Search This Blog

Wednesday 15 August 2012

UK Financial News on 2012-08-15

Banks summoned in US Libor probe
Seven banks, including HSBC and Royal Bank of Scotland, are to be questioned in the US for alleged manipulation of the Libor inter-bank lending rate......

UK unemployment falls to 2.56m
The number of people out of work fell by 46,000 to 2.56 million in the three months to June, according to the Office for National Statistics......

Branson 'sad' at franchise loss
Sir Richard Branson says it is "extremely disappointing" that Virgin Rail has lost the West Coast Mainline franchise to rival FirstGroup......

Brazil announces stimulus plan
Brazil's government unveils the first phase of a major economic stimulus package designed to boost growth in the flagging economy......

JJB shares plummet on write-off
Shares in JJB Sports plummet more than 20% after its US shareholder wrote off its investment in the struggling retailer......

Australia court backs tobacco law
An Australian court has upheld the government's new law on mandatory plain packaging for cigarettes in the country......

Bank's shares up on US settlement
Standard Chartered shares rise after it agrees to pay $340m to New York regulators to settle claims that it hid transactions with Iran......

Cashmere firm in administration
Administrators are called in to the cashmere firm Dawson International which employs about 180 people in the Borders......

BoE minutes hint at more stimulus
Some members of the Bank of England's policy setting body were considering voting for more quantitative easing earlier this month, minutes show......

US factory output in strong rise
US industrial activity in July grew at its fastest pace since April, figures show, raising hopes of a sustainable recovery in the economy......

Scottish building societies merge
The Scottish Building Society, one of the country's oldest mutuals, is to merge with the smallest, Edinburgh's Century......

Brewer Carlsberg sees profit rise
Danish brewer Carlsberg reports a rise in second-quarter profits, but poor weather hits sales in key European markets......

De Beers in key move to Botswana
The world's leading diamond producer, De Beers, starts the sorting of rough stones in Botswana, ending an operation carried out in London for nearly 80 years......

Bank worker held over 700K theft
A man is arrested on suspicion of stealing 700,000 from cash machines at the bank where he works......

Fresh fears spark Sharp sell-off
Shares in Japan's electronics group Sharp fall to their lowest in nearly 37 years amid concerns losses will balloon this year......

Ryanair emergency landings probed
Low-cost airline Ryanair says it was following procedure when three of its pilots requested emergency landings in the Spanish city of Valencia......

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......

Phone staff 'mislead on prices'
Shop staff are misleading customers over fixed price mobile phone contracts, according to a consumer group's mystery shopping exercise......

PPI claims 'in hundreds each day'
The financial ombudsman service is taking 1,500 new claims for payment protection insurance (PPI) compensation every day, figures show......

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......

India must tackle economy - PM
Indian PM Manmohan Singh uses his Independence Day speech to call on politicians to take urgent steps to boost economic growth......

Lib Dems say 'no to new runways'
Liberal Democrats stress they will not support new runways at London airports, as the party pushes for a new aviation strategy......

Brazilian court halts work on dam
A federal court in Brazil orders the suspension of work on the huge Belo Monte dam, which will flood a vast area of native forest in the Amazon......

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

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......

BBC boss to head New York Times
The New York Times Company announces that outgoing BBC director general Mark Thompson will become its chief executive and president in November......

New playing space rules opposed
Critics warn new rules on outdoor space for pupils in England to do PE will make it easier for schools to sell off playing fields......

Race track firm 'raises millions'
The firm behind a major motor racing circuit project says it has secured enough money for the proposals, and they may go to planners soon......

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......

VIDEO: 'More in work' so why the GDP dip?
The number of people out of work fell by 46,000 to 2.56 million in the three months to June, so why did our national output shrink by 0.7% during the same period?.....

VIDEO: FirstGroup bid 'good for passengers'
FirstGroup has won its bid to run the West Coast Mainline ahead of current operator Virgin Rail......

