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Thursday 30 August 2012

UK Financial News on 2012-08-30

New chief executive at Barclays
Barclays appoints Antony Jenkins as its new chief executive following the resignation of Bob Diamond over the Libor interest rate fixing scandal......

UK economy 'to contract in 2012'
The UK economy is set to contract this year, the CBI business group predicts, as it cuts its forecasts for UK growth......

HMV boss to head Trinity Mirror
Simon Fox, the departing head of music retailer HMV, is appointed chief executive of newspaper group Trinity Mirror......

Lufthansa strike times announced
Cabin staff at German airline Lufthansa give details of the times of their strike action - it will start at 03:00 GMT on Friday at Frankfurt airport......

Valencia ups Spain bailout plea
Valencia asks for a bailout of 4.5bn euros (3.6bn; $5.6bn) - more than previously indicated - from Spain's central government......

US consumer spending rises 0.4%
US consumer spending rose by 0.4% in July, says the US Commerce Department, raising hopes the economy is continuing to recover......

JJB Sports seeking rescue buyer
Struggling sportswear chain JJB Sports puts itself up for sale after it fails to raise new funds to help revamp its stores......

China in $3.5bn deal with Airbus
China agrees to buy 50 Airbus planes worth $3.5bn (2.2bn), as part of a slew of trade deals signed by Angela Merkel at the start of a visit to China......

Vivendi set to cut jobs and costs
French media and telecoms giant Vivendi says it will cut costs including jobs as it reports a drop in second-quarter profits......

Mortgage approvals still subdued
The number of mortgages approved for home buyers rose in July, the Bank of England says, but lending levels remain restricted......

Admiral half-year profits rise 7%
Insurance group Admiral announces a better than expected 7% rise in profits for the first six months of 2012......

FSA's new guide to advice charges
A guide to how consumers will soon be charged for independent financial advice has been published by the Financial Services Authority.....

Pernod names heir as next chief
Pernod Ricard has announced that the nephew of recently deceased chief executive Patrick Ricard will take the company's helm from January 2015......

Brazil cuts interest rates again
Brazil's central bank cuts its benchmark interest rate to a record low of 7.5% in an attempt to reignite a stalled economic recovery......

WPP half-year profits rise 7%
WPP, the world's largest advertising group, reports a 7% rise in half-year profits but reduces its full-year revenue growth forecast......

Easyjet in Edinburgh jobs boost
One hundred jobs could be brought to Edinburgh after Easyjet announces plans to base two more aircraft at the capital's airport......

Philippines sees growth rate slow
The Philippines economic growth rate slowed in the second quarter as a fall in global demand hurts its exports and industrial output......

Emergency fish exit wins award
A design for illuminated rings that show undersized fish how to escape from a fishing net has won the UK Dyson engineering award......

Workless households total falls
The number of households where no adult aged 16 to 64 is in work has fallen slightly for the second year in a row, official figures show......

MPs demand action on alcohol tax
The UK's tax authorities should do more to tackle alcohol smuggling, including more prosecutions, a committee of MPs says......

Sales of top-end houses double
House prices in England and Wales have risen slightly in the past year, but demand for 1m-plus properties has grown sharply, figures show......

US expands more than estimated
The US economy grew at an annualised pace of 1.7% in the second quarter, more than first estimated, official figures show......

Heathrow capacity 'harms' economy
MPs say the restriction of capacity at Heathrow is harming the UK's economy......

Brazil public sector strike off
Public workers in Brazil accept a government pay deal and call off a strike that had been causing disruption across the country......

Citigroup pays $590m settlement
US banking giant Citigroup has paid more than half a billion dollars to shareholders who accused the bank of hiding its subprime exposure......

'Raid' on Motorola trade secrets
A former Motorola employee is sentenced to four years in prison for stealing trade secrets worth millions of dollars......

Packaging firm increases profits
Glasgow packaging firm Macfarlane reports a 65% increase in its half-year pre-tax profits although sales remain flat......

Saints record 12 years of profit
Northampton Saints announce a 12th consecutive year of profit, recording over 600,000, up to 31 May 2012......

