Search This Blog

Wednesday 5 September 2012

UK Financial News on 2012-09-05

Petrol price review is launched
The UK petrol and diesel sector is being put under the microscope by the fair trading watchdog amid rising prices at the pumps......

'Longer working week' for Greece
Greece's international lenders suggest measures to free up the labour market, including increasing the maximum working week to six days......

FSA demands commission clampdown
The UK's financial watchdog calls for a clampdown on commissions paid for selling insurance, loans and bank accounts......

Lufthansa cancels Friday flights
Lufthansa cancels hundreds of flights on Friday as cabin staff stage another strike at Germany's three busiest airports......

BP accused of gross negligence
The US Justice Department accuses BP of "gross negligence and wilful misconduct" over the Deepwater Horizon disaster......

Nokia unveils Windows handsets
Nokia's flagship Windows Phone 8 handset features wireless charging and improved photo quality......

Direct Line prepares 900 job cuts
Insurance company Direct Line Group, which is being separated by parent company RBS, has said it will shed 900 jobs in a bid to save costs......

Easyjet rolls out allocated seats
No-frills airline Easyjet is scrapping the boarding free-for-all and introducing allocated seating across its network......

Cameron launches airports review
The government is to look at ways to expand the UK's airport capacity, amid suggestions the prime minister will perform a U-turn over a third runway at Heathrow......

AG Barr and Britvic merger talks
The company behind Irn Bru, AG Barr, confirms it is in talks about a possible 1.4bn merger with Tango maker Britvic......

Sports Direct sees strong growth
Sports Direct sees a big rise in sales, helped by what it describes as an "unprecedented" sporting summer......

UK competitiveness ranking rises
The UK rises to eighth from 10th place in an annual study of global competitiveness from the World Economic Forum......

Businesses warned on cyber crime
Leaders of FTSE 100 companies receive advice from the government on how to protect themselves from cyber threats......

Theo Fennell gets bid approach
Shares in jewellery designer Theo Fennell jump after the firm receives preliminary takeover approach from a private equity firm......

Facebook boss to hold on to stock
Mark Zuckerberg says he will not sell any of his shares in Facebook for at least one year in a bid to shore up investor confidence......

Australia's economic growth slows
Australia's growth rate slows in the second quarter amid slowing global demand for its resources and lacklustre domestic consumption......

McDonald's opens vegetarian venue
The standard-bearer of the hamburger, McDonald's, is appealing to local taste and opening a meat-free outlet in India......

Mars warning over deep-fried bar
Chocolate manufacturing giant Mars distances itself from the deep-fried Mars bar made famous by Scottish fish and chip shops......

Poorest UK children 'need help'
The charity Save the Children, best known for helping some of the world's poorest families, has launched an appeal to help UK children......

Smartphone wallet given nod by EU
Everything Everywhere, O2 and Vodafone are given the green light to jointly develop a digital wallet product for mobile devices......

May publishes police pension plan
A switch to a career average pension scheme and higher contribution payments are among a raft of changes to police pensions, confirmed by the government on Tuesday......

Service sector growth 'speeds up'
Activity in the UK service sector picked up in August with the Olympics, a closely-watched survey suggests......

Youth unemployment 'set to rise'
The effects of the euro crisis mean global youth unemployment is set to rise between now and 2017, the International Labour Organization warns......

Aberdeen 'needs 120,000 recruits'
Aberdeen must attract about 120,000 new recruits if it is to realise its potential as a global energy capital, says a new report......

Lenovo shares slide on NEC sale
Shares of Chinese PC maker Lenovo dip in Hong Kong after Japan's NEC sells its entire stake in the firm......

Gazprom faces EU anti-trust probe
The European Commission says it will investigate Russian energy giant Gazprom for possible anti-competitive practices in central and eastern Europe......

Hermes in complaint against LVMH
Luxury retailer Hermes files a legal complaint over the way rival LVMH bought a stake in it two years ago......

VIDEO: Can Windows phone save Nokia?
Nokia and Microsoft are to co-host a press event in New York where they are expected to unveil devices running the new Windows Phone 8 operating system......

