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Friday 31 August 2012

UK Financial News on 2012-08-31

Jump in number of bank complaints
Complaints made about British banks - including ones related to the mis-selling of payment protection insurance - soar, new figures show......

House prices in 'surprising' jump
UK house prices jumped by a "surprising" 1.3% in August, according to the Nationwide building society......

US Fed hints at further measures
The head of the US central bank, Ben Bernanke, says that he has not ruled out further action to boost the US economy......

UK 'needs infrastructure boost'
The British Chambers of Commerce calls for more government spending on infrastructure as it forecasts a 0.4% shrinkage of GDP in 2012......

Eurozone unemployment at new high
Unemployment across the 17-nation eurozone hit a record 18 million in July, the EU statistics agency says......

Spain creates 'bad bank' for debt
The Spanish government is creating a "bad bank" into which all the toxic property assets of its debt-laden banking sector can be off-loaded......

ECB eyes bank supervision boost
The European Central Bank would have sweeping powers to regulate all eurozone banks, under new European Commission proposals......

Abramovich wins UK court battle
Chelsea owner Roman Abramovich wins a 3bn breach of trust and contract case brought by exiled Russian oligarch Boris Berezovsky at London court......

Tokyo court gives win to Samsung
A court in Tokyo rules that Samsung Electronics did not infringe on patents held by Apple, a victory for the South Korean company......

Lego Friends series lifts profits
Danish toy maker Lego says profits jumped in the first half of the year, despite a controversy surrounding its new Lego Friends line-up for girls......

Redrow chairman in buy-out bid
Housebuilder Redrow receives a 560m takeover approach, involving the company's chairman and founder, Steve Morgan......

Bank outlines compensation plan
Ulster Bank announces details of a compensation scheme for customers who were affected by a major computer failure over the summer......

Lufthansa cabin crew action ends
The union representing cabin staff at the German airline Lufthansa have held a day of strike action at Frankfurt airport......

Sharp downgraded to 'junk' status
Sharp, the struggling Japanese consumer electronics giant, has its credit rating cut to "junk" status by ratings agency Standard & Poor's......

World food prices up 10% in July
The World Bank warns that a "historic" jump in the cost of key food crops, such as wheat and corn, will increase pressure on the world's poorest......

Profits rise at gaming firm Bwin
Internet betting firm Bwin.party Digital Entertainment reports a rise in half-year profits on strong demand for its sports betting and casino products......

Graham Norton sells So TV to ITV
Graham Norton's production company, So Television is bought by ITV in a deal that could be worth up to 17m......

Recession 'drives invention boom'
Survey data suggest that UK inventors and inventions are on the rise in response to recent economic woes......

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......

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.....

India growth better than forecast
India's economy grew faster than expected in the April to June quarter, easing some fears about a sharp slowdown in Asia's third-largest economy......

Germany retail sales fall in July
German retail sales fell in July, as shoppers reined in their spending after being hit by rising fuel prices......

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......

Second energy firm hit by virus
Computer systems at energy firm RasGas have been taken offline by a computer virus only days after a similar attack on oil giant Aramco......

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......

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

Premier League transfers hit 380m
Gross spending by Premier League clubs on players is matching the levels seen in the transfer window a year ago, says Deloitte......

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......

VIDEO: Berezovsky loses Abramovich claim
Chelsea Football Club owner Roman Abramovich has won a legal battle against exiled Russian oligarch Boris Berezovsky......

VIDEO: Lego Friends 'not stereotypical'
Lego's profits have jumped in the first half of the year helped by strong sales of its Lego Friends sets, despite controversy surrounding the product......

VIDEO: Ulster Bank outlines compensation
The Ulster Bank has announced details of a compensation scheme for customers who were affected by a major computer failure over the summer......

VIDEO: Romney vows to rescue US economy
The Republican candidate for the US presidential election, Mitt Romney, has vowed to rescue the US economy......

VIDEO: UK 'needs infrastructure boost'
The British Chambers of Commerce has called for a government infrastructure spending programme as it predicted that UK GDP would shrink by 0.4% in 2012......

VIDEO: Union praises staff over Lufthansa strike
Lufthansa cabin crew have taken strike action over a 5% pay claim......

VIDEO: Japan's output suffers 'alarming' fall
Japan's industrial output unexpectedly dropped in July as a slowdown in global demand hurt exports......

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

Criminalising squatting raises homeless fears
Pressure groups say the homeless are penalised unfairly.....

High Street follow my leader
Harnessing data to fight the big digital retailers.....

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

Justifying Apple's $1bn verdict
Apple/Samsung trial jury foreman speaks out.....

Expect September Fed action - experts
Aug 31 - Fed watchers say Federal Reserve Chairman Ben Bernankes Friday speech describing unemployment as a grave concern is a hint new stimulus will be announced as early as September. Conway G. Gittens reports......

Bar is higher for more Fed action: Fmr. White House adviser
Aug 31 - The economy has to get much worse before Ben Bernanke and the Fed decide to act, according to Edward Lazear, former White House economic adviser......

