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Friday 24 August 2012

UK Financial News on 2012-08-24

Recession less deep than thought
The UK economy shrank by 0.5% between April and June, less than previously thought, revised official figures show......

Greek PM: Give us breathing space
Greek Prime Minister Antonis Samaras asks Germany's Angela Merkel to give his country "breathing space" after the two leaders met in Berlin......

Aviva warns of up to 800 job cuts
Insurance group Aviva announces that up to 800 positions in the UK could be at risk as it continues its 400m cost-cutting programme......

Apple and Samsung get S Korea ban
A South Korean court rules that Apple and Samsung both infringed each other's patents on mobile devices and bans the sale of some products in South Korea......

Kodak plans to quit film business
Camera pioneer Kodak plans to sell its remaining still-camera film and photography paper businesses to help it avert collapse......

Council pension changes approved
Changes to the local government pension scheme have been approved by members of the Unison and Unite unions......

Murdoch: No aim to replace Rupert
Elisabeth Murdoch says she has "absolutely no ambition" to succeed her father Rupert at the head of media giant News Corporation......

S&P downgrades outlook for HSBC
Ratings agency Standard & Poor's downgrades its outlook for HSBC from stable to negative over the impact of money laundering investigations......

Aga cooker firm sees profits fall
The maker of the Aga cooker reports a sharp fall in profit as households rein in home improvements during the recession......

Miner Lonmin appoints acting boss
Miner Lonmin, grappling with the fallout from a violent strike in South Africa, names an acting boss as its chief executive begins treatment for an unspecified illness......

Scots hotels outperform UK sector
Scottish hotels performed better in June than the rest of the UK, according to a new report by accountants PKF......

Bank defends QE policy effects
The Bank of England has defended its policy of quantitative easing, despite admitting that the top 5% of households have benefited the most......

US manufacturing sees weak growth
Growth in the US manufacturing sector remained weak during August, according to a closely-watched survey......

Fairfax shares fall to record low
Fairfax Media shares fall to a record low after the firm writes down the value of its papers by almost A$2.5bn ($2.6bn; 1.6bn)......

Asil Nadir jailed for 10 years
Former fugitive tycoon Asil Nadir is jailed for 10 years for stealing nearly 29m from his Polly Peck business empire more than 20 years ago......

Tycoon's arrest triggers bank run
Depositors withdraw hundreds of millions of dollars from one of Vietnam's largest banks after the arrest of one of its founders......

Eurozone 'heading for recession'
Falling output from the eurozone's manufacturing and services sectors suggest the region is heading for another recession, analysts say......

NZ 'runaway millionaire' jailed
A New Zealand man who fled to China with millions of dollars accidentally credited to his bank account is sent to jail while his former girlfriend gets home detention......

Plans to tackle housing shortage
Institutional investors could fund the large-scale building of private housing for rent, a report for the government by Sir Adrian Montague says......

UK home sales 'fell back in July'
The number of homes sold in the UK declined in July, according to figures from HM Revenue & Customs.....

Plan to reveal cost of pensions
A plan to give pension savers much more information about how much they are being charged is outlined by the Association of British Insurers......

'Lost decade' for US middle class
The US middle class is facing a "lost decade" as its share of the country's income has been surpassed by affluent earners, a new report says......

China manufacturing falls further
China's manufacturing activity fell to a nine-month low in August, according to a preliminary HSBC survey......

'World first' for tidal turbine
A tidal turbine, which is claimed to be the world's first community-owned device of its kind, is to be built in Scotland......

JD Sports sells Canterbury brand
Sportswear retailer JD Sports agrees a deal to sell the Canterbury rugby brand to sports and fashion retail group Pentland for 22.7m......

Bad loans hit Co-operative Group
The Co-operative Group reports a sharp fall in profits due to bad business loans and what it describes as a "competitive" food market......

Sony cuts 1,000 mobile phone jobs
Sony, the loss-making Japanese electronics and entertainment company, is cutting 1,000 jobs from its mobile phone division, as part of cost-saving measures......

SPL makes first payment to clubs
The Scottish Premier League has paid 50% of the monies owed to its member clubs and also makes payment to Scottish Football League......

