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Thursday 16 August 2012

UK Financial News on 2012-08-16

HSBC pulls 2.99% mortgage rate
HSBC has withdrawn the 2.99% five-year mortgage deal which it launched just a month ago......

Facebook shares fall 6% further
Facebook shares fall heavily as the first lock-up period, which had prevented sales by early investors, ends......

Man Utd signs up Bwin as sponsor
Manchester United signs a three-year sponsorship deal with sports betting company Bwin, making it the clubs official online betting partner......

Oracle pays $2m in SEC settlement
Oracle Software agrees to pay $2m to settle federal civil charges of failing to prevent secret payments in its Indian sales operation......

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

Gallery of tax fugitives revealed
Tax officials have published a gallery of photographs of the people it considers to be the most wanted UK tax fugitives......

UK retail sales increase in July
A surprise rise in UK retail sales during July and an upward revision to June's figure raises hopes the recession may not be as deep as thought......

Streaming music revenues up 40%
Streaming music services like Spotify and We7 will generate 696m for the global music industry in 2012, a rise of 40%, new research suggests......

China's growth 'under pressure'
China's Premier Wen Jiabao warns that the country's economy is under pressure and that it is facing problems that may last for some time......

Wal-Mart profits and sales rise
Wal-Mart has reported a 6% rise in profits for the three months ending in June and raised its annual forecast......

India Maruti factory to reopen
The troubled Maruti Suzuki plant in India's Haryana state will start partial production again on 21 August after being shut for a month......

Cisco announces big dividend rise
Technology giant Cisco announces a big increase in its dividend and better-than-expected fourth quarter profits despite difficulties in Europe......

Cloud computing firm branches out
The Glasgow-based hosting and cloud computing company Iomart buys a Manchester-based firm to expand into the north of England......

South Korea jails Hanwha chairman
A South Korean court sentences Kim Seung-youn, chairman of the Hanwha group, to four years in prison for embezzlement......

China Mobile posts weaker profits
Shares in China Mobile, the world's biggest phone carrier, fall more than 5% after intensifying competition hits the firm's profits......

Apple lawyer 'smoking crack' jibe
A judge says Apple's lawyer must be on drugs to think he can call 22 rebuttal witnesses in a patent trial against Samsung......

The Dandy to print final edition
The publisher of one of the world's longest-running children's comics, The Dandy, says it will stop printing the title......

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......

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......

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......

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......

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......

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......

China's Lenovo sees profits rise
Lenovo, the world's second-largest PC maker, reports a rise in profits due to its still-growing home market and from sales abroad......

Samsung launches tablet mid-trial
Samsung releases a new tablet which uses a stylus and offers split-screen functionality as it continues to battle Apple in court......

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

Nigeria to overhaul sports set-up
Nigeria's President Goodluck Jonathan orders an overhaul of the sports sector following the country's failure to win a single medal at the Olympics......

Pompey Trust set to take control
The Pompey Supporters Trust emerges as the frontrunner to save the stricken League One club from liquidation......

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......

VIDEO: Boom to Bust in Northern Ireland
The economic downturn has hit the Northern Ireland property market hard with some empty housing developments being dubbed "ghost estates"......

AUDIO: Why central Bradford has a 12-acre hole
A 12-acre site in the centre of Bradford has remained empty for several years after buildings were demolished to make way for a shopping centre, but work has yet to start......

VIDEO: High street 'still under pressure'
Neil Saunders, consulting director, Conlumino, describes UK retail figures as "pretty anaemic"......

VIDEO: Tax fugitive gallery 'unprecedented'
Tax officials have published a gallery of photographs of the people they consider to be the most wanted UK tax fugitives......

AUDIO: From web dotcom bubble to 'freemium'
Many who thought they could make money on the web were hit by the dotcom bubble bursting, before advertising and later the 'freemium" model came to the rescue and helped raise revenue......

VIDEO: UK vehicle production increases
Figures from the Society of Motor Manufacturers and Traders (SMMT) showed that UK car production reached 120,000 cars last month, up 22% from a year earlier......

VIDEO: Branson 'disappointed' over rail bid
Sir Richard Branson has said it is "disappointing" that Virgin Rail has lost the West Coast Mainline franchise to rival FirstGroup......

AUDIO: Who will be next Bank of England governor?
Paul Tucker, Adair Turner, Lord O'Donnell are among the more likely names as possible successors to Sir Mervyn King......

German economic strength: The secrets of success
What we can learn from Germany's economic strength.....

Coping with Northern Ireland's burst property bubble
Coping with Northern Ireland's burst property bubble.....

Saint Helena: Mixed reactions over airport plans
Mixed reactions greet airport on St Helena.....

The Olympic ripples hit the Lake District
The Lake District sees fewer Japanese tourists.....

Economic history goes back further than 1929
The world did not begin with the Great Depression.....

What are your annuity options?
What are the choices facing those approaching retirement?.....

Will anybody be nostalgic about Virgin West Coast trains?
Will people be nostalgic about Virgin trains?.....

