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Thursday 6 September 2012

UK Financial News on 2012-09-06

Draghi in ECB euro rescue plan
European Central Bank plans for a new bond-buying scheme aimed at easing the eurozone debt crisis push down borrowing costs for Spain and Italy......

Santander U-turn on free accounts
Santander has staged an about-turn and will no longer withdraw its "free banking forever" account from 230,000 small business customers......

Amazon Kindle Fires come to UK
Amazon has shown off three new Kindle Fire tablets, two of which will be made available in the UK from late October......

Bank keeps interest rates on hold
The Bank of England keeps interest rates on hold at 0.5% and holds off from more stimulus measures......

UK growth forecast cut by OECD
The OECD predicts the UK economy will contract by 0.7% this year, worse than its earlier forecast of 0.5% growth......

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

Ford unveils several new models
Carmaker Ford launches a string of new models, including the latest versions of its best-sellers Fiesta, Mondeo and Kuga in a bid for European growth......

Raspberry Pi being made in the UK
Raspberry Pi bare-bones computers are being made in the UK for the first time, rather than overseas in Chinese factories......

Kobo unveils new ebook readers
Kobo unveils three new devices ahead of rival e-readers being made available in UK high street stores......

Morrisons sales and profits fall
Supermarket chain Morrisons reports a fall in sales and profits, blaming the continued pressures on consumer spending......

UK house prices 'treading water'
UK house prices continue to "tread water" with values having dropped by 0.4% in August compared with July, the Halifax says......

Nokia apologises for 'faked' ad
Nokia issues an apology after it emerges that video footage showing off its new handset was filmed with another device......

Safran fined over bribery case
Safran, a French defence company partly owned by the state, is fined by a French court for having paid bribes to secure business in Nigeria......

Dixons sales growth gathers pace
Dixons Retail, the owner of the PC World and Currys outlets, reports sales growth in its key markets......

Nomura in $1bn cost-cutting move
Japan's biggest brokerage, Nomura Holdings, unveils a plan to cut a further $1bn in costs in an attempt to streamline its business......

Dr. Dre tops hip-hop 'rich list'
The US rap star tops a list of hip-hop's biggest earners to due to his audio company Beats Electronics......

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......

'Bosses' pension provision grows'
Directors of the UK's largest companies have seen their average pension provision grow sharply in the last year, the TUC claims......

Planning rules set to be relaxed
House extensions up to 8m long will be allowed without planning permission, as part of proposals intended to boost the economy......

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......

S Korea growth misses estimates
South Korea's economy grows at a slower pace than expected, hurt by fall in capital investment and a slowdown in exports, figures show......

Indian named World Bank economist
The World Bank appoints Kaushik Basu, who recently served as the economic adviser to the Indian government, as its chief economist......

'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......

Qantas and Emirates form alliance
Qantas Airways agrees to form an 10-year alliance with Emirates as it looks to turn around its loss-making international operations......

Honda invests 267m in UK plant
Japanese carmaker Honda says investment at its UK plant in Swindon has reached 267m amid plans to ramp up production......

China solar panels face EU probe
The European Union launches an investigation into alleged 'dumping' of solar panels into the region's markets by Chinese manufacturers......

IPL's Deccan Chargers to be sold
Troubled Indian Premier League (IPL) cricket team Deccan Chargers are up for sale amid reports their owners face a financial crisis......

Jevans new boss of 2015 World Cup
Debbie Jevans is appointed to run England Rugby 2015, the body organising the World Cup in England in three years' time......

Manchester United shares decline
Shares in Manchester United fell 2% in New York on Wednesday, despite a number of bullish broker predictions for the stock......

VIDEO: German business views on euro bailout
As Europe's chief paymaster, Germany has had to dig deep to support the various eurozone bailout funds, but could businesses be reaching the tipping point for euro goodwill?.....

VIDEO: Honda part of UK's car industry success
Japanese carmaker Honda says investment at its UK plant in Swindon has reached 267m amid plans to ramp up production......

VIDEO: Are supermarket 'bargains' honest?
The consumer group Which? found that 75 per cent of shoppers thought shops were trying to dupe them with price displays......

VIDEO: Bond-buying plan to stabilise euro
Mario Draghi, president of the European Central Bank, has unveiled details of a new bond-buying plan aimed at easing the eurozone debt crisis......

VIDEO: Miliband calls for remodelled economy
Ed Miliband has said the government is "kidding itself" if it thinks its plans to boost the housing and construction industry is enough to breathe life back into the UK economy......

AUDIO: Is Morrisons getting too posh?
The supermarket chain has just released results showing that sales are down by 0.9%, profits before tax are down 2% at 440m but total sales are up......

VIDEO: Qantas agrees Emirates alliance
The Australian airline Qantas has agreed a global alliance with Middle Eastern carrier Emirates......

VIDEO: 'Strong demand' for UK cars
New car registrations rose by 0.1% in August compared with the same month in 2011, the Society of Motor Manufacturers and Traders said......

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

Andy Roddick: Game, set and goodbye
What happens to tennis players after they retire?.....

