Search This Blog

Saturday 15 September 2012

UK Financial News on 2012-09-15

Stock markets rise on US stimulus
Stock markets rise after the US Federal Reserve decides to pump more money into the economy, but fears over the eurozone resurface as reports of Spanish bailout talks are denied......

UK construction down 10% on year
Activity in the UK construction sector was down 10.1% in the year to July, according to official figures......

Bank pay-day loan cancelling row
Some banks are refusing to cancel payments to payday loan firms despite their legal obligation to do so.....

RBS confirms Direct Line sale
RBS has announced it will sell its Direct Line insurance business and turn it into a separate public-listed company......

India opens up to foreign retail
India's government once again clears a controversial plan to open up its vast retail market to global supermarket chains......

City trader 'gambled away' 1.4bn
A trader at a City of London bank "gambled away" 1.4bn of his firm's money and caused "chaos and disaster", a jury hears......

Google faces German mobile ban
Motorola may have to recall mobile devices in Germany after losing a lawsuit against Apple, while Samsung suffers a setback in its patent battle with Apple......

Tribunal payouts to be limited
Business Secretary Vince Cable has proposed a cut in how much workers can claim for unfair dismissal at employment tribunals......

US factory output falls sharply
Industrial output fell 1.2% last month, its fastest rate for three years but retail sales rise for the second month in a row......

Google 'blocks' Alibaba handset
Google is accused of preventing Acer from launching a handset in China powered by Alibaba's rival Aliyun operating system......

Call to freeze fishing in Europe
A think tank makes a controversial case for freezing fishing in Europe, saying most fish stocks would return to sustainable levels within five years......

Euro inflation rises in August
Prices rose faster in August across the 27 nations of the European Union (EU) compared with July, according to official figures......

Wetherspoon pubs see sales rise
Pubs chain JD Wetherspoon said this summer's Queen's Diamond Jubilee and the Euro 2012 football championships had boosted its annual profits......

Papers 'facing terminal decline'
Journalist and broadcaster Andrew Neil warns that some of Scotland's leading newspapers are in terminal decline......

India inflation rate rises again
India's inflation rises more than expected to 7.55% in August, driven by higher prices of food and manufactured items......

S Africa miners reject pay offer
Miners at South Africa's Marikana mine reject a pay offer from the management, dashing hopes for an end to their weeks-long strike......

Bid to transfer receipts online
Businesses are aiming to use new technology to free wallets and purses from bulging with paper receipts, by moving them online or to email......

Japan in nuclear phase-out plan
The Japanese government unveils a plan to phase out nuclear power by 2030, in a major policy shift after last year's Fukushima disaster......

Huawei and ZTE deny US charges
Chinese telecom firms Huawei and ZTE deny US charges that some of their equipment has been installed with codes to help spying......

Cupid buys uniform dating site
Edinburgh-based online dating firm Cupid buys niche site Uniform Dating for up to 7m as it continues a rapid expansion drive......

Lease back plan for factory fails
The owners of Halls of Broxburn turn down an offer from the Scottish government to buy and lease back the threatened food factory......

VIDEO: Your Money: The national pension plan
In this week's Your Money, Declan Curry looks at how the new national pension scheme will affect people, the possible end of the till receipt and the trend for credit unions offering mortgages......

VIDEO: Iceland's economy sparks into life
Just four year's after Iceland's major banks collapsed and the currency plunged in value, the nation is now being praised by the IMF......

VIDEO: Debt and the City: London financial tour
The current financial malaise is but the latest in the colourful history of the City of London, and can now be explored in a guided tour......

VIDEO: City trader 'gambled away' 1.4bn
A former City trader accused of the largest banking fraud in British history "gambled away" 1.4bn ($2.3bn) of his firm's money, a jury has heard......

VIDEO: How popular is UK-made fashion?
As London Fashion Week gets under way, the BBC's Tim Muffatt looks at how much of clothing bought in this country is made in the UK......

