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Saturday 11 August 2012

UK Financial News on 2012-08-11

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......

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......

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......

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 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......

The $440m computer glitch
Has trading become too reliant on super-computers?.....

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

Romney taps Ryan as running mate
Aug. 11 - Republican presidential candidate Mitt Romney picks Congressman Paul Ryan as his vice presidential running mate. Deborah Lutterbeck reports......

S&P 500's six-day swing
Aug 10 - Summary of business headlines: S&P climbs six days in a row and Dow up five consecutive weeks but volumes dip; U.S. drought worse than expected, price spikes feared; Investors buy J.C. Penney turnaround plan; Manchester United IPO gets a red.....

Drought impact to hit dinner tables
Aug 10 - The worst U.S. drought in more than half a century is fanning fear grocery prices are headed for a spike, tough times are ahead for some of the biggest agri-business companies, and prompting calls for the U.S. to relax ethanol production. Ji.....

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......

ENRC recruits adviser for split
Mehmet Dalman, the chairman of ENRC, has hired a key lieutenant of the company's founders and controlling shareholders to carry out work on his plans to split the mining giant in two.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Apple to squeeze out Orange as new backer of fiction award
Oranges are not the only fruit, especially when it comes to the Orange Prize for Fiction.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/224a6c08/mf.gif' border='0'/><br/><br/><a href="http://da.....

Sir Brian Bender: if the LME ceased to be trusted, why wouldn't the metal traders go somewhere else?
Sir Brian Bender, chairman of the London Metal Exchange, explains why selling the bourse to China shouldn't be seen as bad news for the industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/224a6c0a/mf.gif' bo.....

Barclays' chairman Sir David Walker must stand up to new CEO
The morning after he was announced as the man who will tame, nurture and reinvigorate the bedraggled eagle that is Barclays, Sir David Walker was hot on detail.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/224a.....

Guggenheim Life in pole position to buy Aviva USA
The life insurance arm of Guggenheim Partners, the $160bn (100bn) financial giant that traces its roots back to Solomon R. Guggenheim, is in pole position to buy some, or all, of Aviva USA.<img width='1' height='1' src='http://telegraph.feedsporta.....

Standard Chartered's Iranian trades: a guide
Standard Chartered has been accused by US regulators of of processing $250bn (160bn) of transactions on behalf of Iranian clients in breach of US sanctions. We walk you through the alleged wrongdoing by the bank.<img width='1' height='1' src='http.....

FSA's failures allow American regulators to close in on City
A tale of two cities: from the best of times to the worst of times. In the space of just five years the reputation of the City of London has become tarnished to such a degree that there is a real risk that it may never properly recover.<img width=.....

A US sledgehammer to crack Standard Chartered
To quote Joseph Heller's Catch-22: "Just because you're paranoid doesn't mean they aren't after you."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/224a6c0f/mf.gif' border='0'/><br/><br/><a hre.....

LME chairman Sir Brian Bender defends China deal
The chairman of the London Metal Exchange (LME) has dismissed suggestions the commodities market will be open to manipulation by China as a result of its recent sale.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Standard Chartered wants deal on Iran
Standard Chartered is to make it clear it wants to settle its battle with New York regulators over dollar trades with Iran rather than face a drawn-out battle.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/224a6.....

Barclays investors back RBS chief Stephen Hester for Bob Diamond's job
Leading investors are backing Stephen Hester to succeed Bob Diamond and become the new chief executive of Barclays Bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/224a6c12/mf.gif' border='0'/><br/>&.....

Virgin prepares for legal fight over West Coast line
Virgin Trains is preparing for a legal fight over its last remaining rail franchise, as ministers prepare to award the contract for the prestigious West Coast line to rival FirstGroup.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Sir David Walker: I will change Barclays
Sir David Walker, the new chairman of Barclays, is to undertake a wholesale review of the way the bank operates and has admitted that he agrees "in principle" with the end of the free banking model.<img width='1' height='1' src='http://telegraph.f.....

Silverstone seeking 150m cash injection
The owners of Silverstone, the Northamptonshire racetrack that is home to Formula One's British Grand Prix, have given themselves until the end of the year to find an investor willing to pay 150m to run the race and fund ambitious expansion plans.<.....

Standard Chartered's Peter Sands takes the fight to Wall Street
Standard Chartered has seen 6bn wiped off its value after US claims of 'secret' dollar trades for Iranian clients. Now its chief executive is battling to clear the bank's name<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Pressure on Facebook's $1bn Instagram deal
Facebook will face its first major test of the UK's competition laws this week with the Office of Fair Trading deciding whether to refer the social network's $1bn (630m) acquisition of photo-site Instagram to the Competition Commission.<img width=.....

Sir Roger Carr: big business is key to UK recovery
CBI president Sir Roger Carr has urged the government to help big businesses as well as small.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/224997c3/mf.gif' border='0'/><br/><br/><a href="http.....

Big businesses are the engines for UK growth
In the next few weeks politicians, businessmen and women all over the country will be returning, reinvigorated from their summer vacation, to take on the very real challenges facing corporate Britain.<img width='1' height='1' src='http://telegraph.....

Super Mario hopes for gold from Angela Merkel
Most investors have been at the beach in recent weeks - or fixated by the splendid London Olympics.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/224906c3/mf.gif' border='0'/><br/><br/><a href=.....

How Britain won the global car war
The surprise renaissance of the nation's car makers shows British industry the road ahead.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/224906c7/mf.gif' border='0'/><br/><br/><a href="http://d.....

The Canadian pensioners who own Britain
The Canadian Olympic team is set to leave London with just one gold medal. The contrast with what happens when Canada's pension funds visit Britain could not be sharper.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Swindles, bears and brains - summer reading for investors
With just a week to go before my summer holiday, I'm fine-tuning my reading list. This year I'm packing three quite different books.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2248e320/mf.gif' border='0'/>.....

Questor: invest in gold through a miner
Questor editor Garry White on getting exposure to gold.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2248c22d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/139264498043/u/.....

Silvio Berlusconi says euro exit would be a 'disaster' for Italy
Ex-Italian prime minister Silvio Berlusconi has said that a euro exit could lead to a disintegration of the single currency.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22479488/mf.gif' border='0'/><br/&.....

Debt crisis: ECB buying Spanish and Italian debt 'makes no sense' says Belgian bank governor
The European Central Bank should not buy Spanish and Italian debt because it "makes no sense" and will take away the pressure on politicians to act, Belgium's central bank governor has said.<img width='1' height='1' src='http://telegraph.feedsport.....