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Tuesday 28 August 2012

UK Financial News on 2012-08-28

G4S reveals 50m Olympics loss
Security firm G4S says the contract to provide security for the London 2012 Olympic Games has cost it 50m, after it failed to provide enough guards......

Virgin Trains starts court action
Virgin Trains has started court proceedings over the government's decision to award a new franchise to transport company FirstGroup......

Catalonia seeks 5bn-euro bailout
The debt-ridden Spanish region of Catalonia asks for a bailout of 5bn euros ($6.3bn; 4bn) from the central government......

Lexmark to quit inkjet printers
Lexmark is to stop making inkjet printers and inks, and plans to sell off related patents, in order to boost profits......

Apple seeks court ban on Samsung
Apple asks a court in California to ban eight Samsung devices from the US market, following a court victory over its South Korean rival......

Claims management faces new rules
People who have been let down by claims management companies will be able to complain to the Legal Ombudsman from next year......

John Lewis to sell Nook e-reader
John Lewis is to sell the Nook e-reader, made by bookseller Barnes & Noble, becoming the first company outside the US to sell the device......

IBM debuts small, fast mainframe
IBM has unveiled a new mainframe computer to help head off competition from lower cost PC-based servers......

Credit Agricole hit by Greek debt
French bank Credit Agricole reports a drop in second quarter profits after taking charges against assets in Greece and Italy......

Rail franchise deal to go ahead
The transport secretary says there will not be a delay in signing a new West Coast Main Line contract, despite pressure from Virgin Rail and Labour......

Used cars top list of complaints
Complaints about used cars bought from independent dealers are the most common gripe from people using the Citizens Advice helpline......

Heathrow runway calls rejected
The UK transport secretary says the government remains opposed to a third runway at Heathrow, despite growing calls from Conservative MPs for a change of heart......

Oil company to explore new lands
Edinburgh exploration company Cairn Energy is to hunt for oil and gas in new areas in Morocco and the Mediterranean......

Foxconn International shares fall
Shares of Foxconn International Holdings, the world's biggest contract mobile phone manufacturer, slump more than 8% after a dismal earnings report......

Carmaker BYD profits plunge 94%
Chinese car and battery maker BYD, posts a 94% drop in earnings for the first half of the year......

NI Water to seek extra funding
Northern Ireland Water makes a profit of more than 133m this year, up from 112m in 2011......

390 jobs to go at Target Express
Target Express, Ireland's largest privately owned transport company, ceases trading with almost 400 people set to lose their jobs......

Home-loan payments at 15-year low
Mortgage payments for qualifying borrowers are more affordable than at any time in the last 15 years, a new study by the Halifax suggests......

Profits dip at Chinese industries
China's industrial firms see a dip in profits for the fourth successive month, adding to fears about a sharp slowdown in China's economy......

German business confidence falls
German business confidence falls for the fourth month in a row to a 29-month low, according to the closely-watched Ifo survey......

Greek exit idea sparks German row
German centre-right politicians criticise a leading conservative partner for suggesting that Greece will have to leave the eurozone......

Baoshan Steel shares surge 10%
Shares of Baoshan Steel, China's biggest steelmaker, surge after it announces a share buy back plan in a bid to boost investor confidence......

Dons offered new stadium sites
Aberdeen FC has received calls from private landowners offering potential sites for a new stadium, the club says......

Billabong swings to annual loss
Surfwear company Billabong reports its first annual loss since 2001, as it restructures its struggling business......

VIDEO: Lufthansa cabin crew set to strike
Unions at the Germany's biggest airline have announced plans for a series of strikes by cabin crew - which could begin anytime from Wednesday......

VIDEO: Gadgets to make your business fly
How some of the Big Apple's self-starters are using a plethora of gadgets and apps to help in the day to day cut and thrust of small business......

VIDEO: Heathrow third runway calls rejected
The transport secretary has insisted the coalition government will stick to its pledge to oppose the building of a third runway at Heathrow Airport.....

AUDIO: NHS considers local public sector pay
Nicola Stanbridge reports on a consortium of NHS Foundation Trusts who have considered regional pay and conditions to set public sector pay......