VIDEO: World's richest woman calls for wage cut
Australian mining magnate Gina Rinehart has criticised her country's economic performance and said Africans willing to work for $2 a day should be an inspiration......

VIDEO: Petrol price review is launched
The UK petrol and diesel sector is being put under the microscope by the fair trading watchdog amid rising prices at the pumps......

VIDEO: FSA calls for sales commission changes
The UK's financial watchdog is calling for a clampdown on commissions paid for selling insurance, loans and bank accounts......

VIDEO: 'Concern' over business cyber security
The government is issuing advice to British business leaders on how to protect themselves from cyber threats......

AUDIO: UK 'becoming more competitive'
The United Kingdom is getting more competitive, according to a league table compiled annually by the World Economic Forum (WEF) which looks at how productive and attractive a country is to do business......

VIDEO: 'Real work and training' needed
One solution to unemployment is "real work and real training" said the social entrepreneur and author Colin Crooks, who gave his views on how to get everyone, not just young people, back to work......

AUDIO: EasyJet introduces allocated seats
EasyJet is introducing paid-for allocated seating for all customers following a trial......

Why bankers became 'banksters'
How finance became a giant global money machine.....

Does Africa really benefit from foreign investment?
Who really benefits when investing in the continent?.....

Nokia's critical handset launch
Will Windows Phone 8 rescue the Finnish handset maker?.....

U.S. Day Ahead: Draghi must deliver on bond purchases
Sep 5 - There could be a serious backlash in the markets if the ECB's Mario Draghi falls short of announcing new policies to help contain the euro zone's ongoing debt crisis......

Sweden tops first global Web Index
Sept. 5 - Sweden is the most effective at using the Internet to improve people's lives, ahead of the United States and Britain, according to a global survey launched by Tim Berners-Lee, the inventor of the World Wide Web. Matt Cowan reports......

Massive solar flare delivers Earth a glancing blow
Sep. 5 - NASA's orbiting Solar Dynamics Observatory (SDO) has recorded more spectacular activity in the Sun's atmosphere, with a solar flare whipping half a million miles into space, and sending a cloud of electrically charged particles in Earth's di.....

Trading at Noon: Microsoft, Nokia phone release fails to wow
Sep 5 - The world's largest software maker and Nokia showcased the new Lumia smartphone in New York today, in hopes of competing with Apple and Samsung......

The Exchange: The Art of Politics
At the RNC, Rob Cox talks to Evan Handler, actor and Creative Coalition advocate, about economic arguments for supporting the arts......

Breakingviews: Facebook's one-way bet
Sept 5 - Rob Cox and Robert Cyran discuss Facebook's plans to buy back stock at half the IPO price and the social networks plans to retain staff......

Wealth Strategies: Apple options say stock can run higher
Sep 5 - Options trader Guy Cohen feels options activity in Apple shares suggest more upside to the stock, regardless of what its next product launch holds and says options may be the best way to play IPOs......

Europe Day Ahead: ECB keeps investors on tenterhooks
Sept. 5 - Markets are transfixed by what Mario Draghi will unveil at Thursday's policy meeting. Commerzbank's Peter Dixon expects some outlines on a bond-buying programme, but few details......

New blood test offers safer alternative for detecting Down's
Sep.5 - British mothers-to-be may soon be able to undergo a non-invasive foetal test for Down's Syndrome which, its developers say, will detect more than 99 percent of Down's Syndrome cases without putting the unborn children at risk. They say the te.....

France's austerity 'haute cuisine'
Sep.05 - Leading French chefs have launched a buy-one-get-one-free offer at top restaurants in a recession-beating move to draw customers into their establishments. Edward Baran reports......

3XSQ: Zuckerberg not selling shares for 1 year
Sep 5 - Facebook promised not to sell stock to cover a nearly $2 bln tax bill and said it will allow employees to cash in stock weeks ahead of schedule......

VW hopes new Golf will rev sales
Sept.05 - Volkswagen has just launched the seventh generation of the Golf, Europe's most popular car model, but will new vehicles be enough to solve the problems of Europe's struggling car industry? Joanna Partridge reports.....

