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Wednesday 22 August 2012

UK Financial News on 2012-08-22

Greece 'facing its last chance'
Eurozone finance boss Jean-Claude Juncker says the Greek people have to be aware their country only has one more opportunity to cut its deficit......

SSE to raise energy prices by 9%
Energy firm SSE, which trades as Southern Electric, Scottish Hydro and Swalec, is to raise average gas and electricity prices by 9% from October......

Nadir guilty of stealing millions
Tycoon Asil Nadir is found guilty of stealing nearly 29m from his UK-based Polly Peck International conglomerate more than 20 years ago......

Hewlett-Packard makes $8.8bn loss
Hewlett-Packard, the world's largest technology company by sales, reports a large loss in the third quarter......

US 'fiscal cliff' recession alert
The US economy could face recession if Congress does not avert a so-called fiscal cliff due to come into effect in 2013, a congressional report says......

Camelot loses Health Lottery case
Camelot, the operator of the National Lottery, fails in its attempt to get the High Court to block the Health Lottery from operating in its current form......

Government must do more, says IoD
Further government action is needed to restore confidence in the UK economy, a group representing business leaders says......

Santander raises mortgage rate
Santander has written to several hundred thousand mortgage customers to tell them their standard variable mortgage rate will rise to 4.74% from 4.24%......

RBS may face sanctions inquiry
Royal Bank of Scotland is understood to be facing investigations into whether it has broken economic sanctions against Iran......

Japan exports fall on weak demand
Japan reports a wider-than-expected trade deficit in July, as slowing demand from China and Europe weighs on exports......

EU hails Russia's entry into WTO
Russia's entry into the World Trade Organization will provide an important boost to European companies, the EU says......

Pension fund's Goals bid fails
A Canadian pension fund fails in its bid to take over Goals Soccer Centres after insufficient support from shareholders......

Souter takes Stagecoach back seat
Founder Sir Brian Souter signals his intention to step down as chief executive of Stagecoach and become chairman......

Apple Samsung battle nears end
Closing arguments are delivered in the US patent trial between the two biggest smartphone-makers in the world, Samsung and Apple......

Vestas to cut another 1,400 jobs
Danish wind turbine firm Vestas announces plans to cut another 1,400 jobs and says 2013 will be "even tougher" than this year......

Foxconn improves work conditions
Foxconn, Apple's main manufacturer in China, is improving working hours and conditions, says the US-based Fair Labour Association (FLA)......

Bank charges challenged by Which?
Consumer group Which? says there are large variations between banks in the cost of "free" current accounts......

Surprise increase in UK borrowing
The UK government borrowed 600m to cover a budget shortfall in July, usually a good month for tax receipts, leading to fears it will fail to cut borrowing this year......

Belize close to default on debt
Belize is in danger of defaulting on its debt after it missed a $23m payment to bondholders that was due on Monday......

Sony shuts UK Wipeout game studio
Sony shuts one of the UK's oldest gaming studios, Sony Liverpool, responsible for the PlayStation racing series Wipeout......

Weaker commodity prices hit BHP
Australian miner BHP Billiton reports a sharp drop in annual profits, due in part to weaker commodity prices......

Go-ahead for first UK 4G service
The telecoms regulator allows the owner of Orange and T-Mobile to launch 4G services, meaning faster mobile downloads could arrive in the UK earlier than expected......

Milne warning over 'risk' to Dons
The future of Aberdeen FC could be put at risk if councillors reject plans for a community sports complex which would double as training facilities, it is warned......

Jaguars to play annual UK games
Jacksonville Jaguars reach a deal to play annual regular-season games at London's Wembley Stadium from 2013 to 2016......

Paralympic sports tickets on sale
Paralympic Games organisers put 40,000 sports tickets and 100,000 ground entry tickets to the Olympic Park on sale......

VIDEO: Eurozone break-up 'very ill-advised'
Adam Posen is on the Bank of England's Monetary Policy Committee and says that a break-up of the eurozone would be "very ill advised" for Germany......

