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Saturday 18 August 2012

UK Financial News on 2012-08-18

Diamond hits back at MPs' claims
Former Barclays chief Bob Diamond hits back at claims he was "highly selective" in his evidence to MPs during the Libor rate-fixing scandal......

Pernod trailblazer Ricard dies
Patrick Ricard, the French head of the global spirits firm Pernod Ricard - whose father founded the firm in 1932 - dies at the age of 67......

Private rents 'hit record high'
The average rent paid by private tenants in England and Wales reached a new record in July, of 725 a month, a letting group says......

Lonmin urges miners back to work
Lonmin tells workers "we need to get mining again" after staff are killed at Marikana platinum mine in South Africa during clashes with police......

Tech giant names paid influencers
Oracle reveals financial ties to a blogger and professor, but Google names no-one after a judge raised concerns about coverage of a recent trial......

'Next-door' post scheme extended
A scheme to deliver post to a neighbour if no-one is at home is to be extended across the UK after a successful three-month trial......

Russian bloggers criticise Audi car gifts for Olympic medallists
Russian internet users criticise President Putin's award of a brand new Audi car to each medal-winning Russian Olympic athlete......

Developer anger at Twitter change
Developers who create Twitter apps with more than 100,000 users now need to seek the social network's permission to continue operating......

Eurozone trade surplus hits high
The eurozone's trade surplus hit a record high of 14.9bn euros in June, figures from Eurostat show......

Dreamliner arrives in Ethiopia
Ethiopia becomes the second country after Japan to take delivery of Boeing's flagship plane, the 787 Dreamliner......

Travelodge chain agrees debt deal
Hotel chain Travelodge agrees a deal with investors to cut its debts substantially, which it says will secure the long-term future of the business......

Sharp shares rise on fresh hopes
Shares in Sharp surge amid speculation Taiwan's Hon Hai may double its stake in the struggling Japanese electronics group......

Casinos and online bets help Rank
Profits at betting group Rank rise 9% thanks to growth in its Grosvenor Casinos business and its online operations......

Fitness-to-work contract 'flawed'
The National Audit Office finds failings in the contract between the government and Atos, the company carrying out fitness-to-work tests......

Euro crisis 'risk' to prawn sales
The eurozone crisis has threatened sales of shellfish from Scotland, the fishing industry in the Highlands and Islands has warned......

Unilever quits as Turbine sponsor
Unilever ends its 4.41m sponsorship of Tate Modern's Turbine Hall commission, which has seen artists including Ai Weiwei, Anish Kapoor and Rachel Whiteread create free works of art in the venue......

China eyes African Barrick stake
China National Gold holds preliminary talks to buy a stake in African Barrick Gold, one of Africa's largest gold miners......

Bank under fire over compensation
The Ulster Bank is criticised for its continuing delay in compensating customers affected by a computer failure in June......

Singapore exports get Asian boost
Singapore's non-oil exports rise in July as robust demand from Asia helps offset a decline in shipments to Western economies......

MPs urge bank changes over Libor
MPs on the Treasury Select Committee have demanded wide-ranging changes in the wake of the Libor rate-fixing scandal......

Oil firms in 165m merger deal
Oil firms Melrose Resources and Petroceltic agree to merge in a deal which strengthens the company's presence in North Africa......

VIDEO: Ethiopia welcomes first Dreamliner
Ethiopia has become the second country after Japan to take delivery of the Boeing 787 Dreamliner......

AUDIO: Roman outsourcing: 'A back-scratching deal'
News that Virgin had lost the franchise to run the West Coast main line broke this week. But the issue of how much a private company should bid to run a public service was something the ancient Romans had to grapple with as well as Mary Beard, Profes.....

AUDIO: 'New broom' needed on bank regulation
MPs on the Treasury Select Committee have demanded wide-ranging changes in the wake of the Libor rate-fixing scandal. Andrew Tyrie, the chairman of the Treasury Select Committee and David Green, former head of international policy at the FSA discuss .....

VIDEO: Mine violence 'beyond our control'
Simon Scott, the finance director of Lonmin, said a strike at one of its mines which escalated into violence was ''beyond our control''......

VIDEO: Your Money: Train ticket savings tips
In this week's Your Money, Susannah Streeter examines how to combat the rising cost of train fares and looks at the financial challenges facing students......

VIDEO: Turkey traders turn to Middle East
Turkey is looking to the Middle East to boosts its economy, as trade from Europe begins to slow down......

VIDEO: Remploy factories shut for final time
Five Remploy sites across north-west England, including one in Wigan, have closed their doors for the final time......

VIDEO: Online entertainment boom in Dubai
Online companies are looking at ways of boosting their business during Ramadan, by offering more internet viewing services......

Student finances become more complex
How to overcome the complexity of student finances.....

North East leads the way on exports
The North East cheese firm taking mozzarella to the Middle East.....

S&P 500 nears post-crisis high
Aug 17 - Summary of business headlines: S&P 500 near four-year high; Apple shares set record price; Facebook stock slump continues; Americans more confident near-term; $18 billion of counterfeit shoes seized in California. Carmen Roberts reports......