VIDEO: British banks under EU control?
The European Commission unveiled its blueprint for a European banking union involving the central regulation of 6,000 banks in the eurozone, including powers to close them down......

AUDIO: BAE merger a 'geo-strategic' case
Lord Reid, former defence secretary, said that the government needs to make a "huge call" over the potential merger of defence contractor BAE systems and aerospace firm EADS, as it is not just a commerical case but also a "geo-strategic case"......

Dame Stephanie Shirley: Judge me by my failures
The boss who says success depends on failures.....

Thousands demonstrate against austerity in Spain
Sept. 15 - Tens of thousands demonstrate in Madrid against spending cuts and tax rises. Rough Cut (no reporter narration)......

Thousands demonstrate against austerity in Spain
Sept. 15 - Tens of thousands demonstrate in Madrid against spending cuts and tax rises. Rough Cut (no reporter narration)......

Unrest persists at South Africa mine
Sept. 15 - Striking miners near the site where 34 miners were killed last month face tear gas and rubber bullets as police try to disperse them. Deborah Lutterbeck reports......

UK royals sue over topless Kate photos
Sept. 15 - The Duke and Duchess of Cambridge have launched legal proceedings against the publisher of French magazine Closer for breach of privacy, after it printed a series of photos of the Duchess, Kate Middleton, sunbathing topless. Joanna Partrid.....

Burberry's flagship store mirrors online world
Technology Correspondent Matt Cowan speaks to the brand's Chief Creative Officer Christopher Bailey about the vision for the store, which blends cutting edge technology with tradional craftsmanship......

Lady Gaga's smell of success
Sept. 14 - Lady Gaga heads to New York to celebrate the launch of her debut fragrance Fame on the heels of platinum-selling albums and a sold-out world tour as her business and philanthrophic empire outshines other pop rivals like Katy Perry, Rihanna.....

Stocks keep up post-Fed jubilee
Sept. 14 - Summary of business headlines: Wall Street stays near five-year high as Fed euphoria overshadows August inflation spike, lackluster retail sales; Lehman collapse four years later; Apple shares hit record as iPhone 5 demand starts strong. C.....

U.S. Week Ahead: Fed-fueled stocks could see sell off
Sep 14 - The S&P 500 is testing all-time highs, but dollar funds point to traders reallocating cash back into battered bonds. Also Fed speakers could offer more clues about the size of QE3......

Burberry's flagship store mirrors online world
Technology Correspondent Matt Cowan speaks to the brand's Creative Director Christopher Bailey about the vision for the store, which blends cutting edge technology with tradional craftmanship. Matt Cowan reports.....

UK royals sue over topless Kate photos
Sept. 14 - The Duke and Duchess of Cambridge have launched legal proceedings against the publisher of French magazine Closer for breach of privacy, after it printed a series of photos of the Duchess, Kate Middleton, sunbathing topless. Joanna Partrid.....

Euro zone focus on Spain
Sept. 14 - Europe's finance ministers and officials met for talks in Cyprus, with Spain's borrowing costs and Greece topping the agenda. Joanne Nicholson reports.....

Well-known short seller looking to go beyond China
Sep 14 - Muddy Waters founder, Carson Block, is looking at potential shorts in the U.S., Japan and India. The man who helped bring down Sino-Forest says one sector he's focusing on is tech......

Trading at Noon: UnitedHealth pushes out Kraft
Sep 14 - UnitedHealth Group gets a spot on the Dow Jones Industrial Average as Kraft exits......

Breakingviews: Bank breakups Spanish-style
Sept 14 - Breakingviews editors explain what Citigroup boss Vikram Pandit could learn from Santanders Emilio Botin when it comes to the industrys existential conundrum......

Environmentalists in sync with Airbus on formation flying
Sept. 14 - Environmental groups say they are encouraged by ambitious plans recently announced by Airbus to fly aircraft in flock formation by the middle of this century. The company's Smarter Skies concepts also include steeper take-offs to reduce jo.....