AUDIO: Holidaymakers back air duty row
Holidaymakers and some MPs are backing a campaign to reduce air passenger duty. 5 live got the reaction of Brian Donahoe......

VIDEO: What will 4G mean for customers?
Telecoms regulator Ofcom has allowed Everything Everywhere, the company behind Orange and T-Mobile in the UK, to use its existing bandwidth to launch fourth-generation (4G) mobile services......

VIDEO: Russia joins World Trade Organization
Russia has finally joined the World Trade Organization after 18 years of negotiations......

VIDEO: Samaras: 'Greece needs more time'
Greece's Prime Minister, Antonis Samaras, has called for more time to implement tough spending cuts and reforms, ahead of talks on its bailout......

VIDEO: Desmond: Health Lottery very different
The Health Lottery is a "very different thing" to the National Lottery, according to the chairman of the company that runs it......

VIDEO: Government 'ineffective' on growth
The government is not doing enough to stimulate growth, according to the business leaders group the Institute of Directors......

VIDEO: China's rich seek overseas residency
More and more Chinese millionaires are securing foreign residency rights amid uncertainty back home.....

Global banking scandals explained
A guide to the scandals engulfing banking.....

Chequered history of the SFO
The chequered history of the UK's fraud investigator.....

Megacities face delicate balancing act
Why megacities face a delicate balancing act.....

How British banking broke down
How is the UK doing on fixing broken banking?.....

U.S. Day Ahead: Better jobs picture is a double-edged sword
Correspondent Jason Lange......

Asil Nadir guilt of stealing 28 mln
Former Polly Peck tycoon Asil Nadir is convicted of ten counts of theft from his former business totalling 28 million, bringing to a close a case begun in 1990. Joel Flynn reports......

Back-to-School: What's in Store for Retailers?
retail analyst Jharonne Martis says Nordstrom and Zumiez are some of the best positioned retailers this back-to-school season, but that companies like JC Penney & Abercrombie could falter......

Russia finally in WTO after 19 years
A decades long wait for membership of the World Trade Organisation ends for Russia, though the organisation's chief says excited comparisons with China may have to be tempered. Joel Flynn reports......

Breakingviews: The Gray Lady's greenbacks
Aug 22 - Antony Currie and Agnes Crane discuss what the New York Times should and shouldnt do as its cash pile grows......

Trading at Noon: U.S. housing market is back-ish
Aug 22 - U.S. home resales rose in July on low interest rates & a somewhat better employment picture; stocks remain slightly down in midday trade......

Greece looks to buy more time
Greek Prime Minister Antonis Samaras starts a European charm offensive with talks to persuade euro zone chief Jean-Claude Juncker that the debt-laden nation has the will to ram through unpopular reforms and deserves more time to do it. But will more .....

World's oldest comic goes digital at 75
Aug. 22 - The world's longest running children's comic The Dandy is the latest print publication to fall victim to the digital age. Its publishers DC Thomson said printing will end on the comic's 75th anniversary on 4 December but its characters will.....

Saft Says: Volatility can hide now but will return
Columnist James Saft says the recent run of low volatility in markets shouldn't lull investors into thinking it has been eliminated......

Europe Day Ahead: PMI pain, as diplomatic dance quickens
Aug. 22 - A look to the close of the European markets and a look ahead to the next day's trading, as well as what to expect from the Asian markets overnight......

Wealth Strategies: Global economy is "fundamentally flawed"
Aug. 22 - Blackhorse economist Richard Duncan says that credit needs to be restored to the global economy and that if the fiscal situation isn't resolved, the U.S. could fall into a deep recession next year......

3XSQ: Dell gets smacked down by Wall Street
Aug 22 - Over half a dozen brokerages cut their price targets for Dell's stock after the PC giant slashed its full-year earnings outlook......

U.S. Morning Call: Dell computes a loss, cuts outlook
Aug 22 - Dell Inc warned of a challenging second half and slashed its full-year earnings outlook after weak sales results......