VIDEO: Byrne: Government must act on jobs
The number of people out of work fell by 46,000 to 2.56 million in the three months to June, according to the Office for National Statistics......

AUDIO: Thompson 'toe to toe' with Murdoch
The outgoing Director General of the BBC, Mark Thompson, is going to run one of the world's most influential newspaper groups, the New York Times......

VIDEO: Baby boomers dominate travel market
Older travellers now account for over half of tourism spending highlighting the power of the "grey pound"......

AUDIO: West Coast franchise 'big test'
Virgin Trains has been running the West Coast mainline rail services since 1997, but it has just lost the franchise. Stephen Glaister, Professor of Transport and Infrastructure at Imperial College, shares his thoughts on the change......

VIDEO: 'I want to work, why shouldn't I?'
The number of people out of work fell by 46,000 to 2.56 million in the three months to June, according to the Office for National Statistics......

AUDIO: Phone shops 'misleading' customers
Wake Up To Money looked into a consumer group report that suggests phone shops are misleading customers over prices......

UK firms can strike Brazil gold
Exporting UK sport expertise to 2016 Olympics.....

Finland mulls over euro future
Finland considers leaving the single currency.....

The corporate Olympic champions
Which companies were the winners at London 2012?.....

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.....

Osaka inspires New York street chef
Aug 15 - First Sushi and then Ramen, what's the next big thing for Japanese food in New York? Kyoko Gasha reports......

U.S. Day Ahead: Goldman may be set to dump Facebook
Aug 15 - Expect Goldman Sachs to sell its Facebook stocks to recoup losses as soon as a key share lockup expires, according to Pe-Hub Editor Jon Marino......

Mobile stars at Gamescom
Aug 15 - Europe's biggest gaming fair is getting underway in Cologne, Germany amid talk of changing habits and shifting platforms. Matt Cowan reports......

Breakingviews: Making a Mark at the New York Times
Aug 15 - Richard Beales and Breakingviews columnists discuss whether Mark Thompson's experience at the government-funded BBC will be enough to turn around the New York Times......

Trading at Noon: Staples wishes for earnings 'easy button'
Aug 15 - Staples reports lower-than-expected quarterly results on weak demand across the globe, prompting cuts for profit and sales forecasts......

Saft Says: U.S. corporate pension plans face big liability
Columnist James Saft says one of the overlooked victims of the fall of interest rates are corporate pension plans which are facing a ballooning liability even as returns stay tepid......

No quid without pro quo for German economy minister
Aug. 15 - We need a strong Europe and a strong currency, but it has to be give and take, and reforms and budget discipline have to be the focus, says Germany's Economy Minister Philipp Roesler. Rough Cut (no reporter narration)......

So why did StanChart settle with U.S?
Aug 15 - British bank Standard Chartered surprised some analysts by speedily agreeing to pay a $340 million fine to New York's financial regulator, as the lender continues talks with other U.S. agencies to agree a comprehensive deal. Joanna Partridge.....

Europe Day Ahead: Inflation test for ECB bond buying plans
Aug. 15 - Euro zone inflation is seen holding above the ECB's target rate as the bank mulls whether to restart bond buying......

Drought weighs on world food prices
Aug. 15 - The OECD has raised concerns over the rising cost of food prices globally as Romania becomes the latest country to report devastated crops due to drought. Hayley Platt reports......

Top Three Smart Money Trends
' Katya Wachtel......

3XSQ: Retailer profit reports more of a mixed bag
Aug 15 - Consumer activity appears more mixed a day after the strong retail sales report, with Target posting a higher-than-expected quarterly profit and Staples reporting lower-than-expected results......

Wealth Strategies: Uncertainty sending investors to options
Aug. 15 - TD Ameritrade's Tom Bradley says in response to fiscal concerns in Europe and a slow U.S. recovery, investors are saving more for their retirement funds and using options to hedge volatility......