AUDIO: How should public sector pay be set?
Matthew Hancock, Conservative MP and former chief of staff to George Osborne, and Dr Evan Harris, vice chair of the Liberal Democrat Federal Policy Committee, debate the government's idea to pay public sector workers more in high pay areas and less i.....

VIDEO: Billabong needs investor support
The troubled Australian surfwear retailer Billabong has called on investors to support its plan of cuts to restore the company's fortunes......

VIDEO: Thailand's taste for wine industry
Thailand is determined to overcome its tropical climate to grow grapes in vineyards that will form the backbone of a wine producing industry.....

VIDEO: Disaster training in the Middle East
Firecrews from across the Middle East have been training at one of the biggest emergency training centres in the world, in northern Qatar......

Apple-Samsung: Expert opinions
Experts weigh in on Apple's patent victory over Samsung in the US courts.....

Selling the Paralympics as elite event
Selling the Paralympics as an elite sports event.....

Is Australia's resources boom over?
Is Australia's resources boom over?.....

Facebook ads: 100,000 bill for government
Is 100,000 bill for UK government a good deal?.....

Is technology killing the lure of company heritage?
Is technology killing the lure of company heritage?.....

Brazil strikes stern test for Rousseff
Brazil's president and unions at odds over wage claims.....

U.S. Day Ahead: Three key numbers that could stir markets
Aug 28 - The Fed's Beige Book, updated GDP numbers and pending home sales in the morning could breathe life back into the markets as they wait for Ben Bernanke's critical Fed speech on friday......

LIGHTNING ROUND: Isaac creating a hurricane in energy prices
Aug. 28 - NYMEX trader Ira Eckstein says volatility is the name of the game in energy markets right now, and that if Hurricane Isaac doesn't do a lot of damage, prices will tumble quickly......

Spanish retail giant in trouble
Aug. 28 - Spain's most iconic retailing store El Corte Ingles shows dramatic slip in sales amid the country's economic crisis and makes efforts to adjust to new reality. Ivor Bennett reports.....

German firm keeps Paralympians running
TV visits one of the workshops and looks at what kind of a boost the Games could give to the company. Joanna Partridge reports......

Trading at Noon: Isaac shuts down Gulf Coast
Aug 28 - Tropical storm Isaac triggered refinery and oil rig shutdowns as it nears hurricane strength in the Gulf Coast's oil refining belt......

South Africa's mining wage dispute spreads
Aug.28 - Platinum miner Lonmin is expected to sign a peace truce with workers on Wednesday as thousands of gold workers in South Africa gear up to begin strike action. Sonia Legg reports......

Breakingviews: August M&A
Aug 28 - Breakingviews editors discuss this weeks flurry of M&A activity and why the deals aren't enough to make bankers happy......

European stocks hit reverse as ECB debt action decision drags
Aug. 28 - European stocks hit reverse as earnings fall short and the wait for ECB action on debt drags on into another week......

Shoppers at China 'drugstore' risk quality headaches - Reuters Investigates
China has emerged as a major producer of active pharmaceutical ingredients, but quality control remains lax, heightening the risks of substandard or fake drugs entering the global supply chain. (August 28, 2012).....

Euro Crisis Watch: Spain, Italy bailouts inevitable
Aug. 28 - Spain and Italy will and should seek bailouts says Daiwa Capital Markets European Economist Tobias Blattner, with timing the only question to be resolved......

Deadly cancer about to meet its map
Aug 28 - Australian researchers are studying the gene mutations that cause the deadly skin cancer, melanoma, in an effort to find more effective treatments. More than 130,000 new cases of melanoma are diagnosed globally each year, but scientists beli.....

3XSQ: IBM staying strong in tough tech market
Aug 28 - IBM announced plans to unveil a new version of its iconic mainframe computer, while other struggling computer companies scale back......

Wealth Strategies: Q3 earnings could be worst since 2001
Aug. 28 - Companies issuing negative guidance for Q3 earnings is at the highest level in eleven years, says analyst Jharonne Martis, and revenue growth could be near zero......

