Search This Blog

Thursday 20 September 2012

UK Financial News on 2012-09-20

Bank boss says economy recovering
The Bank of England governor, Sir Mervyn King, says economic growth is on its way and the next three months should show a pick up in activity......

Sky 'fit and proper', rules Ofcom
UK media regulator Ofcom says BSkyB is "fit and proper" to hold a broadcasting licence but criticises ex-chairman James Murdoch for "ill-judged" conduct......

Microsoft rapped over tax havens
The US Senate criticises Microsoft and Hewlett-Packard for their use of tax avoidance schemes, which it says is rampant in the tech sector......

UK retail sales hit by Olympics
Retail sales in the UK fell in August as people put off shopping online to watch the Olympics, official figures show......

Microsoft beats Google in court
Microsoft wins a third patent victory against Google's Motorola unit in Germany......

Pensions system roll-out revealed
Some 600,000 people are set to be enrolled into a workplace pension by the end of the year under a system that automatically diverts funds from their wages......

Spanish premier rebuffs Catalonia
The Spanish prime minister rejects a call from Catalonia's leader for fiscal independence, days after a big pro-autonomy rally in Barcelona......

Eurozone business activity falls
Activity among eurozone businesses suffered its steepest contraction in September since June 2009, according to a closely-watched survey......

US manufacturing growth 'modest'
Growth in the US manufacturing sector remained "modest" during September, according to a closely-watched survey......

Apple under fire over new map app
Mapping software packaged with Apple's new mobile operating system has been heavily criticised by users on social media......

TNK-BP Rosneft deal edges closer
BP, the British oil giant, is reportedly close to selling its 50% stake in Russian joint venture TNK-BP to Rosneft, the state-owned oil company......

Nigeria airline ends most flights
Nigeria's largest carrier Arik Air cancels all domestic flights after the company says aviation officials disrupted a flight in Lagos......

Wen urges end to EU arms embargo
China's premier Wen Jiabao urges the EU to lift its arms embargo on Beijing at his last EU-China summit before handing over power this year......

Swinney unveils 'stimulus' budget
Scottish Finance Secretary John Swinney announces his spending plans aimed at stimulating Scotland's economy......

Spain in successful bond auction
Spain's borrowing costs ease as the country raises 4.8bn euros (3.84bn) in an auction of three and 10-year bonds......

Homes market 'flat like economy'
Activity in the UK housing market was subdued in August as the economy was flat and household confidence low, lenders have said......

Japan data raises growth concerns
Japan's exports and imports dip in August, raising fears about the impact of a global slowdown on its economy......

Electric car money 'only for few'
Government spending of 11m to encourage people to drive electric cars has benefited only a "handful of motorists", a group of MPs says......

India strike over retail reforms
India's opposition parties and trade unions stage a strike over government plans to allow in global supermarket chains and other reforms......

Trump 'advert complaints' upheld
Complaints about newspaper adverts commissioned by the Trump Organisation showing broken and rusting wind turbines are upheld......

Bankers 'among the least trusted'
Mis-selling scandals and the financial crisis means bankers are now trusted less than estate agents, according to consumer group Which?......

Amount paid in bonuses hits 37bn
The amount paid in bonuses to UK workers rises to 37bn, but financial employees see a fall, the Office for National Statistics says......

Workers turn away from pensions
The number of people actively paying into a workplace pension scheme dropped for a third consecutive year in 2011, official figures show......

Sudan opens first gold refinery
Sudan's President Omar al-Bashir opens the country's first gold refinery, which officials say is one of Africa's largest plants......

US home sales at two-year high
Sales of previously owned US homes reached their highest level for more than two years in August, figures show......

BoE minutes hint at further QE
Some Bank of England policymakers think extra stimulus through more quantitative easing may be needed despite the inflation outlook worsening, minutes show......

EADS boss warning over BAE deal
The boss of EADS says its proposed tie-up with BAE is a "perfect fit" but there is "serious work" ahead to convince investors of its value......

William Hill in Sportingbet talks
UK bookmaker William Hill has confirmed it is in talks over a possible joint offer for gambling firm Sportingbet......

Lufthansa in new low cost move
Lufthansa says it will merge many of its European and domestic routes under a new-low cost brand as it seeks to boost profits......

UK investors make new Pompey bid
The administrators for Portsmouth receive a fifth formal bid for the stricken League One club......

