks in China and the UK for gold medals......

Reuters Today: Facebook again as Man Utd IPO falls short
Aug. 10 - Manchester United's IPO falls short of targets and the company risks emulating Facebook's weak share performance, says ETX Capital's Mark Priest......

3 friendly fixes for Facebook
Aug. 9 - Facebook shares have lost nearly half of their IPO value and Mark Zuckerberg needs to restore confidence in the stock and the vision of the world's biggest social network. Here are three ways Facebook can patch things up with its "friends". .....

Day 5 for S&P 500 rise
Aug. 9 - Summary of business headlines: S&P 500 in five-day swing, but Dow falters; Cisco lifts Nasdaq; Jobless claims fall; Bieber fever lifts Elizabeth Arden sales. Bobbi Rebell reports......

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......

Oil price ends rally amid growth fears
The oil price ended five days of gains today as gloomy growth data from China pushed down forecasts of oil demand growth for next year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2244a96c/mf.gif' border='0'/&.....

Flybe shares dive on new profits warning
Regional airline Flybe has hit turbulence once again, issuing its fifth profits warning since becoming a public company less than two years ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2244a96d/mf.gif' bor.....

McKillen loses court battle over hotels
Irish property developer Patrick McKillen has lost a High Court battle with Sir David and Sir Frederick Barclay over the ownership of three of London's most famous hotels.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Operating losses double at Guardian Media Group
The publisher of The Guardian and The Observer newspapers saw its operating losses more than double to 129.1m last year despite vowing to cut costs by 25m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2244a1a8/.....

Jon Moulton in move to take control of ailing JJB Sports
Private equity veteran Jon Moulton has made an approach to JJB Sports and its bankers in an attempt to take control of the ailing high street retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2244a1aa/mf.g.....

Investors back Sir David Walker's appointment at Barclays
Barclays' leading shareholders have backed the appointment of Sir David Walker as the bank's chairman, saying he is the right man to instigate a change of culture at the crisis-torn lender.<img width='1' height='1' src='http://telegraph.feedsporta.....

Standard Chartered in talks with New York regulator
Standard Chartered is working on an eleventh-hour agreement with regulators in New York to avoid a potentially damaging showdown next week over Iranian transactions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Standard Chartered in talks with NY regulator
Standard Chartered is working on an eleventh-hour agreement with regulators in New York to avoid a potentially damaging showdown next week over Iranian transactions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

UK recession not as deep as feared on improved construction data
Britain's recession might not be as deep as feared after better-than-expected construction data raised the chance that official GDP figures would be revised up.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2244.....

Sir David has chance to make his mark with corporate governance
Sir David Walker's appointment as the new chairman of Barclays was given a muted welcome today by the stockmarket.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2244396e/mf.gif' border='0'/><br/><br/.....

Buoyant Prudential shows Aviva the way to go
It has been a tale of two insurers this week. Aviva announced numbers dominated by the costs of restructuring and the legacy of failure, while Prudential today announced numbers dominated by improving returns and the legacy of success.<img width='.....

IBM 'considers buying RIM's BlackBerry server unit'
RIM's enterprise unit operates servers for email and messaging service.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/224411a2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Analysts bring Bunzl's strong run to an end
<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22440af7/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/139264471587/u/3/f/568300/c/32726/s/22440af7/a2.htm"><img src="h.....

London Olympics 2012: The 300m plan to transform Olympic Park
A collection of British companies are preparing for the 300m transformation of the Olympic Park into its post-London 2012 form.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2243a7bc/mf.gif' border='0'/><b.....

Good News Britain: How the Olympics is boosting businesses
Sales of Team GB replica kit have helped to boost retailers during the second week of the Olympics. Heather Hancock, the lead London 2012 partner at Deloitte, an official London 2012 sponsor advising businesses on how to benefit from the Games, expla.....

Good News Britain: How the Olympics is boosting businesses
Sales of Team GB replica kit have helped to boost retailers during the second week of the Olympics. Heather Hancock, the lead London 2012 partner at Deloitte, an official London 2012 sponsor advising businesses on how to benefit from the Games, expla.....

Debt crisis: as it happened - August 10, 2012
The Bank of England will need to slash interest rates to 0.25pc and print an extra 125bn to lift the UK economy out of "continued stagnation," according to economists at Citigroup.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

London Olympics 2012: Team GB kit boost retailers
Sales of Team GB replica kit have helped to boost retailers during the second week of the Olympics despite initial fears that the Games were affecting footfall in Britain's high streets and shopping centres, according to new figures.<img width='1'.....

London Olympics 2012: Team GB kit boost retailers
Sales of Team GB replica kit have helped to boost retailers during the second week of the Olympics despite initial fears that the Games were affecting footfall in Britain's high streets and shopping centres, according to new figures.<img width='1'.....

Manchester United IPO: in pictures
Manchester United's shares opened at $14.05 at the start of trading on the New York stock exchange and later edged back to trade around their $14 float price. We take a look at some images from the first day of trading.<img width='1' height='1' sr.....

Manchester United flotation: in pictures
Manchester United's shares opened at $14.05 at the start of trading on the New York stock exchange and later edged back to trade around their $14 float price. We take a look at some images from the first day of trading.<img width='1' height='1' sr.....

Debt crisis: live
The Bank of England will need to slash interest rates to 0.25pc and print an extra 125bn to lift the UK economy out of "continued stagnation," according to economists at Citigroup.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

IBM 'considers buying RIM's BlackBerry server unit'
RIM's enterprise unit operates servers for email and messaging service.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2242574a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Martin Wheatley to deliver Libor proposals within weeks
Martin Wheatley has vowed to deliver his proposals to overhaul Libor within weeks and end the uncertainty over the benchmark used to set the price of trillions of dollars of financial products.<img width='1' height='1' src='http://telegraph.feedsp.....

Manchester United shares start sluggishly
Manchester United shares were flat on their first day of trading in New York despite the football club having to cut its float price below the initial range.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2242d85.....