Transfer spending breaks 4bn
Premier League clubs have spent more than 4.4bn on players since the transfer window was introduced in England 10 years ago......

Malawi withdraws from Paralympics
Malawi withdraws from the 2012 Paralympics in London citing a lack of funding......

VIDEO: China 'worried about eurozone crisis'
The BBC's Martin Patience reports after Chinese Premier Wen Jiabao has called on struggling European nations to get their finances in order......

VIDEO: Rise in mortgage approvals
The number of mortgages approved for home buyers, but not yet lent, rose in July, the Bank of England said......

VIDEO: Inside a digital car showroom
Spencer Kelly takes a look inside a fully digital and almost completely virtual car showroom in the heart of London......

VIDEO: UK economy 'to contract in 2012'
The UK economy is set to contract this year, according to the Confederation of British Industry......

VIDEO: Barclays names new chief executive
Barclays has appointed Antony Jenkins to be its new chief executive......

VIDEO: 'We misjudged mood over exec pay'
Earlier in the year WPP shareholders voted against the company's executive pay report, which included a 6.8m deal for chief executive Sir Martin Sorrell......

AUDIO: Spanish bank run 'exaggerated'
There are signs that investors are already worrying about Spain leaving the euro, as banks there are seeing money leave in large quantities. Pedro Schwartz, economics professor at San Pablo University in Madrid, gives his assessment on the risk of a .....

VIDEO: Clegg: 'Rich should pay more tax'
Nick Clegg has suggested the UK's wealthiest people could be asked to pay more tax for a limited period......

From prison to profit
How businessman Duane Jackson turned his life around.....

Tokyo braced for higher power costs
Tokyo firms and households face higher electricty costs.....

Chinese factories turn to Bangladesh
China factories turn to Bangladesh as labour costs rise.....

Viewpoint: Would a wealth tax work?
The practical problems of introducing a wealth tax.....

U.S. Day Ahead: Bernanke unlikely to satisfy investors
Aug 30 - Ben Bernanke is set to keep us all guessing about if he'll inject more cash into the economy when he delivers his highly-anticipated Fed speech at Jackson Hole......

The three biggest U.S. retail surprises
' Jharonne Martis on the three biggest standouts from the better-than-expected retail sales numbers. Also find out what the next quarter holds for the major chain stores......

The Exchange: GOP pop quiz
Rob Cox polls some Republican pols about their views on Bernanke, taxes, China and Dodd-Frank......

Trading at Noon: Carlyle Group on acquisition tear
Aug 30 - Private equity firm Carlyle Group has purchased DuPont's car paint business, the latest of many recent deal announcements......

E-fabric to electrify soldiers in the field
Aug. 30 - Clothing containing electrically conductive thread may soon lighten the load of British soldiers in the field. The clothing is designed to charge computers, GPS, radios and other equipment required by soldiers, allowing them to leave their .....

Europe Day Ahead: Investors eye action on growth
Aug. 30 - Hopes are fading for another round of quantitative easing from the U.S. Federal Reserve, but ECB President Mario Draghi is set to flesh out his plans for buying bonds......

New Barclays boss is no hard diamond
Aug 30 - Britain's Barclays has chosen the head of its retail and business banking unit Antony Jenkins as its new CEO, taking over from Bob Diamond. Jenkins faces a tough challenge at the outset, as British fraud prosecutors said they were launching .....

3XSQ: Retailers crush sales estimates by nearly double
Aug 30 - Chain stores from the low end to the high end exceeded their same-store sales forecasts for August, with Nordstrom beating sales estimates by 10 percent......

Saft Says: Yuan now China's problem too
columnist James Saft says the weakening yuan has become a problem for for China as it braces for a bumpy economic landing......

Sports Spread: Young guns vs new signings
Aug. 30 - Liverpool's young guns take on Arsenal's new signings in the weekend's big Premier League game, while Manchester United and Manchester City face opposition from the foot of the table......