Europe Week Ahead: Beware euro reality check
Sept. 14 - Major bond auctions, a slew of euro zone data and key talks on Spain's regional debt will test the region's mounting optimism next week......

3XSQ: United Healthcare in, Kraft out
Sep 14 - UnitedHealth Group stock getting a boost on the announcement that it will join the Dow Jones Industrial Average as Kraft exits.....

Extending international, online reach: M&S
Sept. 14 - Marks & Spencer CEO Marc Bolland says the current environment is tough and the outlook equally so. Growth will come through extending the company's international reach and improving the online offer......

South African miners reject Lonmin pay offer
Sept. 14 - In a strike that's divided union members, South African platinum miners say they won't accept Lonmin's pay increase, and say the National Union of Miners is not demanding enough. Joanne Nicholson reports.....

U.S. Morning Call: Stocks soar on Fed's plan; dollar sinks
Sep 14 - U.S. stock index futures are pointing to a higher open this morning and is set to extend gains after the Federal Reserve's launch of QE3......

Market Pulse: Ben's helicopter to lift gold to $2,000/oz
Sept. 14 - Gold is headed for $2,000/oz, maybe before the end of the year, says BofA Merrill Lynch's Michael Widmer. And a record high in euro terms is imminent too......

Luxury stocks still a buy, but pick carefully - CCLA
Sept. 14 - Forget the big tumbles for Burberry and Prada - there is still plenty of upside for luxury stocks if you choose well, says James Bevan of CCLA Investment Management......

Breakingviews: Fed honeymoon may be brief
Sept. 14 - The flood of cheap dollars from the Fed will lift all boats for a while. But QE is sure to trouble non-U.S. central bankers say Breakingviews......

Israel weighs risks of home growth versus global gloom
Sept. 14 - As domestic growth shows signs of beating forecasts but the global economic outlook grows ever grimmer, we ask Israeli deputy central bank governor Karnit Flug how she weighs up the balance of risks......

Chinese shoppers leave patriotism at home - for now
Sept. 14 - Despite rising tensions between China and Japan over a disputed set of islands, Chinese shoppers continue to buy Japanese goods - but for how long?.....

FSA told to start compensation process for mis-sold customers
The Financial Services Authority has been told it must start the compensation process for small businesses potentially mis-sold interest rate swaps after complaints the regulator has not done enough to get the process underway.<img width='1' heigh.....

Cadogan and Primark buck gloomy retail trend
Central London is bucking the retail gloom with increasing signs of optimism at the both the upper and budget ends of the market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23763dd8/mf.gif' border='0'/><.....

CMC Markets back in the black
CMC Markets, the financial trading business founded by former Conservative Party co-Treasurer Peter Cruddas, has returned to the black for the first time in three years on the back of increased volatility in the markets.<img width='1' height='1' s.....

Housebuilder Redrow's profits up as demand soars
Housebuilder Redrow is set to reveal an increase in profits this week as the chairman, Steve Morgan, tells shareholders that his plan to take over the housebuilder remains on track.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

So far, so unconvincing for this BAE mega-deal
Act in haste, repent at leisure. The news last week that Britain's leading defence contractor, BAE, is in talks to merge with the Franco-German aerospace giant, EADS, raises a whole host of knotty problems.<img width='1' height='1' src='http://tel.....

Anthony Browne: 'We must restore trust in the City'
The new head of the bankers' association, Anthony Browne, tells The Sunday Telegraph of his plans for change .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23768354/mf.gif' border='0'/><br/><br/>.....

Bad bankers 'should face criminal sanctions'
The British Bankers' Association has put forward proposals to strengthen criminal sanctions against bankers who break financial conduct rules in a significant repositioning of the organisation.<img width='1' height='1' src='http://telegraph.feedsp.....

Bupa care home chief leaves in major shake-up
Bupa has parted company with the head of its care home division as part of a major shake-up of its operations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23768356/mf.gif' border='0'/><br/><br/>.....