U.S. Week Ahead: Jobs report shouldn't derail stimulus talk
Aug 31 - Former Federal Reserve Vice Chairman Alan Blinder on what it will take for the August jobs report to put an end to talk of QE3 from the Fed. Plus, Amazon's latest announcement and taxing results......

Fed support now likely at next meeting: Fmr. Fed official
Aug 31 - Ben Bernanke and the Fed could inject more cash into the recovery at the September meeting depending on the jobs report according to Alan Blinder, former Vice-Chair of the Federal Reserve Board......

Bankia to get cash injection
Aug 31 - Spain's government is setting up a so-called bad bank to isolate tens of billions of euros in bad loans, while nationalised lender, Bankia's first half losses were cause for instant European aid. Joanne Nicholson reports.....

Trading at Noon: Stocks, euro, oil, gold get Bernanke bump
Aug 31 - The Dow Jones Industrial Average rose over 1 percent after Fed Chairman Ben Bernanke signaled the central bank stood ready to bolster the economy if needed......

Abramovich scores in court
Aug 31 - Chelsea Football Club owner Roman Abramovich won a $6 billion legal battle with his former business partner Boris Berezovsky, who claimed he'd been intimidated into selling off his business for less than it was worth. Joanna Partridge report.....

Europe Week Ahead: back to business for EU leaders
Aug. 31 - As the summer lull fades into the background, Europe's leaders are coming under renewed pressure to find a way out of the debt crisis......

Lufthansa hit by cabin crew strike
Aug. 31 - Germany's largest airline suffered a setback when cabin crew walked out over pay cuts, and it's one of many problems the carrier's facing, as it tries to find a way to pay for a new fleet. Joanne Nicholson reports.....

Bernanke says Fed will act if needed, but no QE3 yet
Aug 31 - Fed Chair Ben Bernanke says the Federal Reserve will provide more help for the tepid recovery as needed in his policy speech in Jackson Hole......

Reuters Asks: Will Ben fire up the QE3 jets?
Aug. 31 - Federal Reserve Chairmain Ben Bernanke has used recent Jackson Hole speeches to pave the way for crisis-fighting measures like quantitative easing. Will he flag QE3 today?.....

3XSQ: 'Fed' up? Turn 'East'-wood
Aug 31 - Fed's Ben Bernanke preps up for the podium at Jackson Hole after Clint Eastwood's bizarre speech from Tampa on Thursday, a tough act to follow......

LEGO builds on bricks for girls
Aug. 31 - Danish toymaker Lego credits its new range, LEGO Friends, which is aimed at girls for helping them post a 24 percent rise in interim operating profits in the first half of 2012. Hayley Platt reports.....

U.S. Morning Call: Clock ticks down to Big Ben's speech
Aug 31 - Federal Reserve Chairman Ben Bernanke may acknowledge the U.S. central bank is actively considering another round of monetary easing in his keynote Jackson Hole speech......

Market Pulse: Looming Sept crash? Investors don't think so
global asset allocation poll suggests fears of a market crash in September may be greatly exaggerated......

Gold-plated PC fit for a King
Aug. 31 - A French-based firm has designed the ultimate in luxury office equipment - a gold-plated computer inspired by the 16th century French King Louis XVI. Hayley Platt reports......

Breakingviews: Spanish junk pending
Breakingviews......

Time not ripe for more China easing: Rogers
Aug. 31 - China's government should not act to prop up the economy until inflation and the property bubble are "totally dead," says renowned investor Jim Rogers......

Lego for girls sales "astonishing"
Aug. 31 - The Danish building block maker Lego, says sales of its "Lego Friends" range aimed primarily at girls have been powering its growth......

Reuters Today: Waiting for Ben
Aug. 31 - Markets wait for Ben Bernanke's speech at Jackson Hole, with clues to QE3 eagerly sought, and Apple and Google could be in secret talks over a truce......

Things looking up for troubled India
Aug. 31 - Despite government gridlock and flagging growth, investors are banking on promising signs India will introduce much-needed economic reforms......

Asia Week Ahead: Clinton in China
Breakingviews strategist Wayne Arnold talks about economic data due out of Indonesia, Japan car sales figures and why the U.S. Secretary of State can't stay away from Asia......

Apple, Google in patent talks
Aug 30 - Summary of business headlines: CEOs from Apple and Google talk as mobile patent war heats up -sources; Data dims hope Bernanke will offer stimulus hint on Friday, stocks retreat; Citigroup to pay $590 million in crisis settlement; Knight tak.....

Colors paint a rosy retail season
Aug 30 - August chain store sales numbers crushed even the most upbeat forecasts as fresh fashions, like colored jeans, and the back to school season encouraged shoppers to spend. Jeanne Yurman reports......

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......

Darty 'error' on CEO pay angers investors
Darty is facing a shareholder rebellion following the embarrassing admission of an 'error' in its disclosure of its chief executive's pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f3632e/mf.gif' border='0.....

Ireland 'may have to cut public sector wages'
The Irish health minister warned that the Irish coalition government may be forced to cut public sector wages if spending targets under its EU bailout are to be met.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Steelmaker turns to Salty Buddy in its hour of need
As profits from steelmaking plunge, Wuhan Iron and Steel is capitalising on a thirst for its lemony soda drink, Salty Buddy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f32412/mf.gif' border='0'/><br/&.....