Former Reebok India boss arrested
Former managing director of Reebok India, Subhinder Singh Prem, and four others are arrested in connection with a fraud case......

Clubs uneasy at Hearts' pay delay
A Scottish Premier League chairman says clubs feel Hearts should be unable to sign players while some wages are unpaid......

VIDEO: China-Japan dispute 'threatens economy'
The international economic organisation, the OECD, has warned that the dispute between China and Japan could harm global economic recovery......

VIDEO: AA: Diesel prices 'unfairly high'
The AA has criticised the cost of diesel at the pumps saying it is 'unfairly high', but analysts say it costs more to refine than petrol......

VIDEO: A look at Apple's new map app
Rory Cellan-Jones compares Apple's new map software with Google Maps, using two iPads......

VIDEO: HTC 'super confident' of new phones
HTC's chief executive Peter Chou says he is "super confident" of the firm's new phones that run on Microsoft's Windows Phone operating system......

VIDEO: Electric vehicles: '100 miles for 1'
Motoring journalist Quentin Willson said the image of electric cars as "slow and boring" was wrong and claimed they could run for 100 miles on 1......

VIDEO: India strikes over retail reforms
Opposition parties and trade unions in India demonstrated on Thursday over plans to open the country's retail sector to global competition......

VIDEO: German factories beat euro crisis
The continued success of its manufacturing companies is the key to Germany's economic growth in the face of the crisis elsewhere in the eurozone.....

AUDIO: Farewell to the Lada Classic
Professor David Bailey, an expert in the auto industry, and Kyle Fortune, a motoring journalist, discuss the car's legacy......

India invites more foreign investment
Protests fail to slow efforts to open up.....

Is Taiwanese democracy changing Chinese students?
Is Taiwan experience changing Chinese students?.....

HTC smartphone inspired by a shoe
How a Nike trainer inspired the look of HTC's latest handsets.....

U.S. Day Ahead: iPhone 5 could be an extra $9 bln for Apple
Breakingviews says Apple could sell 15 mln iPhones in the first month which means an extra $9 bln dollars on Apple's balance sheet from one device alone......

LIGHTNING ROUND: Crude will header lower again - trader
Sep 20 - NYMEX trader Alan Harry says crude oil should test the $90 level and move higher, but if it falls below his target, prices could go as low as $85-$86 a barrel......

Saft Says: Expect QE3 to disappoint this time around
Columnist James Saft says expect Fed's third round of quantitative easing to disappoint, just like the second one did the last time around......

Trading at Noon: Wal-Mart stops selling Amazon Kindles
Sep 20 - Wal-Mart stores will no longer sell Amazon's Kindle products, making the world's largest retailer the second major chain to stop selling Amazon's devices......

Breakingviews: Obamas Facebook friend
Sept 20 - Sheryl Sandberg should be on the short list for Barack Obamas economic team if the president wins a second term. Breakingviews columnists discuss the financial calculus of taking the job......

Investor fears over India strike
European investors watch with concern as shops, businesses and transport grinds to a halt across India as part of a one-day nationwide strike against sweeping economic reforms announced by the government last week. Matt Cowan reports.....

Spain costs fall but outlook grim
Sept.20 - The latest Spanish bond sale has gone relatively well easing pressure on the country. But many believe a bailout is still inevitable as new data suggests the new ECB bond-buying programme has done little to improve business in ailing euro z.....

Europe Day Ahead: Spain's bond relief short-lived?
Sept. 20 - Spain's borrowing costs ease at auction, but the relief might not last long. That's as Prime Minister Rajoy heads to Rome to meet his Italian, Irish and Greek counterparts......

3XSQ: Samsung going after iPhone 5
Sep 20 - Samsung says it is planning to add the iPhone 5 to its existing patent lawsuits against Apple.....

Sports Spread: Champions League hangover?
Sept. 20 - After a busy week of Champions League football how will England's top teams fare back in the Premiership. Plus we'll preview the Singapore Grand Prix.....

U.S. Morning Call: 16,000 jobs on BofA chopping block
Sep 20 - Bank of America announces it will cut 16,000 jobs this year. And economists forecast a total of 375,000 filings for initial jobless claims this week......

Market Pulse: Spain pressure eases but euro gloom grinds on
Sept. 20 - A fall in Spain's ten-year borrowing costs sparks talk that any bailout could be put back, but there's no sign of any upturn for European businesses......