Italian town divided over polluting steelworks
Aug 17 - An Italian town is split between environmentalists wanting the steel plant closed and steelworkers wanting to keep their jobs as Industry and Environment Ministers hold talks with local authorities and company officials. Conway G. Gittens re.....

U.S. Week Ahead: Dell and HP try to reboot
Aug 17 - In the wake of a flagging PC market, Dell and HP are trying to change their business models and serve larger corporate clients. We will get a progress update when they report earnings......

Anti-tobacco laws gain traction
Aug 17 - Australia's highest court endorsed tough new anti-tobacco marketing laws and legislation is making its way through Argentina and Venezuela as countries around the world try to help fight smoking. Carmen Roberts reports......

The Exchange: Who Stole the American Dream?
Thats the question Frances Causeys new documentary Heist tries to answer. Rob Cox speaks with her about the film and its premise that Big Business has captured the American political system......

Trading at Noon: Apple hits new high; Facebook a new low
Aug 17 - Apple's stock price hit an all-time high above $644 today while Facebook continues to slide, hitting a new all time low of $19.04......

Wealth Strategies: Investors benefit from trading technology
Aug. 17 - TD Ameritrade's Tom Bradley says that while typical retail investors should not be involved in high-frequency trading, advances in technology have reduced costs to investors and traders overall......

Breakingviews: The future of Aunt Frannie
Aug 17 - The U.S. Treasury struck an agreement to expedite the wind-down of Fannie and Freddie, even as the mortgage giants mint profits. Rob Cox and Breakingviews columnists ask what happens next......

Saft Says: The cult of equities needs to be deprogrammed
columnist James Saft says the cult of equities is not dead but certainly needs to be rethought as the equity market continues its volatile journey......

Europe Weak Ahead: Greek PM's euro tour no holiday
Aug. 17 - Greek Prime Minister Antonis Samaras heads for Berlin and Paris next week to ask for more time to meet budget deficit targets, but he may not be in for a warm welcome......

Economy 2012: Low rates have made things expensive for P/E
Aug. 17 - Len Tannenbaum, CEO of private equity lender Fifth Street Finance, says the artificially low interest rate environment has led to expanded valuations in the market, making it difficult to find deals......

Man U strikes a deal
Manchester United unveils a new sponsor after announcing that its agreed a transfer deal to bring in Dutch striker Robin Van Persie just days ahead of the beginning of the Premier League season. Matt Cowan reports......

3XSQ: Zuckerberg feeling the pain over Facebook's selloff
Aug 17 - The Wall Street Journal reports Facebook CEO Mark Zuckerberg has started addressing the company's stock price with employees, calling it "painful" to watch......

Reuters Asks: Is the bigger threat inflation or deflation?
Aug. 17 - Despite the recent spike in corn and food prices, do deflationary forces still pose the bigger threat to the world economy?.....

Olympic 'bounce' seen boosting UK
poll. Hayley Platt reports......

'Desperate Debra' delivers caesarean lesson for student doctors
Aug. 17 - Junior doctors in the UK are being trained to deal with late-stage emergency caesareans using a novel approach with a life-like pregnancy simulator. Called "Desperate Debra' the simulator is designed to replicate a real woman in distress du.....

Market Pulse: Brent bears the brunt as US mulls oil release
exclusively reports that the US may release some of its strategic oil reserves onto the market......

Reuters Breakingviews: No easy solutions in mining dispute
Aug. 17 - The South African mining dispute has major implications for mining groups. The South African government needs to step in and restore order, says Breakingviews......

Asia on edge as food prices climb
Aug. 17 - Already contending with weak growth, Asian policymakers are on guard for signs of unrest resurfacing in the region as food prices soar......

Reuters Today: Merkel euro backing boosts shares
Aug. 17 - Global stocks get a boost after the German Chancellor Angela Merkel renews her commitment to protecting the euro and calls for a rapid move to closer union.....

Asia Week Ahead: China earnings, Apple-Samsung battle eyed
Aug. 17 - Japan trade data to reveal weak spots in the global economy, a raft of China earnings will reflect demand on the mainland, and Apple's battle with Samsung in a U.S. courtroom draws to a close......

U.S. Morning Call: Stock futures mixed; Facebook reeling
Aug 17 - U.S. stock futures are pointing to a mixed open on Wall Street, with European shares hitting a five-month high......

London 2012 Olympic Games: You won a medal, so what now?
Athletes, who spent years training, face finding a new career.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2282a4cb/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13926485.....

Glencore chief Ivan Glasenberg to stand firm on Xstrata deal as profits rise to $2bn
Glencore chief executive Ivan Glasenberg is expected to stand firm on the terms of the planned $26bn (16.5bn) takeover of Xstrata as Glencore unveils pre-tax profits in the region of $1.96bn for the first six months of the year.<img width='1' heig.....

Virgin Money takes market share from Big Five banks
Virgin Money is taking retail market share from the "Big Five" banks as borrowers shun the traditional high street lenders following a succession of industry scandals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Parliamentary inquiry to look at whether bank customers should pay for accounts
The debate over the future of free bank accounts is to be reignited next week with the major parliamentary review on standards in the banking industry to make it one of the key areas of inquiry.<img width='1' height='1' src='http://telegraph.feeds.....

