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Saturday 25 August 2012

UK Financial News on 2012-08-25

Samsung to appeal in Apple case
Samsung vows to appeal after a US court ordered the South Korean giant to pay Apple more than $1bn (665m) for infringing design patents......

Mouchel group in administration
The UK public-infrastructure group Mouchel enters administration after its shareholders rejected a proposed restructuring......

France piles pressure on Greek PM
Francois Hollande says Greece must prove it can reform its finances before receiving more bailout funds, after talks with Greek PM Antonis Samaras......

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

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......

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......

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......

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)......

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......

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......

VIDEO: Your Money: Pension advice and mortgage woes
In this week's Your Money, Susannah Streeter examines the impact of quantitative easing on pensions and how falling house prices are hurting some homeowners......

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

VIDEO: Homeowners 'trapped' by market
Millions of mortgage holders are effectively trapped in their homes because their deposits, or savings, have disappeared, according to a report by Lloyds TSB......

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......

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

The homeowners who cannot move home
The homeowners who cannot move home.....

Hollande says Greece must show commitment
Aug. 25 - French President Francois Hollande tells Greek Prime Minister Antonis Samaras - you must show your reform program is credible. Jessica Gray reports......

U.S. jury rules in favor of Apple
Aug 25 - A sweeping victory for Apple after a U.S. jury rules Samsung must pay $1billion in damages for copying Apple's design. Julie Noce reports......

Fed Chief spurs bulls
Aug 24 - Summary of business headlines: Stocks rally after Fed Chief Ben Bernanke tells Congressional panel the central bank has room to add more stimulus; Sales of new single family homes rose in July; Durable goods orders jump on aircraft orders; O.....

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......

Qataris seek 25pc of Xstrata if Glencore deal collapses
Qatar Holding is poised to raise its stake in Xstrata to 25pc should the miner's planned tie-up with Glencore collapse, giving it a de facto veto over any future merger.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

MPs' anger over G4S 'damaging to economy'
One of G4S's largest shareholders has warned that the aggressive response of MPs to the Olympics security shambles put recovery at risk by discouraging businesses to come to Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Lonmin seeks banks deal
Beleagured platinum miner Lonmin will step up negotiations with lenders this week when it hopes that strikers at its Marikana site in South Africa will return to work.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Peacocks' banks to collect 69m despite retailer's pension shortfall
Barclays and the Royal Bank of Scotland are to share in a 69m return from the collapse of Peacocks, despite the retailer's pension fund being left with a 15.8m shortfall.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Twofour television group put up for sale
The television production company behind The Hotel Inspector and Educating Essex is to put itself up for sale for up to 40m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22bbbcd9/mf.gif' border='0'/><br/&.....

Rainmaker: Xstrata chief on a winner with 325m loss
For most chief executives, a $514m (325m) write-down, shareholder pay revolt and the potential failure of a 44bn merger might look like a disaster.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22bbbcdc/mf.gif' .....

Nick Buckles to revisit G4S Olympics debacle
Nick Buckles of G4S must show the company can recover from the Olympic Games contract, which he admitted had become a 'humiliating shambles'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22bbbcde/mf.gif' border.....

Let us run West Coast for free, says Branson
Entrepreneur makes temporary offer to run the West Coast line for free to buy time for MPs' inquiry into controversial decision to hand the franchise to FirstGroup.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Sir Richard Branson: an extraordinary week
Reaction to the West Coast franchise decision has shown the strong British instinct for fairness, common sense and democracy, argues the Virgin entrepreneur.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22bbbce.....

Politicians should stay out of the boardroom
It should not be for MPs to decide who runs some of Britain's biggest companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22bbbce1/mf.gif' border='0'/><br/><br/><a href="http://da.feedspor.....

Orange owner defends 4G plan
Everything Everywhere has stepped up its battle with rivals Vodafone and O2 by saying they only have themselves to blame for allowing it to get a head start in 4G services.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

FSA issues warning over swap reviews
FSA tells banks not to prejudge outcome of the independent reviews of alleged mis-selling of interest rate hedges after complaints that lenders are telling customers not to expect too much from the compensation process.<img width='1' height='1' sr.....

Virgin Money boss: free banking is a 'myth'
Virgin Money boss Jayne-Anne Gadhia discusses transforming Northern Rock and how she plans to alter the public perception of British banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22bb4d6a/mf.gif' border='.....

Savers are suffering, but without QE it would be a lot worse
By lowering long-term interest rates and stimulating the economy, QE has helped to prevent asset prices falling by as much as they would otherwise have done.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22bb45a.....

Think Tank: Habit - the unspoken tool of advertising
Ingrained consumer behaviour is a powerful force that should be utilised .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22bb41b5/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Festival of Business: Williams' search for a winning formula
The F1 team's chief executive talks about 'warfare' on and off the track .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22bb41b6/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Merkel and Hollande sidestep Greece's plea for breathing space
Angela Merkel and Francois Hollande pledged to keep Greece in the eurozone, but offered Greece no immediate relief from its current regime of painful austerity measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Paul Ryan: America's debt destroyer?
The introduction of Mitt Romney's running mate to the election race may shape America's fiscal policy for the next decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22bacf31/mf.gif' border='0'/><br/>.....

Paul Ryan: America's economic saviour?
The introduction of Mitt Romney's running mate to the election race may shape America's fiscal policy for the next decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22bacc8c/mf.gif' border='0'/><br/>.....

Russia joins the 'global club' as economy slows
One of the very few pieces of good news in terms of the global economy last week was that Russia became the 156th member of the World Trade Organisation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22bacc8d/mf.....

Coalition has the key to restoring our confidence
The Government must set us free and give us the infrastructure required to improve the economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22bacc8f/mf.gif' border='0'/><br/><br/><a href="htt.....

Hertz set for $2.5bn bid for Dollar Thrifty
Hertz is preparing a $2.5bn takeover offer for Dollar Thrifty that will realise its long-held aim of buying its rival hire car company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22ba404a/mf.gif' border='0'/&.....

Explosion kills 24 at Venezuela refinery
An explosion at Venezuela's biggest oil refinery in the early hours of the day has killed 24 people and injured 84, officals say a ten-year-old is among the dead.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22.....

Lonmin: 57pc of staff report for duty
Platinum giant Lonmin said nearly 60pc of workers reported for duty on Saturday at one of its two sets of shafts as it sought an accord to end a labour dispute.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22b9.....

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.....