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Tuesday 14 August 2012

UK Financial News on 2012-08-14

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.....

Angry reaction to rail fare hike
Passenger groups lead a chorus of protests against the 6.2% hike in some rail fares in England - an increase almost double the rate of inflation......

Bank to pay $340m for Iran deals
Standard Chartered agrees a $340m settlement with New York regulators that accused it of hiding $250bn of transactions with Iran......

Surprise rise in inflation rate
Prices in the UK were 2.6% higher in July than a year earlier, official figures show, due to soaring air fares and earlier than usual summer sales......

Tax penalties of 1,200 sent out
About 500,000 people are being sent notices of penalties of at least 1,200 for failing to submit their self-assessment tax returns......

Eurozone economy shrinks by 0.2%
The economy of the eurozone contracted by 0.2% in the second quarter of the year, official figures show, as the difficult period for the area continues......

Revenue concerns knock Groupon
Shares in US voucher firm Groupon slump 26% as revenue figures reported on Monday evening disappoint Wall Street......

Supergroup's co-founder resigns
Theo Karpathios, one of the founders of Supergroup, which owns the Superdry clothing brand, leaves the group with immediate effect......

US retail sales in surprise jump
US retail sales jumped unexpectedly in July, according to official data, pointing to a modest recovery in the world's biggest economy......

House prices 'expected to fall'
Surveyors expect house prices to dip in the coming months, prompting a call for sellers to be realistic about asking prices......

Cab company reveals 4m IT error
The Coventry-based manufacturer of London's black cabs reveals a near 4m hole in its accounts and warns of mounting losses......

Pensions deficits 'rose in July'
The deficit of the UK's final-salary pension schemes hit its second highest level on record in July, according to the Pension Protection Fund......

Capita staff plan job loss strike
Workers at computer services firm Capita vote to go on strike over job losses and work going to India......

Facebook's Instagram bid gets nod
The Office of Fair Trading gives Facebook's takeover bid for Instagram the green light after deciding not to refer it to the Competition Commission......

Car plant to cut wait for Evoque
Moving Jaguar Land Rover staff on Merseyside to 24-hour working will cut the time customers wait for new cars, the firm says......

Publisher launching degree course
International publisher Pearson is setting up a college in the UK to teach degree courses, a first for a FTSE 100 company......

Profits increase at Standard Life
Pensions, savings and investment firm Standard Life secures higher profits, largely helped by cost-cutting......

Dragons' Den star to help Nigeria
UK businessman and reality TV star Doug Richard launches an initiative in Nigeria to help more than 1,200 young entrepreneurs set up businesses - including snail farms......

'No decision' on Dandy's future
The publisher of Britain's longest running comic says no decision has been taken on whether it will cease publication......

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......

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"......

Indian inflation slows in July
India's wholesale price index slowed again in July, rising 6.87%, which was lower than had been expected......

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......

China ad firm gets $3.5bn offer
Focus Media, the advertising firm accused of accounting fraud, gets a buyout offer from its chief executive and private equity firms......

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......

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

Bin Hammam to fight Fifa claims
Mohamed bin Hammam intends to fight to clear his name as Fifa open investigations against him over alleged financial mismanagement......

Man City academy gets green light
Manchester City's plans to build a training academy are given the go-ahead by the government......

Rangers' 'Scottish debts settled'
Charles Green claims debts to Scottish clubs incurred by the company that formerly ran Rangers have been settled......

VIDEO: The Dandy faces closure
Britain's longest-running comic, the Dandy, could be facing closure after seventy-five years......

AUDIO: Making it easier for shops to 'pop-up'
The government is considering a relaxation in planning rules in England to allow temporary businesses to "pop-up" more easily......

VIDEO: UK's energy industry 'doing well'
The energy industry is one which employs 440,000 jobs across the UK, with 32,000 directly employed by energy companies. 45% of those working within the energy industry are in Scotland......

AUDIO: Why tax stops Bolt running in the UK
After Usain Bolt won his last gold medal, in the 100m relay on Saturday where the Jamaican team set a world record, he spoke of why tax laws are stopping him coming to run in Britain......

VIDEO: Bob Crow angry at fare rises
Rail passengers face increases in the cost of travel, after a surprise inflation rate jump. Bob Crow from the RMT union said the rise was not justified......

VIDEO: Rail fares compared across Europe
Rail fares in England will go up by an average of 6.2%, which is 3 percent over RPI. But how do they compare with the rest of Europe?.....

VIDEO: Jaguar workers on first night shift
The Jaguar Land Rover factory at Halewood, Merseyside, is moving to 24-hour production for the first time in its history......

Brazil confident ahead of Rio 2016
Brazil says it will learn from London for 2016 Olympics.....

Scotland helps power UK economy
The country's 'best industrial success story of modern times'.....

Why Indian boardrooms have no diversity
Why Indian boardrooms have no diversity.....

Filling the technology skills gap
Feeding Kenya's voracious technology industry.....

Social media: A dotcom bubble?
Are social media shares in another dotcom bubble?.....