Market Pulse: Miners slide, but don't bet against UK's FTSE
Aug. 22 - Falling profits at BHP Billiton and Lonmin's travails keep mining stocks under heavy pressure. But the mining-heavy FTSE could be poised to outperform its peers, says City Index's Josh Raymond......

In the Boardroom: Olympic overhaul for sport
Aug. 22 - Colin Moynihan, outgoing chair of the British Olympic Association, tells Lucy Marcus that sports bodies must prove their governance is squeeky clean - or risk losing their funding and autonomy......

Reuters on the Road: Surf firm hopes to ride green wave
Aug. 22 - Robert Wace, Director of surf equipment manufacturer Mocean talks about his plans to woo the travelling surfer with environmentally-friendly boards and accessories......

China iPhone makers earn more, but still work grueling hours
Aug. 22 - A new report shows improved working conditions and higher pay for Foxconn laborers in China. But moves to shorten marathon shifts at the Apple supplier might not be welcomed by the workforce itself......

Reuters Breakingviews: BHP cuts back on capex
Breakingviews......

Reuters Today: let Europe's diplomatic dance begin
Aug. 22 - Greek PM Samaras hosts Eurogroup's Juncker in Athens to kick off his charm offensive of European leaders aimed at buying Athens more time for reforms......

Grim Asia trade data dents global recovery hopes
Aug. 22 - Japan exports slump in July, with particularly weak demand from Europe and China sending worrying signals about the state of the global economy......

Stocks fall from four-year high
Aug 21 - Summary of business headlines: Stocks retreat from four-year high; IAC/Interactive's offer for About.com; Best Buy's earnings miss; "Fifty Shades" helps Barnes and Noble; Medtronic earnings rise. Bobbi Rebell reports......

Barnes & Noble's tryst with 50 Shades
Aug 21 - "Fifty Shades of Grey" saved the quarter for Barnes and Noble, but like Best Buy, the retailer faces an online digital revolution and must find ways to redefine its place in retail. Carmen Roberts reports......

U.S. Day Ahead: Counting down to Fed minutes
Correspondent Alister Bull says minutes from the Fed's last meeting will tell us how far we are from more action......

Rotating house puts new spin on eco-living
Aug. 21 - An engineer in the Czech Republic has built himself a house that can rotate to face any direction he chooses. It can also submerge into the hillside to make use of the earth's naturally cooler temperature. Matt Stock reports......

Trading at Noon: U.S. stocks hit 4-year high
Aug 21 - The S&P 500 has risen nearly 3 percent so far in August as investors continue to hope that central banks will act in the near future......

JP Morgan faces class-action suit
A class-action lawsuit against JP Morgan Chase over multi-billion dollar losses racked up by its UK-based traders, including one nicknamed the "London Whale", is being led by a pension fund from Sweden and three from America.<img width='1' height=.....

Miners need to dig deeper for workers
The danger in South Africa is that the fatal unrest witnessed at Lonmin's Marikana platinum mine last week spreads.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22a27607/mf.gif' border='0'/><br/><br.....

No 11 must take some responsibility and stop giving power to the Bank
Kate Barker's call on George Osborne to "rethink" fiscal policy while highlighting the need for change to the Bank of England's complex apparatus is timely.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22a27609.....

Marikana labour unrest spreads to other South African mines
The labour unrest that saw violent clashes and 44 deaths at Lonmin's Marikana mine has spread across South Africa's platinum belt with threats to production at two further sites.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Marikana massacre proves platinum jewellery comes at an increasingly heavy price
Even before 44 people were killed at a Lonmin mine, South Africa's platinum mining industry was in trouble - an ugly backdrop for tinderbox labour relations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22a1cdf.....

US Fed hints strongly at fresh round of stimulus
The Federal Reserve has delivered its strongest hint yet that it will unleash a fresh round of stimulus to help the flagging US economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22a19b9b/mf.gif' border='0'/.....

Homeserve draws attention in turbulent market
Homeserve was one of the biggest fallers on the FTSE 250 as trader rumours knocked the shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22a19467/mf.gif' border='0'/><br/><br/><a href="http.....