Breakingviews: Get Into BskyB shares
Sept. 20 - BSkyB should start building in a bid premium given the UK media watchdog has affirmed that News Corp is fit to have a big stake in BSkyB says Breakingviews assistant editor Robert Cole......

Bonjour Hong Kong!
Sept. 20 - Hong Kongs French community is exploding as more French entrepreneurs flee austerity and bureaucracy in Europe to chase their business dreams in the bustling financial hub......

Reuters Today: Top Stories and Analysis
Sept. 20 - A look at the early action in the European markets and the day's hot stocks, as well as a final wrap-up of Asia trading......

Wealth Strategies: Investors don't own enough stock
Sep 20 - BlackRock's David Cassese says a traditional 60/40 split between stocks and bonds doesn't give enough weight to equities and likes companies growing dividends like Quest Diagnostics and Microsoft......

Home is where the cash is on Wall St.
Sept 19 - Summary of business headlines: Housing hopes keep building, breaks Wall Street losing streak; 3M cautious on economy; Oil prices in worst slump since 2011; America's richest get richer in Forbes list. Conway G. Gittens reports......

Housing numbers add up- but to what?
Sept 19 - Housing numbers continue to show strength as the Federal Reserve prepares to launch its $40 billion a month bond purchase program, but will lowering mortgage rates really lure Americans to buy a home or refinance a mortgage? Bobbi Rebell re.....

U.S. Day Ahead: Oracle results to show tech weakness
Sep 19 - Don't be fooled by Oracle when it reports after the close. It's set to see a fatter profit as IT managers spend their budgets before December, but hardware sales could drop by up to 10%......

Economy 2012: AGCO CEO says the U.S. needs better leadership
Sep 19 -The head of farm equipment maker AGCO, Martin Richenhagen, says The U.S. needs a President with more business savvy who can tackle the upcoming fiscal cliff......

Lonmin mine deal sparks more unrest
Sept. 19 - South African police fired tear gas and rubber bullets to disperse protesters near a mine run by the world's biggest platinum producer Anglo American Platinum, as unrest spread after strikers at rival Lonmin won big pay rises. Andrew Potte.....

Trading at Noon: Groupon gets its groove back
Sep 19 - Groupon is making a move to mobile payments with the launch of "Groupon Payments," allowing customers to pay using their mobile phones......

Breakingviews: Boeing on BAE-EADS radar
Sept 19 - Jeffrey Goldfarb and Breakingviews columnists discuss the different ways Boeing could disrupt the $45 bln BAE-EADS deal politically and maybe even financially......

Europe Day Ahead: Bond sales, data deluge to test euro mood
Sept. 19 - The tentative optimism in the euro zone will be tested tomorrow by a slew of data and benchmark bond sales in France and Spain......

Engineers see inflight relief with climate control seats
German scientists have unveiled a prototype 'climate control' airplane seat designed to make air travel more comfortable. They say the seat - on display at the recent Berlin Air Show - could be a boon for air travellers, particularly those on long-di.....

Corner shops help Booker's sales grow by 4.4pc in second quarter
Sales at Booker, Britain's biggest cash-and-carry chain, jumped in the second quarter, overcoming concerns the corner shops, pubs and restaurants it supplies would be hit by the wash-out summer.<img width='1' height='1' src='http://telegraph.feeds.....

Risk didn't matter at UBS 'as long as you made money', Adoboli lawyer tells court
Risk limits at UBS 'didn't matter as long as you were making money'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23a35f2c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14.....

Mervyn King gives green light for George Osborne to miss UK debt target
Sir Mervyn King has cleared the way for the Chancellor to ditch one of his cast-iron fiscal rules and miss his target to get the national debt under control by 2016.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Ofcom delivers the final blow to James Murdoch's UK years
Ofcom has produced the second damning report into the Murdochs and the phone-hacking scandal in the past six months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23a5b9fc/mf.gif' border='0'/><br/><b.....

JJB Sports knew of tax issue for a year before reporting to HMRC
JJB Sports failed to report multi-million-pound tax errors to the taxman for more than a year after they were first discovered, despite warnings that a delay could lead to huge fines.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Spain risks break-up as Mariano Rajoy stirs Catalan fury
The ruling parties of Catalonia have sought guidance from Brussels on the legality of secession from Spain, requesting a "route map" for membership of the European Union and the euro as an independent state.<img width='1' height='1' src='http://te.....