UK banking clampdown on reward culture
Sept.05 - The UK's banks face new rules to stamp out sales incentives that have encouraged mis-selling of financial products going back two decades, the Financial Services Authority says. Ciara Sutton reports.....

U.S. Morning Call: Microsoft, Nokia all in with Lumia
Sep 5 - Nokia and Microsoft will take the wraps off the struggling company's most powerful smartphone today, hoping to steal back market share from Apple, Samsung and Google......

Banks turned a "blind eye" - UK regulator Wheatley
Sept. 5 - Banks intentionally "turned a blind eye" to mis-selling risks and must restructure sales incentive programmes to protect consumers, argues the UK's new financial regulator Martin Wheatley......

Fix bankers' incentives, don't threaten jail - UK regulator
Sept. 5 - Mis-selling scandals tend to originate from badly designed products rather than fraud, argues the UK's new chief financial regulator, Martin Wheatley......

Switzerland tops global competitiveness league, U.S. slips
Sept. 5 - Europe dominates the World Economic Forum's table of the world most competitive economies, as Singapore retains its number two slot and the U.S. slides to 7th.....

Message to UK bank regulator: "Be afraid"
Sept. 5 - Critics warn that light touch regulation won't work, and that the FCA has 18 months to push through much needed changes in the financial sector......

Memo to Mario: your D-Day options
Sept. 5 - The future of the euro hangs on the choices facing Mario Draghi, as the ECB president prepares for Thursday's crucial policy meeting......

Banking should "be more boring" - UK regulator Wheatley
Sept. 5 - The UK's new chief financial regulator Martin Wheatley argues that the culture of the financial sector must change from the top down to clamp down on mis-selling......

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: BP's settlement just got harder
Breakingviews as U.S. lawyers say they have emails showing gross negligence in the 2010 oil spill disaster......

Newsmaker with FSA's Martin Wheatley
Sept. 5 - The managing director of the Financial Services Authority, Martin Wheatley, examines whether bank bonuses and financial incentive schemes increase the risks of mis-selling......

Measuring the 'Hillary effect' in Asia
Sept. 5 - She's got more passport stamps than any other U.S. Secretary of State, but has Hillary Clinton's diplomatic charm offensive boosted Washington's profile in an increasingly volatile region?.....

Rhetoric no barrier to Chinas U.S. buying spree
Sept. 5 - As U.S. citizens prepare to go to the polls, China is a favourite target of battling politicians, but beneath the campaign rhetoric, deals are still getting done......

Britvic in AG Barr merger talks
Britvic is in talks over a 1.4bn all-share merger with smaller Scottish rival AG Barr that would leave Paul Moody, chief executive of Britain's biggest soft drinks company, without a job.<img width='1' height='1' src='http://telegraph.feedsportal......

Rupert Murdoch paid $30m despite phone hacking scandal
News Corporation boss Rupert Murdoch has foregone part of his annual bonus in the wake of the News of the World phone-hacking scandal - but still been handed a pay packet topping $30m.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Blow to RBS shareholders as US judge dismisses case
RBS shareholders threatening a 3.3bn lawsuit against the lender and its former directors dealt a blow as US court dismisses similar allegations that bank misled investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

The Chancellor's retrospective action on Barclays highlights tax failures
Barclays and its former chief executive, Bob Diamond, can be blamed for many things. But Parliament resorting to the unacceptable practice of retrospective legislation is not one of them.<img width='1' height='1' src='http://telegraph.feedsportal......

Paul Walsh proves success will still be rewarded
Diageo deserves credit for being what looks like the first large company to adopt what are expected to be the Coalition's requirements for disclosure of executive pay, once new rules are in place in the next year or so.<img width='1' height='1' sr.....

Nokia phone launch triggers 13pc share price slump
Nokia's hopes that a tie-up with Microsoft would herald a change in its fortunes have suffered a swift reversal with the launch of two new Lumia smartphones being greeted by a 13pc share price fall.<img width='1' height='1' src='http://telegraph.f.....