Asia's growing thirst for beer
Why Asia is now the biggest and fastest-growing beer market.....

Ford sets out on road to recovery
Ford hopes new models will revive sales.....

Amazon's new Kindle 'real challenge' to Apple's iPad
West Coast Bureau Chief......

Saft Says: ECB death pact good for risk
Columnist James Saft says the ECBs decision to stand as effective lender of last resort is a pretty good reason for investors to take on risk......

U.S. Day Ahead: Two words, "Jobs Report!"
is expecting only 125,000 jobs created in August when the non-farm payrolls report is released at 8:30 AM. Analysts say it won't be enough to trigger Fed support for the recovery......

The Exchange: The stalling of Motor City
Antony Currie talks with filmmakers Heidi Ewing and Rachel Grady about "Detropia," their new documentary on Detroit and the American dream......

Food prices stable but grain a worry
Sep.06 - The United Nation's food agency has said world food prices stabilised in August, for the moment avoiding a food crisis, but warned global grain stocks had fallen to an historic low following droughts, particularly one in the U.S. Sonia Legg .....

Wealth Strategies: Aug jobs report may be enough to delay QE
Sep. 6 - Barclay's Michael Gapen says that if U.S. payrolls grow by at least 150K in August, that might be enough for the Federal Resereve to avoid another round of asset purchases at its September meeting......

Spain plays waiting game on bailout
Sep.06 - Spain's Prime Minister Mariano Rajoy showed no rush to ask for a bailout that would come with strict conditions. He met with German Chancellor Angela Merkel in Madrid as the European Central Bank announced a new bond-buying scheme to help in.....

Trading at Noon: S&P 500 at highest level since May 2008
Sep 6 - The S&P 500 hit its highest level since May 2008 on positive jobs data and the ECB's agreement to launch a new bond-buying program......

Breakingviews: Hugo Chavezs oil piggybank
Sept. 6 - Richard Beales and Raul Gallegos discuss how Hugo Chavez's social spending has left Venezuelas state oil group PDVSA so short of cash it is planning to pay suppliers in IOUs......

Europe Day Ahead: data in focus as Draghi fever subsides
Sept. 6 - US jobs figures are likely to dominate trading as the week draws to a close, and markets digest the ECB's announcement of a new bond buying programme.....

Photostory: Spanish Miners Strike
Sept. 6 - Eloy Alonsos photos show mining communities taking to the streets with homemade rockets and slingshots to defend their way of life, as government cuts threaten to close mines in Northern Spain......

Draghi credibility intact, next worry: Spain
Sept. 6 - Mario Draghi launches a potentially unlimited bond buying programme that is broadly welcomed by the markets. Now Spain will have to decide whether to ask its EU partners for a bailout......

3XSQ: ECB's Draghi unveils bond-buying program
Sep 6 - European Central Bank president Mario Draghi unveiled details of a new bond-buying plan aimed at easing the eurozone's debt crisis......

Sports Spread: World Cup Qualifiers and Italian GP
Sept. 6 - England kick off their World Cup qualifying campaign with matches against Moldova and Ukraine. We assess their chances and the hopes of the other home nations. Plus we preview the Italian Grand Prix.....

U.S. Morning Call: Super Mario to deliver bond plan
Sep 6 - European Central Bank chief Mario Draghi faces the most decisive moment of his presidency when he presents his plan to save the euro at a press conference today......

Market Pulse: Draghi unlikely to fulfil expectations
that the markets have become over-enthusiastic ahead of today's ECB policy meeting......

In the Boardroom: Back to school
Sept. 6 - As the summer holidays end, it's time for returning boards to think differently about how they work - from managing social media to deadwood directors. Lucy Marcus talks to Axel Threlfall......

Breakingviews: ECB Bond Buying
Breakingviews......

Breakingviews: Too many cooks, not enough broth
Breakingviews......

Reuters Today: compromise, but ECB on right track - Scotia
Sept. 6 - ECB President Mario Draghi has to balance lack of support from Germany with high expectations from markets when he outlines his bond buying programme, says Alan Clarke of Scotia Capital.....

Hard sell for Nokia Windows 8 phones
Sept 05 - Microsoft and Nokia hope their new Windows Lumia phone can take market share from Apple, Samsung and Google, but disappointed investors slammed Nokias stock. Bobbi Rebell reports......

Phones and rescue hopes dominate
Sept. 5 - Summary of business headlines: Markets on edge awaiting ECB decision; FedEx warning delivers somber reminder; Nokia, Microsoft bet big with Lumia but market does not see a winner; Google's Motorola upgrades Razr Droid lineup. Conway G. Gitt.....

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
Sept. 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 d.....

Amazon plans to create 2,000 British jobs after new Kindle launch
Amazon to create 2,000 jobs as the online retailer introduced an improved set of tablet devices to take on Apple's iPad.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23283414/mf.gif' border='0'/><br/>&.....

City Diary: Rubin, a big fish in a small pool
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/2327c45b/mf.gif' bord.....

Upset for Osborne as OECD cuts growth forecast
George Osborne has been dealt a blow by one of his strongest allies, the Organisation for Economic Co-operation and Development, which slashed its UK growth forecast as it warned that the eurozone is damaging the world economy.<img width='1' heigh.....