Richest and poorest US cities by income
The median income last year in the US was $50,000, according to data released on Thursday. Here, we look at the richest and poorest cities in North America. (source: US Census Bureau/Wall Street Journal)<img width='1' height='1' src='http://telegr.....

How James Murdoch's reputation has been hacked to pieces
While BSkyB passed Ofcom's "fit and proper" test, the regulator found the conduct of News Corp's James Murdoch "fell short" of expectations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23a53861/mf.gif' border=.....

James Murdoch lambasted in Ofcom BSkyB ruling
While BSkyB passed Ofcom's "fit and proper" test, the regulator found the conduct of News Corp's James Murdoch "fell short" of expectations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23a52e42/mf.gif' border=.....

Ofcom attack on James Murdoch throws his future into doubt
James Murdoch is under renewed pressure to resign from the News Corporation and BSkyB boards, after Ofcom savaged his "character and conduct".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23a4e48c/mf.gif' borde.....

Analysts hunt for further M&A following rumours
Analysts at Numis have said William Hill could now look again at Probability.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23a4e48d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....

Fed turns from US economy's heart surgeon to its shrink
The Federal Reserve's latest round of stimulus plans to help America's housing market recover. Can it?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23a531b6/mf.gif' border='0'/>.....

Fed turns from US economy's heart surgeon to its shrink
The Federal Reserve's latest round of stimulus plans to help America's housing market recover. Can it?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23a4b0f2/mf.gif' border='0'/><br/><br/><a hr.....

SuperGroup shareholders rebel against chief Julian Dunkerton
SuperGroup has been given a slap on the wrist by shareholders after almost one-in-five investors opposed the re-election of management and pay proposals at the fashion retailer's annual meeting.<img width='1' height='1' src='http://telegraph.feeds.....

SuperGroup shareholders rebel
SuperGroup has been given a slap on the wrist by shareholders after almost one in five investors opposed the re-election of management and pay proposals at the fashion retailer's annual meeting.<img width='1' height='1' src='http://telegraph.feeds.....

Universal could be forced to sell off EMI labels in $1.9bn tie-up
Universal's controversial takeover of EMI could finally receive the green light from European regulators as early as Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23a4b0f4/mf.gif' border='0'/><br/&.....

Hopes for Sunday trading extension fade as UK retail sales fall
The prospect of longer trading hours on a Sunday being made permanent has been dampened after sales declined during the period when extended trading was tested.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23a4.....

Eurozone economic woes suggest ECB's Draghi Plan isn't enough to stem debt crisis
Private business activity in the eurozone plunged at the fastest rate in more than three years, while consumer confidence also sank, according to "dismal" economic data that doused hopes the European Central Bank bond-buying plan would unleash a wave.....

Ocado could sell new warehouse
The online grocery group Ocado says it could sell its new warehouse to raise cash, as the City expresses new concerns about the company's finances.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23a47984/mf.gif' .....

Europe's largest union urges government safeguards on BAE-EADS merger
Europe's largest union has urged the UK, French and German governments to safeguard military contracts in the event of a 30bn merger between BAE Systems and EADS.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23.....

Union urges government safeguards on BAE-EADS
Europe's largest union has urged the UK, French and German governments to safeguard military contracts in the event of a 30bn merger between BAE Systems and EADS.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23.....

Michael Fallon ready to light bonfire of red tape
Michael Fallon, the business minister, has promised to "chase ministers up and down Whitewall" to ensure the Government's pledge to cut the regulatory burden on business is honoured.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Good News Britain: Government must remove barriers to employment
This week Sainsbury's announced that in the run-up to Christmas we'll recruit 15,000 people into temporary jobs to help us deliver great service for our customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

China's Wen Jiabao demands EU lift arms embargo
Wen Jiabao has used his last summit with the European Union to demand that Brussels lifts its arms embargo on Beijing in a move that doused hopes for a final economic boost from the retiring Chinese premier.<img width='1' height='1' src='http://te.....

Mining unrest continues in South Africa despite Lonmin pay deal
Thousands of miners have returned to work at the Lonmin mine at the centre of unrest in South Africa, but tensions remained as workers at other companies demanded similar pay deals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....