U.S. Morning Call: Investment managers go for JPM, Facebook
Aug 15 - New regulatory filings show that several big hedge fund managers loaded up on JPMorgan; some bought Facebook and more got into oil......

Market Pulse: StanChart shares jump, but more fines ahead?
Aug. 15 - StanChart shares jump 5% after bank agrees deal with NY regulators. But $5.5 bln has already been wiped off its value, and total fines could still reach $1 bln.....

OECD fears for world food prices
Aug. 15 - OECD Secretary General Angel Gurria says the ongoing drought in the U.S. which has hit corn and soy growers is putting pressure on producers to increase world food prices. However, he also says says it is important not to overreact. Rough C.....

Wall Street regulator is "400 lb gorilla" - Natwest 3 banker
Aug. 15 - Standard Chartered's hasty $340 mln settlement of money-laundering allegations is no surprise, and as U.S. regulators take an increasingly tough stance, more high-profile cases are sure to follow......

Breakingviews: StanChart settlement puzzling
Aug. 15 - Standard Chartereds agreement to pay a $340mln settlement for disputed Iran trades is baffling as the numbers dont stack up, an explanation is required say Breakingviews......

In the Boardroom: Carrot or stick? Hiring women in Germany
Aug. 15 - Can companies be trusted to recruit women into leadership positions? Germanys Family Affairs Minister says they can. Lucy Marcus speaks to Kristina Schrder on her controversial 'flexi-quota' policy.....

Lenovo set to seize PC crown
Aug. 15 - Lenovo looks set to become number 1 in the global PC market, say analysts, and in doing so will become the first major Chinese brand to grab the top spot globally in the tech sector......

A new scene in North Korea?
Aug. 15 - A girl band, shorter hemlines and sightings of Mickey Mouse lead some to wonder whether change is coming to reclusive North Korea......

Reuters Today: StanChart deal "extortion" - Natwest 3 banker
Aug. 15 - "Natwest 3" member David Bermingham, jailed over the Enron scandal, has harsh words for U.S. regulators as Standard Chartered settled for $340 million on claims the bank hid transactions with Iran......

Australian court cracks down on cigarette packaging
Australia's high court rules in favor of tough anti-tobacco marketing laws that could affect tobacco companies around the world. Julie Noce reports.....

FACTBOX: Hedge fund managers' top buys, ups and cuts
Aug 14 - Top investment managers including Warren Buffett, John Paulson, and Bill Ackman disclose their holdings with the second-quarter 13F filings......

Standard deal for Standard Chartered
Aug 14 - The U.K.'s Standard Chartered reached a settlement with a New York regulator over accusations it conducted unlawful business with Iran, avoiding a potentially embarrassing hearing. Conway G. Gittens reports......

BDO in talks to take over accountancy rival PKF
Accountancy group BDO is in advanced talks to take over rival PKF as it attempts to bridge the gap between it and the "big four" through acquisitions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/226ac795/mf.gi.....

Experts urge George Osborne to make U-turn on austerity
Chancellor urged to abandon austerity plans and boost infrastructure spending to rescue the economy by a group of top economists who backed him just two years ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

FirstGroup to pay almost 10bn to run West Coast line
Transport giant FirstGroup is facing a bill of almost 10bn to run the West Coast rail franchise, nearly twice the 5.5bn value unveiled today by the Government.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/226a6.....

Cashmere company Dawson falls into administration
The Scottish group had been struggling with its pension debts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/226a6625/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13926467.....

FirstGroup's West Coast bid: a "deliverable proposition" or a route to "almost certain bankruptcy"?
Tim O'Toole and Sir Richard Branson are miles apart on a rail franchise bid that's shaping up to be the riskiest yet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2269fb31/mf.gif' border='0'/><br/><.....

Investors consider putting Vodafone shares on hold
The group slipped during trading today after scribblers in the Square Mile warned the shares may face headwinds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2269fb32/mf.gif' border='0'/><br/><br/&g.....