U.S. Day Ahead: Cisco's Chambers set to sing European blues
Correspondent Nicola Leske......

Retinal prosthesis a potential boon for the blind
Aug 14 - Researchers at Stanford University in California are developing a retinal prosthesis system they hope will one day give millions of blind people the ability to see again. The system has shown potential in rats but is designed ultimately for .....

Tight security after South African mine clashes kill nine
Aug. 14 - Another body is discovered at South Africa's Lonmin mine after a feud between rival unions left nine people, including two polices officers, dead. Deborah Lutterbeck reports......

Trading at Noon: 'More saving. More doing.' More profits
Aug 14 - Home Depot beat Wall Street's profit estimates for the latest quarter, prompting the No. 1 home improvement chain to raise its earnings outlook......

StanChart CEO in Iran probe talks
Aug.14 - Standard Chartered's CEO Peter Sands has flown to New York to take personal control of the bank's attempts to reach a settlement with US regulators over allegations it hid transactions involving Iran. Sonia Legg reports......

Firms put faith in Feng shui
Aug.14 - More and more firms are turning to the ancient Chinese practice of feng shui when planning where to build their next skyscraper, hoping to entice rocketing numbers of cash-rich Far East buyers. Hayley Platt reports......

Europe Day Ahead: Bank of England QE clue hunt
Aug. 14 - Economists will hunt for clues to the Bank of England's thinking on bond buying when the latest Monetary Policy Committee minutes are published tomorrow......

Breakingviews: Groupon's goods are bad
Aug 14 - Rob Cox and Robert Cyran discuss Groupon's bleak results and predict that despite shifting emphasis from services to goods coupons, growth at the daily deals company will continue to decline......

Concern as euro zone economy shrinks
Aug.14 - Germany posts modest economic growth in the second quarter of the year and France stagnated, suggesting the euro zone as a whole contracted over the three months. Ciara Sutton reports......

How DNA testing could fell the illegal timber trade
Aug. 14 - The global illegal timber trade is estimated to be worth as much as $30 billion - but a new method of identifying the origin of wood using DNA testing could put a severe dent in the criminal gangs' profit margins. Rob Muir reports......

3XSQ: Investors 'discount' Groupon after sales miss
Aug 14 - Groupon says the weakness in Europe contributed to its quarterly sales missing expectations......

Nothing to cheer in euro zone GDP - OECD's Gurria
Aug. 14 - The positive reaction to today's euro zone GDP numbers merely highlights how grim expectations now are, says OECD Secretary General Angel Gurria......

U.S. Morning Call: Groupon gets a raw 'deal'
Aug 14 - Groupon shares are hitting an all time low in pre-market trading today, falling over 20 percent after the online coupon company missed revenue estimates for the second quarter......

Market Pulse: Spanish yields to test 8% by month end - IDEA
Aug. 14 - Investors breathe a sigh of relief that euro zone GDP numbers were not as bad as many feared. But IDEAglobal warns that Spain looks more vulnerable than ever......

Breakingviews: Barclays bonus culture could change
Aug. 14 - Incoming Barclays chairman David Walker has a golden opportunity to put his words on pay reform into action say Breakingviews......

Sharps future: Just a piece of the Apple pie
Aug. 14 - Once-mighty Sharp is loaded in debt and hemorrhaging money. If the firm can put its ego aside, there may be a brighter future ahead not as a standalone brand, but as a component supplier to Apple......

Reuters Today: a last hurrah for the euro zone?
Aug. 14 - Second quarter GDP data from powerhouse Germany and France are not looking as bad as feared, though the backdrop remains one of chronic economic weakness......

Investors discount Groupon stock
Aug. 13 - Groupon shares hit an all-time low in after hours trading Monday after it reported a revenue miss, blaming Europe. Bobbi Rebell reports......

S&P breaks streak: Groupon sales off
Aug. 13 - Summary of business headlines: S&P 500 ends longest rally in year and a half; Groupon sales disappoint, accounting cloud hovers; FedEx to seek voluntary layoffs; Google cuts Motorola jobs, buys Frommer's. Conway G. Gittens reports......

Eco-friendly ATMs make good cents, says manufacturer
Aug. 14 - A Brazilian firm has developed eco-friendly ATM booths crafted from recycled materials and a solar panel that helps lower energy usage. The company says its green ATMs are at the forefront of modern, environmentally responsible design. Tara.....

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......

London 2012: Money well spent?
Aug. 13 - As London begins the clear-up, the Chairman of London Legacy Development and the Director of Underscore debate whether the country can deliver on the promised legacy......

Mark Thompson lands top job at New York Times
Mark Thompson, the outgoing director general of the BBC, has landed the top job at the New York Times.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/226275af/mf.gif' border='0'/><br/><br/><a hr.....

Standard Chartered to pay $340m settlement over Iran investigation
Standard Chartered tonight agreed to pay a $340m (217m) fine in a humbling settlement with United States regulators over Iranian money-laundering charges.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22623628/m.....