U.S. Morning Call: Barclays boasts new boss
Aug 30 - Britain's Barclays has picked softly spoken retail boss Anthony Jenkins as its new chief executive after Bob Diamond's shameful exit following a rate-rigging scandal......

Ad giant WPP plans move back to UK
Aug. 30 - Despite posting a slowdown in growth in the U.S, WPP says it's business in China is booming, and plans to move back to the U.K will please the country's treasury. ROUGH CUT- NO REPORTER NARRATION.....

Market Pulse: Italy passes bond market test
Aug. 30 - Italy passes a key bond market test with a successful sale of 10-year debt as China says it will keep lending to the euro zone despite worries in Beijing......

In the Boardroom: Director Contagion
Aug. 30 - When a company's name gets tarnished, should executives give up their positions on other boards to prevent reputation loss spreading? Lucy Marcus talks with Axel Threlfall......

Breakingviews: Barclays' new chief
Breakingviews......

The secrets of Germany's labour market resilience
Aug. 30 - Stefan Schneider, Chief International Economist at Deutsche Bank, discusses why the German labour market has managed to stay robust in the face of weakening global trade and economic data......

Breakingviews: Merkel's quest to get Beijing on board
Breakingviews talks about the real purpose behind German Chancellor Angela Merkel's visit to China......

China tourist surge pressures Asia's financial powerhouse
Aug. 30 - A swell in mainland China arrivals is forcing Hong Kong to rethink its overburdened infrastructure or risk losing its global prestige......

Reuters Today: China backs euro zone, Italy debt sale looms
Aug. 30 - China says it will keep buying euro zone debt, but Premier Wen Jiabao says Spain and Italy must push harder on reform. An Italian bond sale later will test sentiment on the region......

WPP CEO Sorrell on nudged-down outlook
after the world's largest advertising group revised down its full-year outlook when publishing Q2 results......

Moscow car show's new class of driver
Aug. 30 - Global auto makers flock to this year's Moscow car show keen to attract Russia's growing middle classes who are hungry for the latest foreign models. Hayley Platt reports.....

Economic engine still humming: Fed
Aug. 29 - Summary of business headlines: Economy sees modest late-summer growth after slightly stronger April to June quarter; Pending home sales add to housing optimism; Yelp shares helped by lock-up expiration; Stocks creep higher, oil slips. Conwa.....

Bernanke's "Goldilocks" dilemma
Aug. 29 - Federal Reserve Chairman Ben Bernanke faces a problem: the economy is not so weak that QE3 is an easy policy move, but not strong enough to take QE3 off the table, leaving investors guessing what he will say at the annual retreat this Frida.....

U.S. Day Ahead: Why jobless claims matter
Aug 29 - Investors, digging in before Bernanke's big speech on Friday, should focus on initial jobless claims for clues about what the critical jobs report will look like in August......

Bio-retina could be boon for the blind
Aug. 29 - An Israeli company has developed an artificial retina to restore sight to millions blinded by retinal disease. Called Bio-Retina, the implant mimics the function of the natural retina when age-related macular degeneration (AMD) or diseases .....

Good News Britain: Hays working in 'multi-speed world'
Recruiter Hays said it is working in a "multi-speed world" where growth in some countries and sectors is offsetting decline in others.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e93d84/mf.gif' border='0'/&g.....

Jenkins needs to deliver change at Barclays within three years at most
Welcome to the mad house Mr Jenkins. Becoming chief executive of Barclays, or indeed any bank, can't be the most appealing appointment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e93515/mf.gif' border='0'/&.....

Financial crisis: the printing press has reached its limits
Central bankers are powerless to do more than avert disaster, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e8d653/mf.gif' border='0'/><br/><br/><a href="http://da.feedspor.....

China's fears grow over eurozone crisis
China has expressed deep alarm at the escalating crisis in Europe and warned against austerity overkill as Europe's crumbling demand sends shock waves through Asia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Sorrell plans WPP move back to "Planet No-Growth" Britain
WPP to move headquarters back to UK after Coalition changed tax laws, as the global advertising group warned of slower growth rates amid ongoing debt crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e8bb4.....