Coalition will count the cost of dithering
From being accused of insanity by a leading businessman, the Government was then attacked for "pussyfooting around" today by one of the few politicians who appreciates the importance of business to the UK's prosperity.<img width='1' height='1' src.....

Right now Sir Richard must be hoping First Group comes off the rails
Sir Richard Branson's anguish at losing the West Coast Mainline is almost tangible. But why? Business decisions often go against large companies but rarely do they elicit accusations of Government insanity.<img width='1' height='1' src='http://tel.....

Balfour Beatty defies gloom with Olympics boost
Balfour Beatty, the construction and infrastructure group that built the Olympics aquatics centre, has defied the gloom plaguing the sector to report a rise in pre-tax profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Mark Thompson has raised the bar for British media alumni in America
Mark Thompson's experience as the director general of the BBC will be key if he is to drag The New York Times, the so-called Grey Lady, into a technicolour future online.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Royal Mail signs Chinese joint venture
The Royal Mail has formed a joint venture with a Chinese delivery company in an effort to grow its parcel delivery business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2269727d/mf.gif' border='0'/><br/&.....

Stratford City shopping centre attracted 5.5m visits during London 2012 Olympic Games
Stratford City one of the biggest retail winners from London 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22667b2e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1392.....

JJB investor Dick's Sporting Goods writes off 20m investment just four months later
JJB Sports shares plummeted a quarter after Dick's Sporting Goods, a key shareholder, wrote off an investment it made in the struggling sporting goods retailer just four months ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Debt crisis: Germany stands firm on Greek bail-out demands
The German government stands by demands made by international creditors in return for Greece's bail-out, Angela Merkel's spokesman said on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/226966f0/mf.gif.....

Standard Chartered faces total fines of up to $1bn before it settles US charges
Standard Chartered faces fines totally as much as $1bn (637m) before it finally settles accusations that it by-passed US Iranian money-laundering sanctions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/226966f6.....

Debt crisis: as it happened, August 15, 2012
The German government has said it stands by demands made by international creditors in return for Greece's bail-out, after reports suggested that the country's prime minister will ask for a two-year extension to implement austerity measures.<img w.....

Study links UK recession to 1,000 suicides
A painful British economic recession and rising unemployment may have driven more than 1,000 people in England to commit suicide, according to a scientific study published today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

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.....

George Osborne no longer enjoys faith of former prominent economist backers over deficit
George Osborne no longer enjoys the support of a group of 20 prominent economists who wrote an influential letter ahead of the last general election backing his deficit reduction plan.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Upbeat US data boost recovery hopes
The US economy has rebounded from a weak second quarter, according to official figures, restoring some optimism in the global recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2269021f/mf.gif' border='0'/&.....

Debt crisis: Greece's Samaras to face show-down with Angela Merkel in Berlin
ANGELA Merkel has agreed to meet Greece's prime minister in Berlin next week for a show-down at which all options will be "on the table" - including Athens' hopes to extend the austerity deadlines of its bail-out programme.<img width='1' height='1.....

Good News Britain: Balfour Beatty builds bridges for London Olympics legacy
Construction engineer Balfour Beatty built the Aquatic Centre for the London 2012 Olympics and the innovative bridges that span the river in the Olympic Park.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2268ba.....

HSBC withdraws 2.99pc fixed-rate mortgage
HSBC is taking its record-breaking 2.99pc five-year fixed-rate mortgage off the market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2268ba59/mf.gif' border='0'/><br/><br/><a href="http://da.f.....

PPI: Ombudsman criticises banks over 1,500 new complaints a day
Ombudsman is "disappointed" in banks as number of PPI inquiries doubles.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/226ac796/mf.gif' border='0'/>.....

Standard Chartered seeks collective Iran settlement with other US regulators
Standard Chartered is seeking a collective settlement with other US regulators to draw a line under its recent troubles after a agreeing a $340m fine with the New York banking watchdog over transactions with Iran.<img width='1' height='1' src='htt.....