Complex and challenging business requires extensive expertise
Conventional wisdom dictates that if you want the brightest people and the best technology, you need to go to the big companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22a1946f/mf.gif' border='0'/><.....

Why the argument for gas is more than just hot air
Whitehall is divided but the Chancellor sees a future for the fossil fuel. George Osborne is determined the lights won't go out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22a15aea/mf.gif' border='0'/><.....

Debt crisis: Athens in 'last chance' to meet its bail-out terms says Jean Claude Juncker
Greece has "one last chance" to meet its bail-out conditions, according to Jean Claude Juncker in comments that crushed hopes for an imminent change of strategy for Athens and the eurozone.<img width='1' height='1' src='http://telegraph.feedsporta.....

The debt crisis is Germany's fault too, says Adam Posen
Germans should share the burden of restructuring Europe's debts because it was German banks that lent money to the sinner states in the first place, Adam Posen has argued.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

A much bolder vision is needed to lay the foundations for UK growth
The first 18 months of recovery to mid-2011 had looked promising, particularly for manufacturers. The sector was delivering an increased share of output, providing a boost to our trade performance and investing more than the wider economy.<img wid.....

Japan's trade deficit balloons
Japanese stock markets fell their furthest in two weeks after problems in Europe and China caused the country's trade deficit to balloon to the highest level on record.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

FSA cracks down on fine wine funds after pensioners sold pups
The Financial Services Authority is to clamp down on investments in assets such as fine wines and unlisted shares to stop three out of four retail customers being mis-sold the products.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Debt crisis: as it happened - August 22, 2012
Greek PM Antonis Samaras warns that those who bet on a Greek exit from the euro will be disappointed, as he "personally guarantees" that the country will repay Germany.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Miner BHP Billiton delays record-breaking Olympic Dam mine
BHP Billiton, the world's biggest miner, has put plans to build the largest open-pit mine in the world on hold, as the global economy slows.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22a15af5/mf.gif' border=.....

Commerzbank admits Iran sanctions investigation
Commerzbank has become the latest bank to admit it faces being fined as part of a US investigation into sanctions busting by international financial institutions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22.....

Debt crisis: Samaras warns those betting on Greek exit will be disappointed - live
Greek PM Antonis Samaras warns that those who bet on a Greek exit from the euro will be disappointed, as he "personally guarantees" that the country will repay Germany.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Debt crisis live: Samaras warns those betting on Greek exit will be disappointed
Greek PM Antonis Samaras warns that those who bet on a Greek exit from the euro will be disappointed, as he "personally guarantees" that the country will repay Germany.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Debt crisis: Greece pleads for 'room to breathe' - live
German Chancellor and Eurogroup president insist that no decisions will be taken on Greece until October, once a team of EU debt inspectors complete a review of the country's progress on existing targets.<img width='1' height='1' src='http://teleg.....

Egypt asks IMF for $4.8bn in aid
Egypt has asked for $4.8bn (3bn) in aid from the International Monetary Fund to help boost the country's economy, the prime minister said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22a01b66/mf.gif' border='0.....

Santander raises SVR mortgage rate
Thousands of home owners with a Santander mortgage will see monthly repayment rise in October, as the bank has announced plans to increase its main mortgage rate by half a percentage point.<img width='1' height='1' src='http://telegraph.feedsporta.....

SSE raises energy prices by 9pc
SSE has announced that it will increase its prices up by 9pc for gas and electricity from October 15.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22a19ba2/mf.gif' border='0'/>.....

SEE raises energy prices by 9pc
SSE has announced that it will increase its prices up by 9pc for gas and electricity from October 15.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22a0a5b4/mf.gif' border='0'/>.....

FSA to stop promotion of fine wines, crops as investments
Financial regulator to crackdown on unregulated investments in unusual assets such as fine wine and crops, saying they should not be promoted to retail investors as compensation for mis-selling may not be available.<img width='1' height='1' src='h.....