Search This Blog

Friday 7 September 2012

UK Financial News on 2012-09-07

Lufthansa set to resume flights
Lufthansa says it hopes to resume flights early on Saturday after cabin crew agreed to end strike action that stranded thousands of air passengers......

US job growth misses expectations
The US economy created a lower-than-expected 96,000 jobs in August, official figures show, while the jobless rate fell to 8.1%......

Glencore tables fresh Xstrata bid
Mining firm Xstrata receives a fresh takeover proposal from Glencore that contains a compromise to meet the demands of a key investor......

Union members halved since 1980
Trade union membership falls below six million for the first time since the 1940s, which is half the peak level reached in 1980......

ECB bond plan strengthens euro
The euro reaches a two-month high against the US dollar as the European Central Bank's bond-buying plans continue to please the markets......

UK industrial output up strongly
UK industrial output rose at its fastest pace for 25 years in July, figures show, rebounding after June's output was hit by the Jubilee weekend......

Chelsea signs new Samsung deal
Chelsea Football Club renews its shirt sponsorship tie-up with Samsung, in a deal reportedly worth about 18m a season......

Protest at men-only board of ECB
The European Parliament postpones a hearing for a nominee to the European Central Bank's executive board over the lack of women in senior posts......

Intel cuts its sales forecasts
The world's largest maker of computer chips, Intel, warns that lower demand for computers from businesses and individuals will hit its sales......

Peugeot dropped from French index
French carmaker PSA Peugeot Citroen is to be dropped from France's Cac 40 share index, in an embarrassing demotion for the company......

Rule change to aid UK broadband
The UK government announces changes to planning permission rules to help the rollout of faster internet speeds......

Lufthansa flights hit by strike
Lufthansa cancels hundreds of flights as cabin staff begin a 24-hour strike affecting six major German airports......

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......

Osborne gives North Sea tax break
Chancellor George Osborne's tax allowance to support investment in older North Sea fields could attract a further 2bn of investment, it is claimed......

South Africa ends fracking freeze
South Africa lifts a ban on the extraction of shale gas using the controversial fracking technique in the Karoo area known for its natural beauty......

Amazon to create 2,000 UK jobs
Online retailer Amazon is to create more than 2,000 permanent jobs in the UK over the next two years......

Union joint strike action warning
The leader of the UK's largest union warns there could be more co-ordinated strikes in response to the government's spending cuts......

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......

Teachers vote to strike over pay
Teachers in England vote for strikes over what they are calling the "erosion" of their pay and working conditions......

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......

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......

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......

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......

Dyson sees turnover pass 1bn
Dyson, the UK maker of vacuum cleaners, fans and hand dryers, reports record annual turnover of over 1bn, led by US and Japanese sales......

Facebook seals Instagram takeover
Facebook finalises the purchase of photo-sharing website Instragram for much less than the original $1bn offered......

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

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......

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: Spain 'can repay debt' without ECB
The Spanish economy is "self-sufficient" enough to be able to repay its debt without assistance from the ECB, the country's deputy minister for trade has said......

VIDEO: Osborne offers North Sea oil tax break
Tax breaks for oil companies working on older North Sea oil and gas fields should create new jobs, the chancellor has said......

AUDIO: 'Rajoy has backed himself in a corner'
Peter Speigel of the Financial Times and former chancellor Lord Lamont discuss the latest measures from the ECB to help solve the eurozone crisis and how they affect Madrid......

VIDEO: Glencore tables fresh Xstrata bid
Mining firm Xstrata has received a fresh takeover proposal from Glencore that contains a compromise to meet the demands of a key investor......

VIDEO: Should Sunday trading be extended?
During the Olympic period large stores in England and Wales have been able to open for an extra two hours on a Sunday - meaning shops can stay open for 8 hours in total rather than the usual 6......

VIDEO: Third Lufthansa strike in eight days
Lufthansa has cancelled at least half its flights due to a third cabin crew strike over pay and conditions......

VIDEO: The question mark over capitalism
Xavier Rolet, chief executive of the London Stock Exchange discusses whether capitalism is the best system for growth and wealth distribution and whether there is a crisis of confidence in the system......

AUDIO: Dyson: We desperately need more engineers
Dyson has just reported record annual profits of 306m with turnover topping 1bn for the first time......

The globalisation of work - and people
The globalisation of work and people.....

French wealth tax: How it affects some UK citizens
How the French wealth tax affects some Britons.....

Profile: Frances O'Grady
Meet the TUC's first female general secretary.....

The hidden charges on your mobile
Mobile charges that could be buried in your bill.....

U.S. Week Ahead: Don't bet on support from "Super Ben"
Sep 7 - One economist tells Insider the recovery is not that shaky for Ben Bernanke and the Fed to pull the trigger on more stimulus. He holds a key news conference on Thursday......

European markets lifted
The European Central Bank's bond-buying plan and expectations of more monetary stimulus measures boosted the region's equity markets, but renowned New York University economics professor Nouriel Roubini says the ECB's plan is "not a game changer"......