U.S. Day Ahead: Get set for a possible rally
Correspondent Ed Krudy......

Merkel backs Draghi, chides politicans
Aug. 16 - During a visit to Canada, German Chancellor Angela Merkel pushed for faster fiscal euro zone cooperation as a way to restore market confidence and backed a pledge by the European Central Bank to do "whatever it takes" to save the euro. Conw.....

Trading at Noon: Facebook shares hit all-time low
Aug 16 - Facebook shares sank as much as 7.1% to a record low in Thursday trading, shedding more than $4 billion of market value......

Wealth Strategies: Fed study on muni defaults a red herring
Aug. 16 - A New York Fed study finds the reported rate of municipal debt defaults discounts troubles in unrated bonds, but Lebenthal's Greg Serbe says that doesn't necessarily mean a wave of defaults is coming......

Seven banks face U.S. libor questioning
Aug. 16 - JPMorgan, Deutsche Bank and HSBC are among around seven banks subpoenaed in a joint New York-Connecticut investigation of possible manipulation of the Libor benchmark international lending rates. Ciara Sutton reports.....

Europe Day Ahead: German inflation, Pussy Riot verdict
Aug. 16 - German inflation and euro zone current account numbers the only data due out of Europe, as punk band Pussy Riot await their trial verdict in Russia......

Breakingviews: John Chambers Cisco diet pays off
Aug 16 - Antony Currie and Robert Cyran discuss how shareholders are finally seeing the benefit of the Cisco CEOs stricter regimen......

South African police open fire on striking Lonmin miners, several dead
Aug. 16 - WARNING GRAPHIC CONTENT South African police open fire on striking miners armed with machetes and sticks at Lonmin's Marikana platinum mine, killing at least a dozen men in the deadliest episode of a week of union violence. The SAPA domest.....

Surprise rise in UK retail sales
Aug. 16 - Retailers reported an unexpected rise in sales in July and higher than earlier thought sales in June, boosting hopes that consumer spending will help lift the economy out of recession. Hayley Platt reports......

3XSQ: Facebook shares get unleashed
Aug 16 - More than 270 million shares of Facebook have been unlocked for trading, which is more than half the 421 million that were sold......

Sports Spread: Premier League predictions
Aug. 16 - Football returns to the agenda and the new season looks more tantalising than ever, with new champions, exciting signings and arguably the strongest 20-team league in memory......

U.S. Morning Call: Facebook might get "de-friended" at open
Aug 16 - Facebook insiders and early investors will get their first chance since the IPO to unload more than 270 million shares in the social network. Some traders are saying sell any rally......

Market Pulse: UK retail sales boost ; GDP revised up?
Aug. 16 - Sterling rises after figures show UK shoppers spent more than expected in June and July. Maybe the economy isn't as weak as the official GDP figures suggest......

Africa the place to find growth, says Standard Bank CEO
Aug. 16 - We ask Standard Bank CEO Jacko Maree why the bank is turning its back on global markets and focusing on Africa in a hunt for growth......

Is sun setting on smartphone profit miracle?
Aug. 16 - Faster, bigger, better: the smartphone tech arms race has produced great handsets and great returns. But China's market trends suggest cheaper is set to be the next battle cry......

China-Japan island dispute gets ugly
Aug. 16 - A spat over a disputed island chain in the East China Sea could jeopardise Japan and China's multi-billion dollar trade relationship. Tara Joseph reports......

Breakingviews: India's Mars Mission justified
Breakingviews......

Samsung unveils new tablet
Samsung's Galaxy Note hopes to take a bite out of rival iPad. Julie Noce reports......

Samsung unveils new tablet
Aug 16 - Samsung's Galaxy Note hopes to take a bite out of rival iPad. Julie Noce reports......

Corn is key ingredient in rising food prices - OECD chief
Aug. 16 - OECD Secretary-General Josngel Gurra says abuses in the corn distribution chain are to blame for rising food prices and a spiralling hunger crisis......

Reuters Today: More heads to roll in fresh Libor probe?
Aug. 16 - Seven of the world's biggest banks have been subpoenaed in a renewed investigation into alleged fixing of the benchmark international lending rate......

Breakingviews: A culture of insider trading in China
Breakingviews......

Getting to the top of mobile wallets
Aug 15 - A newly formed group of retailers is joining a crowded field of contenders competing for a share of the mobile payments space. Bobbi Rebell reports......

Cisco surprise; Wall Street mixed
Aug 15 - Summary of business headlines: Stocks wait for more after earnings from Cisco, Target, and Staples; Facebook shares rise ahead of lock-up end; Consumer inflation tame, Homebuilder sentiment and industrial production up; Germany's Merkel head.....

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......

Recessions always look better with benefit of hindsight and revised data
Sir Mervyn King last week said he suspected the economy was "probably a bit stronger" than official figures were suggesting.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2273e4ba/mf.gif' border='0'/><br/&.....