EU faces solar panel clash with China
Brussels risked reprisals from Beijing when the EC launched an investigation into allegations China sold billions of pounds of solar panels below market value.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2327b.....

Don't pin much faith to the Draghi plan
The technocrat has spoken. Now it's up to the politicians to act. The latter doesn't necessarily follow the former.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2327af0c/mf.gif' border='0'/><br/><br.....

May Gurney slumps after profit warning as chief executive steps down
May Gurney's shares slumped 41pc after the group issued a profit warning and announced that its chief executive was to leave.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/232779a9/mf.gif' border='0'/><br/.....

Gulf of Mexico tar balls and Rosneft doubts add to BP woes
BP is facing fresh setbacks in America and Russia after residual oil from the Gulf of Mexico disaster was found on US beaches and doubts emerged over talks to sell its stake in Russian joint venture TNK-BP.<img width='1' height='1' src='http://tel.....

Mario Draghi promised a bazooka but produces a pea-shooter
Mario Draghi has promised to do whatever it takes to save the euro. Was the bond-buying initiative the European Central Bank president announced today enough?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/232775.....

Banks need to be boring, says Lloyds chief
The sales culture that has riddled the banking industry with scandal must end and lenders must "recast" themselves as boring and trustworthy, according to Lloyds Banking Group's chief.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Valiant shares climb as explorer puts itself up for sale
The group announced a strategic review, which includes a possible sale of the business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23277288/mf.gif' border='0'/><br/><br/><a href="http://da.f.....

Dixons shareholders rebel over pay
The electrical group Dixons Retail has become the latest victim of a new round of shareholder rebellions over pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/232736db/mf.gif' border='0'/><br/><br/.....

Stock markets soar as Mario Draghi defies Germany and unleashes 'fully effective backstop' for euro
Global stock markets jumped as Mario Draghi defied German opposition and launched an "unlimited" bond-buying programme that he said would provide a "fully effective backstop" to the stricken eurozone economies.<img width='1' height='1' src='http:/.....

Stockmarket soar as Mario Draghi defies Germany and unleashes 'fully effective backstop' for euro
Global stockmarkets jumped as Mario Draghi defied German opposition and launched an "unlimited" bond buying programme that he said would provide a "fully effective backstop" to the stricken eurozone economies.<img width='1' height='1' src='http://.....

Draghi Plan: 30 seconds Q&A
The president of the European Central Bank unveiled the Outright Monetary Transactions (OMT) - but what's that and why does it matter?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2326ec77/mf.gif' border='0'/&g.....

Whitbread should serves up a demerger of Costa Coffee
Whitbread has left analysts scrambling to update their forecasts after a better than expected trading update.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2326ec79/mf.gif' border='0'/><br/><br/>&.....

Joe Lewis makes 50m bid for Timeweave
Joe Lewis, the billionaire owner of Tottenham Hotspur, is back on the acquisition trail in the UK, launching a 50m bid for a company that owns a stake in the TV channel which broadcasts horseracing to betting shops.<img width='1' height='1' src='h.....

Critics question Government plan to build way out of recession
Home owners will be allowed to build large conservatories and extensions without planning permission, PM to announce.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2326ec7b/mf.gif' border='0'/>.....

US services sector grows during August
America's services sector has offered hope that the world's largest economy is not slowing as much as some feared it would in the second half of the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2326ec7d/m.....

Louboutin wins trademark case over red-soled shoes
Fashion designer Christian Louboutin has won trademark protection for his distinctive red-soled shoes, preventing competitors from following in his footsteps.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23267d.....

Debt crisis: as it happened - September 6, 2012
Markets hit five-month high after Mario Draghi announced that the ECB will buy bonds on the secondary market in a bid to curb the debt crisis, as the OECD slashes the UK's growth forecasts for 2012 from 0.5pc to -0.7pc.<img width='1' height='1' sr.....

Debt crisis: live
Markets hit five-month high after Mario Draghi announced that the ECB will buy bonds on the secondary market in a bid to curb the debt crisis, as the OECD slashes the UK's growth forecasts for 2012 from 0.5pc to -0.7pc.<img width='1' height='1' sr.....

Surprise rise in US jobs buoys Wall Street
US private employers added 201,000 jobs in August, easily beating economists' expectations, a report by a payrolls processor ADP National Employment Report showed on Thursday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Mario Draghi defies Germany with launch of 'fully effective backstop' for euro
Mario Draghi has defied German opposition and launched an "unlimited" bond buying programme by the European Central Bank (ECB) that he said would provide a "fully effective backstop" to the stricken eurozone economies.<img width='1' height='1' src.....

Mario Draghi speech: the full text
The text of European Central Bank chief Mario Draghi's speech after the bank held interest rates on Thursday and outlined its new bond-buying programme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/232513e8/mf......

Mario Draghi speech: what the analysts said
European Central Bank chief Mario Draghi has outlined the details on its new bond-buying programme. This is how analysts reacted:<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/232497a9/mf.gif' border='0'/><.....