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Monday 13 August 2012

UK Financial News on 2012-08-13

Silver wins gold! But gold only gets bronze
Since the beginning of the Olympics the price of gold has slipped, silver has risen, copper is down.....

City predicts corporate debt purchases by ECB
Bankers believe the European Central Bank could make direct purchases of European bank and corporate debt to stimulate economic growth.....

FSA mulls tougher HFT controls
The UK's Financial Services Authority is considering stiffer rules for high-frequency trading firms after a four-month review into the practice.....

Head of Lloyds-owned LDC is chairman of a second private equity firm
Darryl Eales is operating as the chairman of a second investment firm, it has emerged.....

ING talks down Asia fund arm sale expectations
Dutch bank ING Groep has warned that the planned disposal of its Asian fund business could fetch less than half than anticipated in May.....

Bowles will oppose Libor repo market replacement
Chair of the reform-setting European Parliamentary Economic and Monetary Affairs Committee's comments come as the UK government kicks off its month-long review into the benchmark.....

River and Mercantile reaches AuM record
Boutique fund manager reported a 26% rise in assets under management to an all-time high.....

Healthcare head goes in Credit Suisse jobs cull
The head of healthcare coverage for Europe, Middle East and Africa is understood to be among those to have left the bank amid a round of job cuts.....

Summer of love for hybrid bonds with record issues
Companies have issued a record number of hybrid bonds this year as investors and issuers warm to the asset class.....

Emir prompts Treasury to amend Companies Act
The UK Treasury will soon begin work amending Companies Act in readiness for the introduction of European derivatives trading rules.....

Motorola to cut staff and offices
Mobile phone maker Motorola Mobility says it plans to cut 4,000 staff, close facilities and refocus away from low-cost phones, to try to make profits again......

New debate on Sunday shop hours
The debate over whether to loosen Sunday trading restrictions in England and Wales has been reignited after a temporary extension for the Olympics......

Easyjet chairman survives vote
Easyjet founder Sir Stelios Haji-Ioannou fails in his attempt to oust Sir Michael Rake as the airline's chairman......

Groupon shares dip despite profit
Groupon posts a quarterly profit but weaker-than-expected revenue figures send shares in the voucher firm sharply lower in after-hours trading......

Google to buy Frommer's guides
Search giant Google agrees to buy the Frommer's travel guides from US publishing firm Wiley & Sons for an undisclosed sum......

Remortgaging numbers drop sharply
Expectations of falling borrowing rates pushed down the number of households remortgaging in June, lenders say......

Free banking claim 'ridiculous'
A claim that mis-selling at UK banks might have been avoided if fees were charged for accounts is branded as "ridiculous"......

Emergency food talks may be held
The US, France and Mexico are planning talks to consider whether an emergency meeting is needed to tackle the soaring price of grain......

Uzbeks deprived of mobile service
Uzbekistan's largest mobile phone provider is stripped of its licence in a case which has left millions of users without service......

'Make or break' for UK employers
Employers are facing a "make-or-break moment" as many will have to make job cuts if the economy does not pick up, according to a report......

Greek economy continues to shrink
Greece's economy contracted at an annual pace of 6.2% in the second quarter, figures show, although the pace of contraction eased slightly......

Japan economic growth pace slows
Japan's economic growth slows in the second quarter as the eurozone crisis hurts exports and domestic consumption remains subdued......

Barclays chairman promises change
Sir David Walker says he wants to review the way Barclays operates and will begin his search for a new chief executive "within days"......

Steel giants in $1.4bn venture
BlueScope and Nippon Steel, Australia and Japan's biggest steelmakers, agree a $1.4bn deal in a bid to capture greater market share......

Profits triple at Germany's E.On
Germany's biggest utility company, E.On, reports a tripling of six month profits to 3.13bn euros ($3.84bn; 2.45bn)......

Italian airline suspends flights
An Italian cash-strapped budget airline, Wind Jet, suspends all its flights, leaving hundreds of passengers stranded at Rome airport......

G4S donates 2.5m to armed forces
Private security firm G4S donates 2.5m to the armed forces after troops had to stand in for its absent staff at the Olympic Games......

Premium rate 'loophole' uncovered
An unexplained charge on a mobile phone bill helps a user uncover a loophole in the sign-up system for some premium rate services......

UK Sport funding extended to 2016
Prime Minister David Cameron reveals that funding for Britain's Olympic sports will be maintained for Rio 2016......

AUDIO: Will local TV stations work?
The application deadline has passed for the right to run local TV stations across the UK. As many as 21 new services could be set up under the plans, originally announced by culture secretary Jeremy Hunt......

AUDIO: Can you name the Olympic sponsors?
Restrictions on who could use Olympic trademarks, brand inspectors patrolling the streets looking for wayard Olympic rings. Was all that worth it?.....