German parent weighs TUI deal
TUI Travel's German parent company is considering buying the London-listed firm's central European operations as a possible precursor to taking over the UK business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

'Olympics showed us how great new generation is'
Two days on from the end of the Olympics, and the big question people are asking is: how can we bottle the incredible Olympic spirit to power Britain in the coming years?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

MoD drawn into Saudi deal inquiry
Ministry of Defence will face questions from SFO about what it knew of alleged illegal payments made by defence group EADS to smooth the passage of 2bn contract in Saudi Arabia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

EADS faces questions over 2bn Saudi deal: Q&A
EADS has found itself at the centre of renewed controversy as the Serious Fraud Office formally begins its investigation into a string of questionable payments made by a British subsidiary of the aerospace and defence giant.<img width='1' height='.....

Clegg's likely candidates for Governor don't fit the bill
News that Nick Clegg will have a say in the selection of the next Governor of the Bank of England will elicit multiple groans from the City of London.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22620263/mf.gi.....

QE could fund a 20bn tax giveaway
The Government could fund a 20bn tax giveaway to boost growth next year by releasing the profits made by the Bank of England's money-printing programme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2261983c/mf......

Clegg to be consulted over Bank Governor appointment
The chances of a banker becoming the next Governor of the Bank of England have fallen sharply after it emerged that Nick Clegg will have a say in the appointment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22.....

Pensioners hit hardest by surpirse rise in inflation
Elderly pensioners were hardest hit by last month's shock rise in inflation that has raised fresh questions about the Bank of England's forecasting credibility.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2261.....

Inflation rise raises doubts over Bank's forecasts
Sir Mervyn King must be ruing his comments last week when he virtually declared the threat of inflation over. "It has now fallen within touching distance of the 2pc target," he said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Norwich and Preston more popular than Brighton or Bristol in local TV race
More companies are interested in running local television stations in Norwich and Preston than Brighton or Bristol, as Ofcom publishes bidders for scheme to launch local TV in more than 20 UK cities.<img width='1' height='1' src='http://telegraph......

Shares in WH Smith hit new highs
Investors have chased the newsagent higher, but broker Seymour Pierce thinks they have further to go.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22618e14/mf.gif' border='0'/><br/><br/><a hre.....

Standard Chartered to pay $340m settlement over Iran investigation
Standard Chartered has agreed to pay a $340m (216m) settlement to the New York Department of Financial Services over allegations that it broke US sanctions on Iran.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Debt crisis drags eurozone economy down 0.2pc
The eurozone was shown to be on the edge of a double-dip recession today, as even the powerhouse economies faltered in the face of the three-year-old debt crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22.....

Standard Chartered: traders bet bank will avoid public show-down in US
Shares in Standard Chartered rise on hope that Peter Sands will secure last minute agreement with New York's regulator over charges that it broke US sanctions on Iran.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Carl Icahn gives son Brett $3bn to prove his worth as fund manager
It's the sort of patronage that Carl Icahn would fight to remove in any other company he owned. But the original corporate raider has given his son $3bn to manage to prove himself as a money manager.<img width='1' height='1' src='http://telegraph......

Carl Icahn gives son Brett $3bn to prove his worth as fund manager
IT'S the sort of patronage that Carl Icahn would fight to remove in any other company he owned. But the original corporate raider has given his son $3bn to manage to prove himself as a money manager.<img width='1' height='1' src='http://telegraph......

Horn player wants banks to change their tune
Gear4Music founder Andrew Wass followed his passion into selling instruments online - but getting banks to play along is still proving tricky.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2260e737/mf.gif' borde.....

Halifax employee accused of 720,000 theft
A Halifax employee has been accused of stealing 720,000 from the bank's cash machines.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2260e738/mf.gif' border='0'/><br/><br/><a href="http://da.fe.....

Why the Coalition could learn a lot from Ryanonomics
It started off as a lacklustre, almost boring contest but the decision by Mitt Romney, the Republican challenger, to select Paul Ryan as his vice-presidential running mate has transformed the US election into a sensational clash of visions.<img wi.....

Debt crisis: as it happened - August 14, 2012
Spanish prime minister Mariano Rajoy has remained tight-lipped on whether he will make a formal request for a bail-out, as Olli Rehn indicated the ECB and EU were ready to shore up the eurozone.<img width='1' height='1' src='http://telegraph.feeds.....

Debt crisis: live
Spanish prime minister Mariano Rajoy has remained tight-lipped on whether he will make a formal request for a bail-out, as Olli Rehn indicated the ECB and EU were ready to shore up the eurozone.<img width='1' height='1' src='http://telegraph.feeds.....

BAA fails to land gold during the Olympics
Airports operator BAA suffered a 4.1pc fall in passenger traffic in July as Britons postponed their holidays and stayed at home to watch the Olympics.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2260df02/mf.gi.....

Manganese Bronze loses third of value after revealing hole in accounts
London Black Cab maker Manganese Bronze lost a third of its value after it admitted to a 4m hole in its accounts and warned it would have to restate years of results due to an IT error.<img width='1' height='1' src='http://telegraph.feedsportal.co.....