Aquascutum could return to historic Regent Street home
British fashion house plans comeback just a year after leaving home since 1851.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f31fc0/mf.gif' border='0'/><br/><br/><a href="http://da.feedsport.....

Poundstretcher chief Richard Kirk to step down
The chief executive of discount chain Poundstretcher is to stand down after just three months in the role.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f31fc1/mf.gif' border='0'/><br/><br/><.....

Row erupts at royal wedding carpet firm
Sparks fly as row over rewards erupts at Victoria, the company which made the red carpet for last year's royal wedding.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f31fc2/mf.gif' border='0'/><br/>&l.....

Bernanke's promise of stimulus buoys US markets
US stock markets rose after Ben Bernanke signalled he would be willing to inject fresh stimulus into the US economy, even though he failed to provide the specifics some had hoped for.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

GM orders 'down week' at two UK plants
Vauxhall is to cease production for a week at two of its UK factories as it responds to a fall in demand on the back of the eurozone crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f2d44f/mf.gif' border=.....

Employment 'catastrophe' if euro bloc splits
Eurozone unemployment reached a record high as a United Nations agency warned of a "catastrophic" rise in the jobless count if the sovereign debt crisis worsens.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f.....

Draghi plan under threat amid EU split
Pressure is mounting on the European Central Bank to water down emergency measures to prop up Spain and Italy, after reports that the chief of Germany's Bundesbank threatened to quit in protest at the plan.<img width='1' height='1' src='http://tel.....

Eurozone deal hit by new threat
Pressure is mounting on the European Central Bank to water down emergency measures to prop up Spain and Italy, after reports that the chief of Germany's Bundesbank threatened to quit in protest at the plan.<img width='1' height='1' src='http://tel.....

Haldane offers the vision thing at Jackson Hole
There were quite a few interesting speeches at the Jackson Hole conference but Ben Bernanke's wasn't one of them.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f2b8ef/mf.gif' border='0'/><br/><br/&.....

Blue-chips dip as traders focus on Jackson Hole
The FTSE 100 ended the day in the red following Ben Bernanke's speech.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f23cf4/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Bankia to receive immediate aid after huge loss
Spain's national bank rescue fund will inject emergency liquidity into troubled lender Bankia immediately after the bank reported losses of over 4bn in the first half of 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

'Sidelining' claim over Lonmin mine talks
Talks to find a solution to the strike in South Africa which led to the deaths of 34 miners are on the verge of collapse amid claims by a union that they are being "sidelined" by Lonmin.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Total insists Shtokman Russian Arctic gas project not delayed 'indefinitely'
Total sparked confusion over plans for Russia's giant Shtokman Arctic gas field, denying the project, in which the French company has a stake, had been delayed indefinitely.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Redrow founder Steve Morgan seeks to buy housebuilder
The founder and chairman of Redrow, who also owns Wolverhampton Wanderers, has made a 152p-a-share indicative offer for the housebuilder.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f19b76/mf.gif' border='0'.....

Simplify bank regulation, Haldane says
Both banks and financial regulation need to be simplified if another crisis is to be averted, according to Andy Haldane, head of financial stability at the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Debt crisis: as it happened - August 31, 2012
Hopes dwindle that US Fed chief Ben Bernanke will offer hints on stimulus in his Jackson Hole speech later as ECB Council member Ewald Nowotny says the central bank will cut eurozone growth forecasts next week.<img width='1' height='1' src='http:/.....

Markets rise on Ben Bernanke's Jackson Hole speech
US stock markets rose after Federal Reserve chairman Ben Bernanke signalled a willingness to introduce fresh stimulus even if he failed to provide the specifics some investors wanted.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Debt crisis: live
Hopes dwindle that US Fed chief Ben Bernanke will offer hints on stimulus in his Jackson Hole speech later as ECB Council member Ewald Nowotny says the central bank will cut eurozone growth forecasts next week.<img width='1' height='1' src='http:/.....

Ben Bernanke 'not ready to pull the trigger' on stimulus
Fed chairman Ben Bernanke says he won't rule out more bond purchases to boost growth and increase employment as he deliver a 'no surprises' speech in US election year. Here is what analysts thought of his speech.<img width='1' height='1' src='http.....

Apple offers to relax grip on e-book sales
Apple has offered to relax its grip on the ebook market in order to fend off accusations that it colluded with publishers to fix prices and weaken rival Amazon.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f0.....

Ben Bernanke's speech: in full
Fed chairman Ben Bernanke says he won't rule out more bond purchases to boost growth and increase employment as he deliver a 'no surprises' speech in US election year. Here is his speech in full.<img width='1' height='1' src='http://telegraph.feed.....

Complaints at Barclays jump nearly 80pc
Complaints by Barclays customers have soared due to a near four-fold increase related to the mis-selling of insurance products, the bank said on Friday, a pattern likely to be repeated by rivals when they report their data.<img width='1' height='1.....