U.S. Morning Call: Stocks pointing higher; Isaac threatens
Aug 28 - Stock index futures are pointing to a slightly higher open as Isaac threatens to strengthen into a hurricane, setting its sights on Louisiana......

Running dry? UN issues world water warning
Aug. 28 - Water shortages could fuel food price hikes and spark global instability says a UN-sponsored report......

Market Pulse: What's Moving Today and Why
Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day......

Breakingviews: German split helps Draghi
Breakingviews.....

Reuters Today: Samsung unplugged, euro undrugged
Aug. 28 - Apple seeks to pull the plug on 8 Samsung phones in the US, although its flagship Galaxy S3 isn't on the list. And the euro should fall to $1.20, as central bank stimulants wear off, says BoNY Mellon......

BASF feels pinch of China slowdown
Aug. 28 - The world's largest chemical firm BASF has been a major investor in China, and remains bullish on the country despite its slowing economy, says its vice chairman......

German doctors reveal "cure" for snoring
Aug. 28 - German scientists claim a device originally designed to prevent sleep apnea can also "cure" snoring. The device, similar to a heart pacemaker, sends electrical signals to muscles in the tongue which, its inventors say, brings relief to an a.....

Oil prices not blown away by Isaac
Aug. 27- Summary of business headlines: Isaac shuts down Gulf oil but prices fall; Wall Street tip-toes ahead of Bernanke speech; Apple, Microsoft, Nokia, Research in Motion gain on Samsung court defeat; Best Buy opens books to founder......

Apple ruling buys time for Microsoft
Aug 27 - Microsoft's Windows phone could be the dark horse to watch in the race to win share in the mobile device industry, in the wake of Apple's U.S. patent victory against Samsung. Sasha Salama reports......

U.S. Day Ahead: More signs housing has turned a corner
Aug 27 - House prices are set to show their first ever year-on-year gain in almost 12 months when the S&P Case-Shiller index is released in the morning......

Chinese investment takes a nutty turn
Aug. 28 - With few investment options because of limits on property purchases and problems in the stock market, the Chinese are putting their money in some pretty odd places -- like walnuts......

Economy 2012: Harman CEO say China's lux demand not dead yet
Aug 27 - There are no signs of a slowdown in luxury sales in China with consumers still buying high-end car brands like BMW, Porsche and Audi, according to Harman CEO, Dinesh Paliwal......

Companies woo America's fast-growing Hispanic population
America's Hispanic population is gaining attention because of its increasing political muscle, and companies are trying to tap into its buying power.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d4d9cd/mf.gif.....

Samsung pledges to keep phones in US stores
Samsung has vowed to take all "necessary measures" to keep its phones in US stores, as Apple attempts to get a judge to ban several of the South Korean company's devices.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Deposit flight from Spanish banks smashes record in July
Spain has suffered the worst haemorrhaging of bank deposits since the launch of the euro, losing funds equal to 7pc of its GDP in a single month during July.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d47bc.....

Virgin Trains in West Coast legal fight
Virgin Trains today launched legal action in a final attempt to prevent the Government handing its West Coast rail franchise to FirstGroup.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d47bcf/mf.gif' border='.....

Planning reform is one of the very few growth strategies that Britain has left
It was good while it lasted. Olympic euphoria allowed us, however briefly, to forget Britain's wider economic travails.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d470c2/mf.gif' border='0'/><br/>&l.....

US smartphone battle hurts Wolfson shares
Apple's battle with Samsung has drawn attention to microchip group Wolfson.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d3cff3/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.c.....

Credit crisis in China's richest province Zhejiang
Earlier this summer, a team of Chinese policemen arrived at the Wyndham Grand Plaza Royale, a five-star hotel on the north-east shores of Hangzhou's West Lake.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d3c.....

Group of Seven nations 'stands ready' for emergency oil release
G7 warns oil producing nations that it is poised to tap strategic energy reserves, as Hurricane Isaac shuts down US crude production in the Gulf of Mexico.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d47bd1/.....