IFA seeks views on Windsor plans
The Irish Football Association is to ask the public to contribute its views on the 25m upgrade of Windsor Park......

Millionaire named Newport chair
A 45.5m lottery winner is appointed chairman of Conference side Newport County......

AUDIO: Tips on how to sell your house
An estate agent gave BBC Radio 5 live his tips for selling your home in today's financial climate......

AUDIO: Secret Footballer defends his trade
The first interview with the anonymous Guardian columnist known as The Secret Footballer......

VIDEO: Rich gain most from QE policy
The Bank of England has defended its policy of quantitative easing, despite admitting that the top 5% of households have benefited the most......

VIDEO: UK recession less deep than thought
The UK economy shrank by less than previously thought between April and June, official figures have shown......

VIDEO: Labour: We're still in recession
Labour have dismissed a revision to the GDP figures which showed that the UK economy shrank by less than previously thought as "fairly minor changes"......

VIDEO: Apple and Samsung get S Korea bans
A South Korean court has ruled that Apple and Samsung both infringed each other's patents on mobile devices......

VIDEO: Greek PM to meet Merkel
Greek Prime Minister Antonis Samaras is due to meet German Chancellor Angela Merkel in Berlin......

AUDIO: Car is 'biggest household expense'
BBC Radio 5 live Breakfast asked the editor of WhatCar? why more people were choosing to buy second hand smaller cars......

How China drives commodities down
China's slowing growth hits global resource boom.....

It's time to reap benefits of 4G
Rest of the world must follow the high-speed pioneers......

Spoofs, lies and re-tweet japes
The fine line between parody posts and harassment lawsuits.....

U.S. Week Ahead: Don't bet big on Ben Bernanke
Breakingviews' Agnes Crane......

Wealth Strategies: Economic Recovery? Not Good Enough!
Aug. 24 - Moody's John Lonski says that recent economic data may show some signs of improvement, but leading indicators suggest the U.S. isn't out of the woods yet and the Fed will need to enact more stimulus......

Record ice melt opens new sea routes
Aug 24 - Scientists say Arctic sea ice is likely to shrink to its smallest recorded size sometime next week. The ongoing thaw has opened new sea lanes to shipping, with a Chinese icebreaker recently becoming the first ship to cross the Arctic Ocean f.....

Spain denies EU talks over sovereign aid
Aug 24 - Spain is not in talks with the euro zone over financial assistance to lower its borrowing costs, according to the country's deputy prime minister. Joanna Partridge reports.....

Trading at Noon: Apple vs. Samsung; Round 1: Split decision
Aug. 24 - A South Korean court ordered Samsung and Apple to immediately stop selling some of their products, and awarded restitution to both companies......

Breakingviews: The SECs dropped ball
Aug 24 - Breakingviews columnists discuss the U.S. watchdogs failure even to table proposals for reforms to the $2.4 trln money market fund industry......

Merkel refuses Greece more time on bailout
Aug. 24 - German Chancellor Angela Merkel reassured Greek Prime Minister Antonis Samaras that she wants Athens to stay in the euro during talks in Berlin, but gave no sign of fulfilling Greece's request for more time to meet the terms of its bailout......

Wealth Strategies: P/E losing deals to strategic buyers
Aug. 24 - Len Tannenbaum, CEO of private equity lender Fifth Street Finance, says companies are starting to deploy their hordes of cash and is seeing strategic buyers get deals at private equity's expense......

Europe Week Ahead: Leaders rack up frequent-flier miles
Aug. 24 - The euro zone's diplomatic dance quickens: Greece's PM visits Paris; Hollande goes to Madrid; French and German finance ministers meet in Berlin. And central bankers pack for Jackson Hole.....

3XSQ: Another Groupon exec says "no deal"
......

Reuters Asks: Where should ECB cap bond yields and spreads?
Aug. 24 - The ECB is said to be considering setting a threshold for yields and spreads that would trigger bond purchases. But where should that threshold be set?.....

London's taxi app turf war
Technology Correspondent Matt Cowan tests out two of the most talked about, Hailo and Uber. Matt Cowan reports......