The Exchange: Democrats sound off
At the DNC in Charlotte, delegates defend the middle class, criticize Congress, and argue for a second term......

August jobs report won't sway party-faithful in elections
Sep 7 - The U.S. economy added fewer jobs than expected in August, so what parts of the employment report will candidates latch onto as we head into the Presidential election?.....

Job growth underwhelms; Fed in play
Sept. 7 - U.S. employers added fewer than expected jobs in August and the unemployment rate ticked down to 8.1 percent, as disgruntled Americans stopped looking for work, possibly pushing the Federal Reserve closer to announcing new stimulus. Conway .....

Bumpy ride for European flag carriers
Sept. 7 - With European airlines facing high fuel costs, multi-million dollar losses and strike action, analysts say further consolidation of the sector is highly likely. Edward Baran reports......

Trading at Noon: Weak jobs report may spur Fed action
Sep 7 - Nonfarm payrolls increased only 96,000 last month, which might be all the Fed needs to launch another round of quantitative easing......

Glencore raises Xstrata offer
Sept. 7 - Commodities trader Glencore has raised its offer for miner Xstrata in a dramatic 11th-hour effort to rescue one of the sector's largest ever deals from collapse after opposition from rival shareholder Qatar. Hayley Platt reports......

Europe Week Ahead: Pivotal EZ crisis court ruling
Sept. 7 - Germany's Constitutional Court rules on whether the euro zone's rescue fund, the ESM, is legal or not. Most observers expect a positive verdict - but one with conditions attached......

Wealth Strategies: Apple's push into music could hit Pandora
Sep 7 - StockTwit's Phil Pearlman says rumors Apple will get into the online music business will be a hit to Pandora, but points out product launches from Amazon may stop momentum of the tech giant......

Goldman's Sutherland on the future of investment banking
about the future of investment banking at the Ambrosetti Forum in Cernobbio, Italy......

Reuters Asks: Marks out of 10 for Draghi?
asks financial professionals at the Ambrosetti Forum in Cernobbio how they rate ECB President Draghi's attempts to resolve the euro zone debt crisis......

3XSQ: August jobs growth disappoints; unemployment falls
Sep 7 - Jobs growth slowed sharply in August, setting the stage for the Fed to take action next week and dealing a blow to President Obama as he seeks reelection in November......

U.S. Morning Call: Jobs growth likely slowed in August
Sep 7 - The labor market likely took a step back in August, an outcome that could potentially compel the Federal Reserve to pump additional money into the sluggish economy......

How Italy's banks are coping with the crisis - Unicredit CEO
Sept. 7 - Pressure on Italy's banks is intensifying. Federico Ghizzoni, CEO of the country's biggest lender Unicredit, tells us how they are coping with capital flight, recession and euro break-up fears......

ECB bond plan not game changer but buys time - Roubini
Sept. 7 - Renowned NYU economics professor, Nouriel Roubini, says the ECB's plan to buy government bonds will help the euro zone, but will not solve all its problems......

Could German vote undo Draghi effect?
Sept. 7 - What happens if the German Constitutional Court votes "nein" to Germany's participation in the esm rescue fund?.....

Breakingviews: M&A for grown-ups?
Breakingviews. Halting a shareholder vote after markets opened makes Glencores boss look more trader than statesman CEO......

China brings fashion fusion to London
Sept. 9 - Chinese retail giant Bosideng opens its first flagship shop outside of mainland China inside a converted London pub. Hayley Platt reports......

Obama accepts party's nomination
Sept. 7 - Delegates, supporters rally around their candidate at the DNC. Julie Noce reports......

Reuters Today: ECB euro plan will force Spanish loan - HSBC
Sept. 7 - Spain's 10-year borrowing costs fall below 6% after the ECB announces a new bond buying programme, but HSBC's Daragh Maher says Madrid will have to ask for more help if it is to keep yields down......

Uniqlo CEO says speed won't always win retail race
Sept. 7 - With its products taking on average a year and a half to get to market, Fast Retailing president Tadashi Yanai is betting on 'slow fashion' appealing to cost-conscious consumers......

Workers, retailers worried over Bangladeshi garment sector
Sept. 7 - Unrest in Bangladesh's garmet industry has workers and buyers worried. Julie Noce reports......

New Kindle lights fire under rivals
Sept. 6 - In a bid to fight off competition in the growing tablet and e-reader markets, Amazon.com unveiled several new upgraded Kindle devices as CEO Jeff Bezos made it clear he intends to make money from media content consumers purchase for the dev.....

Thumbs up to Draghi, job growth
September 6 - Summary of business headlines: Wall Street closes at 2008 high after ECB unveils bond buying plan and the U.S. labor market shows sign of improvement; Amazon refreshes Kindle and Kindle Fire line with several new devices. Conway G. Gitt.....

Reputations are at stake in the Xstrata-Glencore stalemate
A once friendly transaction to merge Xstrata with Glencore has turned into a bitter struggle crackling with hostility.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2331a484/mf.gif' border='0'/><br/><.....

