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Saturday 1 September 2012

UK Financial News on 2012-09-01

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......

Card-charge clampdown going ahead
The government is going ahead with its plan to ban retailers from imposing excessive charges on people who pay by debit or credit card......

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......

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......

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......

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......

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......

Premier League transfers at 490m
English Premier League clubs' spending on players reached almost 500m ($778m) during the summer transfer window, which closed on Friday, figures show......

VIDEO: In-store credit buys on increase
An apparent side effect of the recession and a gloomy economic outlook is an increase in consumers using in-store credit to buy big-ticket items such as dishwashers and sofas......

VIDEO: Your Money: Credit charges and student housing
This week, Your Money looks at EU credit card charges, the pros and cons of using in-store credit and whether it could be worth investing in student accommodation......

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......

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

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

Fed stimulus is risky and a waste of time: Economics Prof.
Aug 31 - A third round of QE from the Fed might make matters worse for the economy, according to Martin Feldstein, Hardvard economics professor......

OECD: Signs euro zone crisis is hitting China
Aug 31 - The slowdown in Europe is impacting Chinese exports at a critical time in the country's economy, according to Pier Carlo Padoan, Chief Economist at the OECD......

Inching closer to a new Fed: Economics Professor
Aug 31 - The Federal Reserve is getting closer to implementing QE3 and a new way of communicating, according to Susan Collins, economics professor at the University of Michigan......

Bernanke rally stays in place
Aug 31 - Summary of business headlines: Stocks climb as Federal Reserve Chairman Ben Bernanke keeps stimulus on the table; Consumer sentiment hits three-month high but worries linger; Business growth slows in the Midwest; Facebook sinks to new low. C.....

IMF says it's time for Europe to act
Aug 31 - Expect the euro zone to start implementing measures to solve its debt crisis come fall, according to David Lipton, First Deputy Managing Director of the IMF......

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......

Barclays' new chief Antony Jenkins must show critics who is boss
Shortly after Bob Diamond resigned as chief executive of Barclays in early July, I spoke to a significant number of the bank's shareholders about the power vacuum that had been created at the helm of one of Britain's biggest banks.<img width='1' h.....

WPP looking to refresh board
WPP is searching for a number of new non-executive directors as part of a move to refresh its board following the damaging "no" vote on pay at its annual meeting in June.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Jon Moulton targets JJB
Jon Moulton, the private equity specialist, is examining a rescue of JJB Sports, the ailing sports retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f97344/mf.gif' border='0'/><br/><br/>&l.....

FSA turns attention to former Barclays chief John Varley
John Varley, Barclays' former chief executive, is at the centre of a regulatory inquiry into unorthodox payments to Qatar's sovereign wealth fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f97345/mf.gif' b.....

Kurt Geiger hotfoots it abroad as high rents make UK unviable
Kurt Geiger, Britain's third largest shoe retailer, is to turn its back on UK expansion in favour of overseas growth as a result of high rents and unsustainable levels of business rates that it claims are "killing UK retail".<img width='1' height=.....

Antony Jenkins vows to listen more to Barclays investors
Antony Jenkins has promised to spend more of his time "listening than talking" with investors and regulators as he prepares to overhaul Barclays' executive management structure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Sales figures at 'careless' Morrisons to plunge
Supermarket's chief expected to fight back by rolling out new fresh-food strategy across stores.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f96f6a/mf.gif' border='0'/><br/><br/><a href="ht.....

Paralympics 2012: Channel 4 faces loss from Games coverage
Channel 4 may have come under fire for showing too many advertisements during the Paralympic Games - but the broadcaster will still lose money on its coverage, The Sunday Telegraph can reveal.<img width='1' height='1' src='http://telegraph.feedspo.....

TalkTalk TV venture creates 500 jobs
TalkTalk, the telecoms and broadband provider that is moving into mobile telephony and television in the hope of offering customers a rival service to Virgin Media, is to create 500 new jobs.<img width='1' height='1' src='http://telegraph.feedspor.....

Barclays: the main players at the bank
Barclays has undergone a major shake-up since it was implicated in a rate rigging scandal in June - and there could be more to come. Here's a guide to a few of the major players at the bank.<img width='1' height='1' src='http://telegraph.feedsport.....

Barclays' Qatari ghosts haunt bank
Former chief John Varley's role in Barclays rescue deal is under scrutiny as the bank faces two inquiries.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f96f6e/mf.gif' border='0'/><br/><br/><.....

Michael O'Leary attacks BAA's valuation of Stansted
Ryanair chief executive Michael O'Leary will this week accuse airports operator BAA and its regulator of inflating the value of Stansted airport with accounts straight out of "Noddy land".<img width='1' height='1' src='http://telegraph.feedsportal.....

Old Vic saviour reaps 5m
Robert Bourne, the British property developer who saved the Old Vic theatre from ruin, has been paid a 5m dividend from his property management company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f96f6f/mf......

Keep rival Samsung sweet, Apple told
Britain's biggest technology investors have warned Apple not to risk completely fracturing its relationship with Samsung in the wake of its sweeping patent victory over its rival.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Sir John Bond urged to step down after 'failure' of 45bn Glenstrata deal
Sir John Bond, chairman of Xstrata, is under pressure from his shareholders to step down in the wake of the miner's faltering 45bn merger with commodity giant Glencore, which is expected to be voted down this week.<img width='1' height='1' src='ht.....

Steve Varley: 'Business needs to remember it's part of society'
Steve Varley, the UK boss of Ernst & Young, discusses trade trips with the prime minister and how his firm is making a difference beyond accounting.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f8e2f3/mf......

Lead by example to avoid being the scapegoat
When it emerged, just before the start of the Olympic Games, that G4S was unable to fulfil the terms of its security contracts, it was not the company that carried the can, but one man: Nick Buckles, the company's chief executive.<img width='1' he.....

Will Mario Draghi deliver on his promise to buy bonds?
With Ben Bernanke's deeply inconclusive Jackson Hole missive now behind us, all eyes are firmly fixed on European Central Bank president, Mario Draghi.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f84340/mf.g.....

Global energy companies set their sights on the Mediterranean
Global energy companies are beginning to focus on southern Europe's tourist traps.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f84341/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

Eurozone olive oil firms face threat from America
The eurozone's struggling economies face a further blow as olive oil moves West, experts have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f84342/mf.gif' border='0'/><br/><br/><a hre.....

For a plump portfolio, pick those that eat what they make
Publicly listed companies need to be more like famous cooks. As Nigella Lawson has done, they should eat their own cooking.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f77f75/mf.gif' border='0'/><br/&g.....

Debt crisis: OECD backs plans for ECB bond market intervention
The OECD has waded into the dispute over emergency measures to prop up Spain and Italy, backing plans for the European Central Bank to buy up debt of struggling eurozone nations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Samsung: Apple is trying to limit consumer choice
Samsung has accused Apple of resorting to litigation in an effort to limit consumer choice after the iPhone maker said it was seeking to stop the sale of Galaxy S III smartphones in the United States.<img width='1' height='1' src='http://telegraph.....

Chinese manufacturing shows shock slump
Surprise figures from Beijing show that activity at Chinese factories contracted for the first time in nine months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22f6d8d1/mf.gif' border='0'/><br/><br.....

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.....