Emergency oil release 'an option', says White House as Isaac nears
The US says it is considering releasing emergency supplies of oil as the approach of Hurricane Isaac hammers production in the Gulf of Mexico.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d3cd27/mf.gif' borde.....

G4S must hope the Coalition takes its past success into account
Postpone for a month. That's my best advice for MPs waiting to tear the next strip off Nick Buckles.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d3eb58/mf.gif' border='0'/><br/><br/><a href.....

Sir Richard Branson: legal action is Virgin Train's 'last resort' over WestCoast mainline franchise
Sir Richard Branson says Virgin Trains are launching court proceedings against the Government's decision to award FirstGroup the WestCoast mainline contract in a last-ditch attempt to prompt Parliamentary debate.<img width='1' height='1' src='http.....

Sir Richard Branson: Virgin legal challenge 'designed to enable debate' of West Coast mainline decision
Sir Richard Branson says Virgin Trains are launching court proceedings against the Government's decision to award rival FirstGroup the WestCoast mainline contract as the bid is "unrealistic".<img width='1' height='1' src='http://telegraph.feedspor.....

Bunzl: a unique British company
With sales topping 5bn and over 50 years as a listed company on the London Stock Exchange, Bunzl is an unsung and quite unique British company given its international success story.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

G4S chief Nick Buckles 'unable' to give detail on Olympics shambles and says losses could be more than 50m
Embattled chief executive unable to say why the company's disastrous Olympics security contract went so badly wrong, but warned losses could run beyond 50m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d3e544.....

Q&A: What should I include in my business plan?
Our expert offers advice on the core elements you'll need to put in a business plan for a potential lender.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d3e546/mf.gif' border='0'/><br/><br/><.....

City Diary: Yahoo! chief limbers up in her new job by sorting out some free food
Yahoo!'s new chief is still searching for 'game-changing' ideas to revitalise the struggling internet search company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d3759b/mf.gif' border='0'/><br/><.....

Cairn picks up more oil and gas prospects offshore Morocco
Cairn Energy has bought into more oil and gas prospects offshore Morocco, as it continues to expand its portfolio beyond Greenland.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d370ee/mf.gif' border='0'/>&.....

Swap mis-selling staff offered pay worth more than 200,000 a year
Banks are offering recruits up to 900 a day to work on interest rate swap mis-selling claims, which equates to a salary of more than 200,000 a year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d370ef/mf.gif'.....

AstraZeneca appoints Roche's Pascal Soriot as new chief
AstraZeneca has appointed Pascal Soriot from rival drugmaker Roche Holding as its new chief executive in one of the most eagerly-awaited appointments within the pharmaceutical industry in years.<img width='1' height='1' src='http://telegraph.feeds.....

Marks & Spencer installs wi-fi in e-commerce push
Marks & Spencer is to install free wi-fi into all its UK stores and arm customer assistants with iPads as part of plans to integrate its internet and high-street offerings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Debt crisis: as it happened, August 28, 2012
The European Central Bank must carefully tailor its bond buying plan and not repeat the mistakes of last summer when it bought Italian debt only for the country to renege on its reform pledges, ECB board member Jrg Asmussen has said.<img width='1'.....

Debt crisis: live
The European Central Bank must carefully tailor its bond buying plan and not repeat the mistakes of last summer when it bought Italian debt only for the country to renege on its reform pledges, ECB board member Jrg Asmussen has said.<img width='1'.....

Bid target Chemring tumbles 13pc on profits warning
Chemring shares plunged 13pc after it warns this year's profit will be 15m lower than expected<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d2fa4e/mf.gif' border='0'/>.....

Good News Britain: Bunzl's UK business is back on growth track
Bunzl's UK business is growing at its fastest rate since 2008, with underlying growth of 2.5pc, according to its chief executive Michael Roney.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d3e547/mf.gif' bord.....

Good News Britain: Bunzl's UK business is back on growth track
Bunzl's UK business is growing at its fastest rate since 2008, with underlying growth of 2.5pc, according to its chief executive Michael Roney.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22d2fa53/mf.gif' bord.....