VIDEO: The business legacy of London 2012
After Britain has counted its medals, what will be the economic legacy of the Olympic Games? Will the feel-good factor be just a temporary blip?.....

VIDEO: Motorola to cut jobs worldwide
The American mobile phone manufacturer, Motorola, says it will slash its workforce by 20% after being taken over by Google. 4,000 jobs will be lost and a third of its offices around the world will be closed......

AUDIO: Job losses 'if Virgin lose rail bid'
Virgin could lose its franchise to run trains on the West Coast Main Line this week, with reports that First Group has bid 7 billion for the franchise and will cut staffing......

AUDIO: Sunday trading hours to be extended?
Mark Wallace, spokesman for the Institute of Directors, and Conservative MP Mark Pritchard, debate whether Sunday trading hours should be extended......

VIDEO: Budget airline Wind Jet halts flights
Cash-strapped Italian budget airline, Wind Jet, has suspended all flights, leaving many passengers stranded......

VIDEO: Japan growth slower than expected
Japan's economy grows at a slower-than-forecast pace in the second quarter amid slowing export growth and subdued domestic demand......

Olympic legacy: White elephant or economic viagra?
White elephant or economic viagra?.....

Social media: A dotcom bubble?
Is social media another dotcom bubble?.....

Space invaders: How advertising penetrates people's lives
How advertising penetrates people's lives.....

South Asia energy crisis needs action
Is collective action the answer to South Asia's energy crisis?.....

U.S. Day Ahead: Consumers could still be stuck in neutral
Analyst Jharonne Martis......

Trading at Noon: Google cuts Motorola staff, gains Frommers
Aug 13 - Google will cut 20 percent of Motorola Mobility's workforce but is set to buy travel guide Frommers; Knight Capital down 6 percent in midday trading......

Heathrow's Olympics send-off
Aug. 13 - Olympic athletes depart from London's Heathrow airport while enjoying a send off at a special Games terminal set up to resemble a London park. Ciara Sutton reports......

Breakingviews: It's the budget, stupid
Aug 13 - At least, it should be. Richard Beales and Breakingviews columnists discuss what Mitt Romneys pick of Paul Ryan as his running mate means for Americas taxes and spending......

Holiday chaos as airline suspends flights
Aug. 13 - Italian low-cost carrier Windjet has suspended all its flights, leaving hundreds of angry passengers stranded at Catania Airport during what is traditionally Italy's peak summer holiday travel period. Hayley Platt reports......

Europe Day Ahead: Equities priced for euro zone GDP slide
Aug. 13 - Tomorrow's euro zone GDP figures are forecast to show contraction, but analysts expect equities to ride out anything less than a major downside surprise......

3XSQ: Hello, Moto; Goodbye, jobs
Aug 13 - Google's Motorola Mobility has told employees it plans to slash 20 percent of its workforce and shut down nearly a third of its offices worldwide......

Three reasons to be wary of Groupon
Breakingviews' Rob Cyran highlights what investors are most concerned about with the company's balance sheet......

Market Pulse: Romney, Ryan and the dollar
FX analyst Neal Kimberley......

Breakingviews: StanChart board needs more oomph
Aug. 13 - StanChart chairman John Peace should give bank his full attention. The board and non-execs need beefing up to help recover from the New York regulator accusations quicker say Breakingviews......

And gold goes to: Brand Britain...and the UK coalition
Aug. 13 - Martin Sorrell, CEO of the world's largest advertising agency WPP, says London 2012 has encouraged investment and helped coalition politics. Now just prepare for the post-Olympics depression......

Japan's economy stalls
Aug. 13 - Second quarter growth half the pace expected as weak Eurozone demand weighs on manufacturers in the world's third largest economy......

Reuters Today: Counting the cost as Olympic euphoria fades
Aug. 13 - A spectacular closing ceremony for London 2012 leaves Britain asking wether the game's legacy benefits outweigh the cost estimated at 9 billion or more......

Wealth Strategies: Apple could be loser in tech patent wars
Aug. 13 - StockTwits executive editor Phil Pearlman says the end result of Apple's patent war with Samsung could result in a hit to the maker of iPads and iPhones......

Hybrid boat-builders ply new, green waters
Aug. 12 - A new hybrid-powered cruiser is turning heads as the world of luxury watercraft follows the automotive industry's lead in offering customers the opportunity to go green. The Greenline 40 uses a panel of solar powered batteries that can run .....

No punches pulled in easyJet encounter
EasyJet chairman Sir Mike Rake has narrowly survived a second attempt by founder and largest shareholder, Sir Stelios Haji-Ioannou, to remove him from the board.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/225.....

Time to stop the EU navel-gazing
Whilst the Coalition continues to maintain that its policies are sustaining the economy, but our GDP tumbles, this is the time to examine this inherent contradiction between claims and performance.<img width='1' height='1' src='http://telegraph.fe.....