George Osborne's North Sea oil tax breaks show Britain is open for business
In times of economic hardship, the UK oil and gas industry has been - and can continue to be - a key engine for growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2331a485/mf.gif' border='0'/><br/>&l.....

Apple in talks to create internet radio station
Apple has already changed the way we listen to music once with iTunes, heralding the decline of CDs by making legally downloaded digital music cheaper.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23318a3e/mf.g.....

Intel warns of sharply lower sales
Intel, the world's biggest maker of computer chips used in PCs, warned that sales will be sharply lower than forecast as consumers and businesses ditch the desktop computer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

US senators to grill JP Morgan over $6bn losses
JP Morgan is facing an investigation into its near $6bn (3.7bn) trading loss by the same Congressional committee that grilled HSBC over violations of anti-money-laundering rules.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

China launches 94bn infrastructure stimulus package
China's central government is to launch a $150bn (94bn) spending package on roads and infrastructure projects, joining the country's regions in a blitz of stimulus to keep flagging growth alive.<img width='1' height='1' src='http://telegraph.feeds.....

Takeover talk enlivens London trading
Analysts suggested Meggitt could be a target, while developments with Glencore's bid for Xstrata kept dealers busy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23309631/mf.gif' border='0'/><br/><br.....

UK's double-dip recession over, economic surveys hint
A series of economic surveys has provided fresh evidence that the recovery is gathering momentum and the double-dip recession is finally over.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23309632/mf.gif' borde.....

Recovery gathers strength
A series of economic surveys have provided fresh evidence that the recovery is gathering momentum and the double-dip recession is finally over.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2330903b/mf.gif' bord.....

Questor: North Sea oil tax breaks mean good investment opportunities
Questor Editor Garry White looks at which North Sea oil companies to invest in.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/233088eb/mf.gif' border='0'/><br/><br/><a href="http://da.feedsport.....

Brussels' plans to make ECB bank super-regulator leaked
Bank regulators in eurozone countries will be asked to agree to relinquish their powers to the European Central Bank (ECB) in three months' time, according to documents leaked from Brussels.<img width='1' height='1' src='http://telegraph.feedsport.....

Debt crisis: as it happened - September 7, 2012
Germans accuse ECB of writing a "blank cheque" to struggling eurzone nations with bond-buying plans and some politicians threaten legal action as 'Draghi rally' continues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Nationalist backlash in Italy and Spain to test Mario Draghi bond plan
The European Central Bank's ground-breaking plan for mass purchases of Spanish and Italian bonds is fraught with political risk and may soon be overwhelmed by nationalist anger in the crisis states.<img width='1' height='1' src='http://telegraph.f.....

US recovery faces risk of wasted election
British bookies' ingenuity would have flourished over the past two weeks in Tampa and Charlotte, the two US cities that hosted the national conventions for the Republican and Democratic parties respectively.<img width='1' height='1' src='http://te.....

The risk of a wasted election for the US economy
British bookies' ingenuity would have flourished over the past two weeks in Tampa and Charlotte, the two US cities that hosted the national conventions for the Republican and Democratic parties respectively.<img width='1' height='1' src='http://te.....

Debt crisis: live
Germans accuse ECB of writing a "blank cheque" to struggling eurzone nations with bond-buying plans and some politicians threaten legal action as 'Draghi rally' continues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Bank of England approval rating hits record low
Satisfaction with the Bank of England's handling of inflation and interest rates has fallen to its lowest level on record, a central bank survey has revealed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/232f61.....

US jobs growth slows, spurring QE speculation
US jobs growth slowed last month, underlining the challenge President Barack Obama faces in convincing Americans to give him another four more years in The White House.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

BP executives sought to blame 'blue collar rig workers'
BP executives wanted to concentrate blame for the Deepwater Horizon oil spill disaster on "blue collar rig workers" in order to save themselves, US government lawyers have claimed in a court document.<img width='1' height='1' src='http://telegraph.....

George Osborne reveals new North Sea oil tax breaks
Britain will offer new tax breaks to encourage investment in older oil and gas fields in the North Sea, finance minister George Osborne said on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/232d7980/mf.g.....

Twilight distributor Entertainment One buys Canada's Alliance Films in 174m deal
Movie distributor Entertainment One buys Canada's Alliance Films<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/232d662b/mf.gif' border='0'/>.....

Twilight film distributor Entertainment One buys Alliance Films
Entertainment One, the company which produces the Peppa Pig cartoon and distributes the Twilight vampire film series, has acquired Alliance Films in a deal worth up to C$272m (174m).<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

China spends 100bn on infrastructure to boost growth
China gave the go-ahead for 60 infrastructure projects worth more than more than 1 trillion yuan (100bn) to energise an economy mired in its worst slowdown in three years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Blue-chips hold on to gains with miners on the rise
London's benchmark index rose in early trading with mining shares climbing higher.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/232c9ded/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

George Osborne reveals new North Sea oil tax breaks
Britain will offer new tax breaks to encourage investment in older oil and gas fields in the North Sea, finance minister George Osborne said on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/232b336f/mf.g.....