Prudential's Tidjane Thiam turns down World Bank
It was, in the end, an offer he could refuse. Tidjane Thiam, the chief executive of Prudential, has turned down a top job at the World Bank despite a personal request from Barack Obama's chief of staff.<img width='1' height='1' src='http://telegra.....

Ministers raise BAE deal fears
The Government raises series of national security concerns over plans for 30bn merger between the defence and aviation giants BAE and EADS and warns it could block the deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

BAE and EADS face biggest challenge over plans for 30bn merger
On a cold and drizzly Thursday afternoon in Barrow-in-Furness, Cumbria, Royal Navy officers and engineers from BAE Systems were making final preparations aboard the 1bn Ambush submarine before it left for sea trials.<img width='1' height='1' src='.....

Supermarkets in line for alcohol windfall
Supermarkets will be handed a profits windfall worth as much as 2.2bn if Government plans to impose a minimum alcohol price succeed, according to research.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23767f53/.....

Xstrata board 'to back' merger
The board of Xstrata is poised to recommend Glencore's higher 36bn offer after consultations with shareholders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23767f54/mf.gif' border='0'/><br/><br/>.....

Battle starts for the new Bank of England Governor
Last week the Treasury launched the process to appoint a new Bank of England chief. In the first of a special series, The Sunday Telegraph reveals the fight for the most powerful job in the City.<img width='1' height='1' src='http://telegraph.feed.....

SuperGroup facing pay rebellion
Fashion retailer SuperGroup is set to become the latest British company to face a shareholder rebellion over pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23767f56/mf.gif' border='0'/><br/><br/&.....

Anti tax-abuse rule 'chills growth'
The Chancellor's plans to introduce anti tax-abuse regulations have been criticised by two leading business groups amid concerns they could harm economic growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/237.....

Britain has to realise it's no longer the power it used to be, says WPP chief Martin Sorrell
Sir Martin Sorrell, the chief executive of advertising giant WPP, tells Virginie Mangan why China is a land of opportunity for his firm and how the UK market is defying the downturn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Darling demands tighter controls over new Governor of the Bank
Handing next Bank of England Governor power over interest rates and financial stability will put the economy in danger unless proper checks are established, Alistair Darling warns.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Festival of Business: Naked Wines boss Rowan Gormley has stripped away costs
Rowan Gormley has spent most of his career in financial services and says he has only ever really had one idea.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23767f5a/mf.gif' border='0'/><br/><br/>.....

US cannot continue the endless sugar rush
Last Thursday, in its latest bid to kick-start the US economy, the Federal Reserve went "open-ended".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23767f5b/mf.gif' border='0'/><br/><br/><a hre.....

Inside Ambush, BAE's 1bn Astute-class submarine - in pictures
The 1bn Ambush submarine, the most advanced nuclear submarine in the world, has embarked on its maiden voyage from BAE Systems' Barrow-in-Furness shipyard for Royal Navy sea trials. Ambush is the second in the Astute class of submarine - a planned se.....

The four essential tests the BAE and EADS deal will have to pass
Britain's aerospace industry is one of our most successful manufacturing industries, employing around 300,000 people.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23767f60/mf.gif' border='0'/><br/><.....

A letter to our new transport minister
Leading aviation CEO calls on Patrick McLoughlin in an open letter to boost regional economies with some joined-up thinking.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23767f62/mf.gif' border='0'/><br/&.....

Robert Tchenguiz bail move signals the end of SFO investigation
Property entrepreneur Robert Tchenguiz has been released from bail, leading to a growing belief that the Serious Fraud Office is preparing to drop its long-running investigation of his business activities.<img width='1' height='1' src='http://tele.....

Warren Buffett completes prostate cancer treatment
Warren Buffett, the billionaire chief executive of Berkshire Hathaway, has completed his treatment for prostate cancer, it emerged on Saturday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2375d45a/mf.gif' bord.....