World shipping crisis threatens German dominance as Greeks win long game
Germany's shipping industry faces a wave of bankruptcies over coming months as funding dries up and deepening economic woes across the world cause a sharp contraction in container trade.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

FirstGroup could rename West Coast service Horizon Trains
FirstGroup is considering ditching its company name from the West Coast rail franchise and rebranding as Horizon Trains, should it win bid for London to Scotland service.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

West Coast rail bids look an accident waiting to happen
It's not just FirstGroup's rail bid that looks absurdly optimistic. Sir Richard Branson's does too.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2258b250/mf.gif' border='0'/><br/><br/><a href=.....

West Coast rail bids look an accident waiting to happen
It's not just FirstGroup's rail bid that looks absurdly optimistic. Sir Richard Branson's does too.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22585e57/mf.gif' border='0'/>.....

Whitbread shares slip as City scribblers warn performance may weaken
The Costa Coffee-owner fell during trading as analysts clipped their recommendation on the shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22585036/mf.gif' border='0'/><br/><br/><a href=".....

Oil services group Petrofac falls on fears over order pipeline
Shares in oil services group Petrofac tumbled more than 5pc amid renewed fears over its order pipeline, despite reporting half-year results that beat analysts' expectations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Google to cut 4,000 Motorola Mobility jobs
Google is to cut about 4,000 jobs at Motorola Mobility, the struggling mobile handset maker it bought earlier this year<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22585039/mf.gif' border='0'/><br/>&l.....

Google pushes pirate sites down the search rankings
The creative industries have scored a major victory after Google agreed to alter its search results so that websites offering pirated content appear lower in the rankings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

E.ON risks consumer wrath with 24pc rise in UK profits
Energy supplier E.ON has risked consumer wrath with a 24pc rise in profits to 245m for the first half of the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2258503b/mf.gif' border='0'/><br/><br/.....

Debt crisis: Greek economy plunges as country faces vital bond auction
Greece plunged deeper into recession according to official figures, raising tension over the 3.1bn which Athens needs to raise on the bond markets to avoid defaulting.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Standard Chartered: Sands flies to New York to try for eleventh hour settlement with US regulators over Iran charges
Chief executive Peter Sands flies to New York in a last ditch bid to secure a settlement and avoid a public showdown with US regulators over Iranian money laundering charges.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Sir Mervyn King urged to widen scope of stimulus
Business groups today joined calls for Sir Mervyn King, Governor of the Bank of England, to widen the scope of measures to stimulate the economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/225805f0/mf.gif' bo.....

easyJet chairman survives attempt to oust him
EasyJet chairman Sir Mike Rake has narrowly survived a second attempt by founder and largest shareholder, Sir Stelios Haji-Ioannou, to remove him from the board.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/225.....

Three guilty of 10m Majorcan Ponzi scheme
Three individuals who funded luxury lifestyles in Majorca by cheating investors of their life savings have been convicted of running a multi-million pound Ponzi scheme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

PwC faces investigation over RSM Tenon audits
PricewaterhouseCoopers is being investigated over its audits of crisis-hit corporate finance firm RSM Tenon.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2257fe3f/mf.gif' border='0'/><br/><br/>&l.....

Debt crisis: as it happened - August 13, 2012
Angela Merkel returned from holiday to find that Greece's economy shrank 6.2pc in the second quarter of the year as the German economy minister said he was disappointed with Greece's efforts to implement necessary reforms.<img width='1' height='1'.....

Good news Britain: MITIE 'saves firms money'
By taking on those services which are not core to our clients' operations, we improve standards and save them money, says the chief executive of outsourcing group, MITIE.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Mitie in upbeat mood as orders roll in
Outsourcing group Mitie has secured the bulk of its annual budgeted revenues, thanks to a 775m contract to deliver facilities management services for Lloyds Banking Group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Debt crisis: live
Angela Merkel returned from holiday to find that Greece's economy shrank 6.2pc in the second quarter of the year as the German economy minister said he was disappointed with Greece's efforts to implement necessary reforms.<img width='1' height='1'.....

JP Morgan chief Jamie Dimon defends banks, says London Whale has been 'harpooned'
JP Morgan chief executive Jamie Dimon has said the London Whale responsible for a $5.8bn trading loss has been "harpooned", as he defended the role of big banks in society.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Munich Re buys three UK wind parks
Munich Re, the world's largest reinsurer, has acquired three wind parks in Britain as part of a 2.5bn (2bn) investment in renewable energies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22565d02/mf.gif' border.....

Watch: Mock interview with jobs and careers expert
How will Keith Parkin get on with a mock interview from expert Corinne Mills?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2256e291/mf.gif' border='0'/>.....

50+ Jobseeker's mock interview and tips from career expert
How will Keith Parkin get on with a mock interview from expert Corinne Mills?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22565d03/mf.gif' border='0'/>.....