HMV's Simon Fox heads to Trinity Mirror Group
Trinity Mirror Group has appointed Simon Fox, the outgoing boss of music retailer HMV, as its new chief executive.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e8bb49/mf.gif' border='0'/><br/><br/.....

Foreign investors look inland for new opportunities
The last time foreign companies cut their investment in China, the world was reeling from the financial crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e8bb4a/mf.gif' border='0'/><br/><br/>.....

Graham Norton sells company to ITV
Graham Norton has sold his television production company to ITV, handing the chat show up to 7.7m and paving the way for him to quit the BBC for its commercial rival.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Cape pushed higher by relieved investors
The FTSE 250 company surged despite a fall in the wider market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e83c96/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1392655.....

Italian airline blames Ryanair for axing flights
A loss-making Italian airline has become embroiled in a war of words with Ryanair after blaming "unfair competition" from the Irish carrier for its decision to axe two local flights to Bari.<img width='1' height='1' src='http://telegraph.feedsport.....

Debt crisis: as it happened - August 30, 2012
China may be willing to buy-up more European debt to support the struggling region, Chinese Prime Minister Wen Jiabao said on Thursday as German Chancellor Angela Merkel arrived in Beijing for talks.<img width='1' height='1' src='http://telegraph......

Credit card lending falls at sharpest rate since 2006
Credit card lending fell at its sharpest rate in six years in July, according to the Bank of England, dampening hopes that consumers might help lead the country out of recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

JJB Sports up for sale
The future of JJB Sports and its 4,000 staff hangs in the balance after the sports retailer put itself up for sale in a desperate attempt to plug a funding gap.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e8.....

City Diary: Time for some magic as Simon Fox joins Trinity
Simon Fox may know something we don't as he jumps out of the frying pan and into the fire, joining Trinity Mirror Group as chief executive from HMV.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e81be0/mf.gif'.....

Admiral shares fall due to car insurance growth fears
Shares in Admiral, the owner of Confused.com, came under pressure as fears over slowing growth in its key UK car insurance arm overshadowed an eighth consecutive year of record profits.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Antony Jenkins: the retail banker with the biggest job in banking
Antony Jenkins made his name in the competitve world of US retail banking.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e7c9d4/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Barclays boss has big job on his hands
Antony Jenkins has one of the toughest jobs in banking sorting out the problems facing Barclays.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e7c9d9/mf.gif' border='0'/><br/><br/><a href="ht.....

Debt crisis: live
China may be willing to buy-up more European debt to support the struggling region, Chinese Prime Minister Wen Jiabao said on Thursday as German Chancellor Angela Merkel arrived in Beijing for talks.<img width='1' height='1' src='http://telegraph......

New Barclays boss pledges to deal with scandals
Antony Jenkins has said his priority will be to deal "expeditiously" with scandals that have hit Barclays in recent months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e7c9df/mf.gif' border='0'/>.....

Good News Britain: How British recruiters have exported their skills around the world
They say that necessity is the mother of invention. Certainly every British business has had to become pretty inventive over the past five years, as we have been battered by the triple effects of the credit crunch and not one but two recessions.<i.....

France says ECB debt buying would be justified
High borrowing costs for some European countries compared with Germany's may justify market intervention by the European Central Bank, Francois Hollande said on Thursday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Qataris will not support 'Glenstrata' deal
Glencore-Xstrata mega-merger left hanging in the balance after Qatar Holding, the second-largest shareholder in Xstrata, confirmed it plans to vote against the deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

'Glenstrata' deal unlikely as Qataris will not support it
Qatari soverign wealth fund confirms it will not vote for Xstrata-Glencore merger<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e74077/mf.gif' border='0'/><br/><br/><a href="http://da.feedspo.....

'Glenstrata' deal unlikely as Qataris will not support it
Qatari soverign wealth fund confirms it will not vote for Xstrata-Glencore merger<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e6f079/mf.gif' border='0'/><br/><br/><a href="http://da.feedspo.....

Sears to drop out of S&P 500
US department store was one of the original members of the index.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22e68ef4/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13926.....