White Stuff losses jump to 67m
Losses at fashion retailer White Stuff have risen almost tenfold to 67m as the value of the brand fell sharply last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2282a4d1/mf.gif' border='0'/><br/>.....

Lord Rothschild takes 130m bet against the euro
Lord Rothschild has taken a near-130m bet against the euro as fears continue to grow that the single currency will break up.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2282a4d2/mf.gif' border='0'/><br/&.....

HSBC to fight British regulators 'to the death' to protect dividend
HSBC is willing to "fight to the death" to prevent British regulators from attempting to force it to stop paying its dividend in order to preserve capital.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2282a4d3/.....

Wife of Emir of Qatar bought 27m stake in bag maker Anya Hindmarch
Funds linked to Sheikha Mozah, the wife of the Emir of Qatar, can be revealed as the mystery purchaser of a 27m stake in luxury handbag and accessories manufacturer Anya Hindmarch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Standard Chartered investor turns on bank for paying $340m fine
One of Standard Chartered's key UK investors has questioned the bank's decision to pay a $340m (216.6m) fine for suspect Iranian dollar trades, despite insisting that the claims against it were flawed.<img width='1' height='1' src='http://telegrap.....

Ocado chief Tim Steiner to launch supermarket price war
Ocado is to launch a price war against supermarkets and pledge that its groceries will be cheaper than other retailers in an attempt to shake off its image as an under-performing online business in danger of collapse.<img width='1' height='1' src=.....

Suicide of Deloitte partner Daniel Pirron linked to Standard Chartered's Iran scandal
The family of a senior partner at Deloitte has called for answers after he apparently committed suicide days after the auditing firm was linked to the Standard Chartered Iran dollar trades scandal.<img width='1' height='1' src='http://telegraph.fe.....

Corporate bonds may mean life, Jim, but not as we know it
She won't take much more of this! Those are the words that Montgomery Scott (Scotty), the chief engineer of the Starship Enterprise, said on several occasions as his ship came under attack from Klingons and as his warp drive failed to give the Romula.....

A message from the 1970s on state spending
"We used to think you could spend your way out of recession and increase employment by boosting government spending," boomed the Prime Minister, Jim Callaghan, at the 1976 Labour Party conference.<img width='1' height='1' src='http://telegraph.fee.....

If Barclays' new chief needs to be 'safety first' then Antony Jenkins fits the mould
And then there was one(ish). Antony Jenkins, the chief executive of retail and business banking at Barclays, is the leading contender to be the replacement for flashy Bob, the former CEO whose surname seemed to reflect his style - Diamond.<img wid.....

Netflix chief Reed Hastings threatens to outbid Sky for movie rights
BSkyB'S stranglehold on premium rights to movies from Hollywood's six biggest studios looks set to be broken after Netflix, the US film-streaming service, vowed to outbid it for the rights.<img width='1' height='1' src='http://telegraph.feedsporta.....

Bank of England deputy governor Paul Tucker warned banks they could collapse 'before Christmas'
Bank of England officials were so concerned about the potential for a financial crisis late last year they took the extraordinary step of warning the entire banking system could collapse "before Christmas".<img width='1' height='1' src='http://tel.....

FirstGroup to bid for three UK rail contracts after landing 10bn West Coast contract
FirstGroup will press ahead with bids for three other major UK rail contracts this year after its successful 10bn offer for the West Coast franchise.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22823da9/mf.gif.....

FirstGroup chief Tim O'Toole believes his company won't hit the buffers after West Coast win
After a battle with Sir Richard Branson, FirstGroup chief executive Tim O'Toole is looking to the future.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22823daa/mf.gif' border='0'/><br/><br/><a.....

Netflix - the dark cloud on Sky's horizon
Netflix chief reveals how he plans to beat his rivals in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22823dac/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/139264.....

British banks faced the financial precipice
The BoE's deputy governor is very worried about our lenders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2282a4db/mf.gif' border='0'/>.....

Could British banks be out of business by Christmas?
The BoE's deputy governor is very worried about our lenders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22823dae/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1392648529.....

The high street as we know it is dead, says Simon Freakley at Zolfo Cooper Europe
M&S will find it difficult to compete, warns 'Retail doctor' Simon Freakley.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22823db0/mf.gif' border='0'/><br/><br/><a href="http://da.feedspor.....

Britain's young entrepreneurs are leading the way
The private sector has been creating jobs as fast as the public sector has been cutting them, says Martin Vander Weyer<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2281c5bf/mf.gif' border='0'/><br/><.....

Eurogroup chief rules out Greek departure from eurozone
Jean-Claude Juncker, leader of the eurozone finance ministers' group, said he believes Greece will not leave the single currency as he prepares for talks in Athens next week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Pernod Ricard chairman Patrick Ricard passes away
World's second biggest spirits firm grieves for 67-year-old Patrick Ricard.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2280093c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.c.....