Manchester United not fit enough to score in US
As predicted here, UK investors have not missed out on much from Manchester United's stockmarket comeback in the United States. Like an old pro returning from long-term injury, the club has sprinted out on to New York's field of play but immediately .....

Finland prepares for break-up of eurozone
Finland's foreign minister warns that the country is preparing for a full-blown currency crisis as tensions in the eurozone mount and that it will not tolerate further bail-out creep.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Rejected Virgin Rail bid for West Coast franchise officially more "deliverable"
Virgin Rail's losing bid for the West Coast train franchise is understood to have been officially rated by the Department for Transport as a more "deliverable" offer than FirstGroup's.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

China in bid talks over African Barrick Gold
African Barrick Gold's parent company has received two approaches about a potential bid for the UK-listed group from Chinese state-owned companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22748807/mf.gif' .....

African Barrick Gold leads precious metal miners higher
The gold miner was in demand on news a 74pc stake in the group may be sold to China.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22736e97/mf.gif' border='0'/><br/><br/><a href="http://da.feed.....

Jaguar launches all-wheel-drive models in North America, as UK car manufacturing jumps
Jaguar has launched an all-wheel-drive version of its XF and XJ models in North America in the hope that the extreme weather conditions characteristic of the region's "snow states" will drive demand.<img width='1' height='1' src='http://telegraph......

Facebook shares hit new low as lock-up expires
Facebook shares have slumped to a new record low as insider become free to sell 271m shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/227366b7/mf.gif' border='0'/><br/><br/><a href="http:/.....

Surprise rise in retail sales lift hopes recession is not as deep as initially thought
Better-than-expected retail sales in June and July reinforced hopes that Britain's recession is not as deep as initially feared.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/227366b8/mf.gif' border='0'/><.....

Property boosts UK net worth to 6.8 trillion
Britain's property market has boosted the nation's wealth to 6.8 trillion, despite a global financial crisis which has weighed heavily on the UK economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/227366b9/mf.....

US broker fined $450,000 over trading breach
Morgan Stanley Smith Barney has been fined $450,000 after one of its traders built up a position in excess of the broker's trading limit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22731f0d/mf.gif' border='0'.....

Libor: the five stages of grief
The markets are only just coming to terms with the likely scale of the Libor-rigging scandal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22731f0f/mf.gif' border='0'/><br/><br/><a href="http:.....

Debt crisis: as it happened - August 16, 2012
Angela Merkel warned that "time is pressing" in tackling the eurozone crisis, adding that Mario Draghi's vow to do all necessary to defend the eurozone is in line with what European leaders have been saying for a long time.<img width='1' height='1.....

Angela Merkel warns 'time is of essence' on euro crisis
Angela Merkel warned that "time is pressing" in tackling the eurozone crisis, adding that Mario Draghi's vow to do all necessary to defend the eurozone is in line with what European leaders have been saying for a long time.<img width='1' height='1.....

Debt crisis: live
Spain may ask European authorities to use leftover funds from its 100bn bank bail-out to buy sovereign debt, according to reports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/226e3468/mf.gif' border='0'/>&l.....

Standard Chartered sued by victims of 1983 US marine bombing
Relatives of US marines killed by a bomb in Lebanon are suing amid claims the bank laundered compensation payments due to them from Iranian government.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2272c05c/mf.g.....

China blames debt crisis for fall in foreign trade
China has blamed the "unexpected" deepening of the debt crisis in Europe for the worst decline of foreign investment and trade since the financial crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2272c066/m.....

Manchester United's share price drops to record low
Shares in Manchester United slipped to a record low of $13.65 (8.69) in early trading on Wall Street today, less than a week after it raised $233m in an American flotation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Martin Weale: UK economy mired in stagnation rather than recession
Britain is in a "sustained period of stagnation" rather than a "double-dip recession," according to a member of the Bank of England's Monetary Policy Committee.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2272.....

Rate swap scandal: Richard Desmond sues Credit Suisse
Richard Desmond is suing Credit Suisse claiming the bank mis-sold him a complex derivative, saying the 50m product was "incomprehensible" and left him with an "inappropriately large exposure".<img width='1' height='1' src='http://telegraph.feedspo.....

Lonmin chief Ian Farmer has 'serious illness', as miner unveils profits warning
FTSE 250 miner Lonmin reveals chief executive Ian Farmer is in hospital with a serious illness, as it unveiled a profits warning following deadly protests at South African mines.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Every Briton now worth 110,000 as resilient property market boosts net worth
Every Briton is now worth 110,000 as the country's 4 trillion housing market helped to lift the UK's net worth despite the economy slipping back into recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2271.....

Facebook shares hit record low after lockup expires
Stock that floated on the Nasdaq at $38 is now trading below $20.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2271a669/mf.gif' border='0'/>.....

Facebook shares fall 5pc after lockup expires
Stock that floated at $38 is now trading close to $20.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2271726e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/139264783898/u/3.....

ICAP unveils shake-up of broking activities
ICAP has announced a shake-up that will see it create a single, global broking division.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22717ed6/mf.gif' border='0'/>.....