U.S. Morning Call: Morgan Stanley, Facebook 'in a relationship'
Aug 24 - Eight of the top nine U.S. mutual funds run by Morgan Stanley's asset management arm have disproportionately high investments in Facebook, according to the Wall Street Journal......

Market Pulse: Euro to ride Sept crisis wave up to $1.30 - MS
Aug. 24 - The euro will ride out the volatility and event risk of September to trade above $1.30 as the "Draghi put" supports risk appetite. So says Hans Redeker, global head of FX strategy at Morgan Stanley......

Samsung and Apple both to blame-South Korea judge
Aug. 24 - A court in South Korea rules Samsung did infringe on one of Apple's patents, but not on it's design. Julie Noce reports......

Corporate China report card: red ink all around!
Aug. 24 - Yes, it was a tough quarter, but that doesn't mean you're off the hook! Jon Gordon analyzes which China companies' results disappointed, and which might soar in the second half......

Breakingviews: News Corp exposes itself
Aug. 24 - By printing an admission that everyone has already seen the Prince Harry snaps in todays Sun online, News Corp is exposing the biggest threat to tabloids: the web, say Breakingviews......

London's taxi app turf war
Technology Correspondent Matt Cowan tests out two of the most talked about, Hailo and Uber. Matt Cowan reports......

A downer for Down Under
Aug. 24 - Declarations Australia's commodity boom is dead are premature, but the next generation of mega-projects may be at risk with investment in resources set to wind down......

Asia Week Ahead: Grim outlook for Asian data
Aug. 24 - Weak Hong Kong trade data and a further slowing of India's GDP growth are among Breakingviews strategist Wayne Arnold's predictions for a somewhat gloomy Asia week ahead......

Stocks fall as Fed trigger dims
Aug 23 - Summary of Business Headlines: Stocks fall on mixed economic data that dim hopes of quick action by the Fed, New home sales rise, Unexpected rise in jobless claims; HP weighs on tech. Carmen Roberts reports......

5 reasons housing recovery is real
Aug 23 - Home sales are on the rise and the consensus grows that the housing market may finally be on the path to a sustainable recovery. Bobbi Rebell reports......

U.S. Day Ahead: It's all about picking up the pieces
Aug 23 - Investors are tapping the brakes on the summer rally after hopes for more Fed firepower were dashed by comments from one top Fed official......

South Africa mining unrest fears grow
Aug. 23 - Families of the 44 miners killed in Marikana gather for a memorial, while the mining companies worry about further union action and investors on production capacity. Joel Flynn reports......

Trading at Noon: HP needs to be more like an Apple
Aug 23 - Brokerages cut their price targets on Hewlett-Packard's stock after the PC maker posted an $8.9 billion loss, sending shares down......

Union pledges help for Lonmin strikers
South Africa's National Union of Mineworkers has said it will take up the cause of striking rock drillers, 34 of whom died after police opened fire at Lonmin's platinum mine.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Samsung wins Apple patent case
The latest battle in the Apple-Samsung global patent war has been won by the Korean company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22b5b22e/mf.gif' border='0'/><br/><br/><a href="http:/.....

Mouchel's restructuring deal leaves shareholders with nothing
Crisis-hit services group Mouchel has gone into administration, enabling it to sell the business to its lenders and management in a deal which will leave shareholders with nothing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Mouchel is a tale of missed opportunity
There are few sorrier stockmarket tales than Mouchel, the support services group. Only in April last year I was writing about the fact that Costain had registered the fifth attempt to buy the business following several other disappointed suitors.<.....

M&S bid talk merely throws the spotlight back on Bolland's record
Investment banks were carrying out work on funding for a private equity-backed bid for Marks & Spencer, The Sunday Telegraph reported three weeks ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22b556ff/m.....

HSBC in talks to settle US money laundering claims
HSBC is in talks to settle claims that it helped to launder money for countries under US sanctions, including Iran and Sudan.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22b54105/mf.gif' border='0'/><br/.....