Industry fears over new energy minister
Concerns have been raised in the industry over the appointment of anti-wind-power John Hayes as energy minister to replace the respected Charles Hendry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/231c9168/mf......

Debt crisis: Draghi presents 'umlimited' bond buying plan to ECB council
Mario Draghi delivers radical bond buying plan to the ECB's Governing Council in a move designed to equip the eurozone with a powerful new weapon to curb debt crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Saudis 'may run out of oil to export by 2030'
A report by Citigroup has warned that Saudi Arabia could run out of oil to export by 2030, raising fears that oil prices may rise significantly in coming years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/231c.....

Lloyds at centre of FSA crackdown on mis-selling
Lloyds Banking Group is being investigated by the regulator for mis-selling financial products to retail customers in the latest scandal to hit Britain's high street banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Lloyds at centre of FSA crack down on mis-selling
Lloyds Banking Group is being investigated by the regulator for mis-selling financial products to retail customers in the latest scandal to hit Britain's high street banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Sports Direct shareholders reject share incentive scheme for Mike Ashley
Mike Ashley and Sports Direct have suffered an embarrassing rebuke by shareholders after a share incentive scheme that could have netted the Newcastle United owner more than 25m failed to win approval.<img width='1' height='1' src='http://telegrap.....

Bumi falls further as losing streak continues
The FTSE 250 has seen it's share price tumble over the past week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/231c916e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14437.....

BP suffers as US pushes claims of 'gross negligence' over Gulf of Mexico
BP shares came under pressure after the US government reiterated it would seek to prove that the oil major's "gross negligence" caused the Gulf of Mexico disaster - stoking fears that it will become embroiled in a lengthy trial.<img width='1' heig.....

Chimneys of Battersea Power Station to be removed and rebuilt as part of redevelopment plans
The landmark chimneys of Battersea Power Station are to disappear from the London skyline - albeit temporarily - as part of the 8bn plan to redevelop the historic site.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Diageo boss sees pay more than double to 11.2m
Diageo's long-standing chief executive, Paul Walsh, has seen his remuneration increase 152pc as a result of long-term incentive plans linked to share price performance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

City Diary: Battersea Power Station enjoys a fast buck
A shocker from Paddy Power, belts are tightened at Rio Tinto, Battersea Power Station sees stars and the latest on the Glencore Xstrata merger.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/231be069/mf.gif' bord.....

Debt crisis: as it happened - September 5, 2012
The eurozone is likely to have slipped back into recession in the current quarter, with figures showing a seventh month of contraction for the bloc's private sector in August.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

News Corp chairman Rupert Murdoch paid $30m in hacking scandal year
Murdoch, whose media empire was hit by the phone hacking scandal which forced him shut the News of the World, received $30m in pay and bonuses from News Corp last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Debt crisis: live
The eurozone is likely to have slipped back into recession in the current quarter, with figures showing a seventh month of contraction for the bloc's private sector in August.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

EasyJet switches to allocated seats
The frenzied scramble for seats on easyJet planes will soon be a thing of the past after the low-cost airline announced it would introduce allocated seating on all flights.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Mortgage fees soar by 70pc
Banks have been accused of profiteering as the average mortgage fee rises to more than 1,500.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/231b08b7/mf.gif' border='0'/><br/><br/><a href="http:.....

Britvic-AG Barr talks: reverse takeover or merger?
Britvic is in merger talks with Scotland's AG Barr, but analysts question whether this is in reality a reverse takeover by the plucky maker of Irn-Bru.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/231a954d/mf.g.....

Britain is world's 8th most competitive country, says WEF
The UK climbed two places in the world competitiveness rankings last year, helped by a "reverse brain drain" and a resurgent financial market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23188046/mf.gif' borde.....

Banks face 'instrusive' rules as regulator vows to stamp out mis-selling
Banks have been given 18 months to stamp out mis-selling of financial products or face "much more instrusive" action, the regulator has warned, after it found 90pc of firms it surveyed had "risky" sales incentive schemes.<img width='1' height='1' .....