African Minerals occupies dealers as FTSE 100 limps into the weekend
The iron ore miner tumbled after cutting production guidance for the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22b4f8a6/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Export-led growth vital as tax burden rises from an ageing population
We seem to have forgotten how to act our age, at least that's the implication of the Office for National Statistics' once in a decade data release, published a few days ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Debt crisis: as it happened - August 24, 2012
German Chancellor says Greece is doing all possible to solve problems but must meet its commitments as Greek PM Antonis Samaras says his country just needs an opportunity to grow.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Debt crisis: Greek PM, Antonis Samaras, and Angela Merkel in crisis talks - live
German Chancellor says Greece is doing all possible to solve problems but must meet its commitments as Greek PM Antonis Samaras says his country just needs an opportunity to grow.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Debt crisis: Merkel says Greece will stay in the eurozone but traders fret over more delays
Angela Merkel pledged to keep Greece in the eurozone - but her comments failed to convince traders who bet on yet more dangerous procrastination in Berlin and Brussels.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

IMF advises delaying austerity until growth returns
Cutting government spending in a crisis will condemn a country to an even deeper recession and inflict "permanent" damage on the economy, the IMF warns.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22b3e509/mf......

M&S shares jump on talk of CVC takeover interest
Marks & Spencer shares jumped on Friday on a report that private equity firm CVC had considered a bid for the country's largest clothing chain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22b3da98/mf.gif' .....

Marikana strike highlights 'structural problems' in South Africa, says Fitch
The deadly strikes at Lonmin's Marikana platinum mine in South Africa highlight "structural problems" in the country which could damage investment, Fitch rating agency said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Ryanair's 550m bid for Aer Lingus set to run into New Year
Ryanair's battle to take control of its Irish rival, Aer Lingus, is set to drag on into January as the European Commission will next week launch a full "phase II" investigation of the bid.<img width='1' height='1' src='http://telegraph.feedsportal.....

Citi pulls funds from '$5bn man' John Paulson
He is credited with earning the fastest $5bn (3bn) ever made, but John Paulson, the American financier, now appears to be losing money from his famous hedge fund even faster.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Debt crisis: Germany will support Greece, says Angela Merkel
German Chancellor Angela Merkel stressed on Friday that she wants Greece to remain in the euro, but made no mention of any concessions Europe was prepared to offer over its austerity targets.<img width='1' height='1' src='http://telegraph.feedspor.....

Elisabeth Murdoch pushed for James to step back at News Corp and Rebekah Brooks to resign
Elisabeth Murdoch has admitted that she lobbied for her brother James to step back from his role at News Corporation and pushed Rebekah Brooks out of the company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22.....

Aga Rangemaster profits dive on weak property market
AGA Rangemaster Group, the classic British range cooker manufacturer, saw profits tumble by more than 60pc in the first six months of the year, as it said its UK and Irish markets were likely to remain weak for "some time".<img width='1' height='1.....

Debt crisis: live
Antonis Samaras headed to Berlin on Friday for crisis talks with Chancellor Angela Merkel, with the Greek prime minister expected to press for more breathing space to make key reforms and spending cuts in his debt-wracked country.<img width='1' he.....

BoE's Martin Weale would choose rate cut over more QE
Martin Weale, the Bank of England rate setter, said he would choose an interest rate cut over more quantitative easing if more stimulus was needed to boost the flagging economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

FTSE 100 treads water as Ashmore brings up the rear
The blue-chips were flat as investors await news on Greece.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22b06077/mf.gif' border='0'/>.....

How to chalk up 1,500 savings on household bills
As the holidays come to a close, now is a good time to review your finances.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22b05a33/mf.gif' border='0'/>.....

Aer Lingus reiterates rejection of Ryanair offer
Aer Lingus reiterated its call to investors to reject a takeover by Ryanair on Friday, saying the rival carrier has provided no new information on its latest offer which "undervalues" the Irish airline.<img width='1' height='1' src='http://telegra.....

Debt crisis: German finance ministry examines cost of Greek exit
The German government is reportedly calculating the economic cost of a Greek exit from the eurozone, as Chancellor Angela Merkel prepares to meet Greece's prime minister in Berlin for talks on Friday.<img width='1' height='1' src='http://telegraph.....