Search This Blog

Thursday 27 September 2012

UK Financial News on 2012-09-27

Economy shrank less than thought
The UK economy contracted by less than thought in the second quarter, shrinking by 0.4%, the Office for National Statistics says......

Spain imposes further austerity
Spain sets out new spending cuts, but protection for pensions, in its 2013 budget amid a shrinking economy and 25% unemployment......

US economy weaker than thought
The worst drought for 50 years is partly blamed for the downward revision to US economic growth between April and June......

Blackberry maker posts $235m loss
Research In Motion shares rise in after-hours trading as the maker of the Blackberry posts a smaller-than-expected quarterly loss......

'Basic agreement' on Greek cuts
Greek finance minister Yannis Stournaras says the governing coalition has reached a "basic agreement" on the austerity package for 2013-14......

Nadir tells court he is penniless
Former fugitive Asil Nadir, jailed for stealing 28.8m from his Polly Peck empire in the 1980s, tells a compensation hearing he has no assets......

Complaints about banks 'up 59%'
Complaints about payment protection insurance drove up gripes about banks in the first half of the year, the UK financial regulator says......

Most accidents 'driver's fault'
Most accidents on Britain's roads last year were the driver's fault, according to the latest government figures......

JCB Brazil plant 'benefit' to UK
A new 63m factory opened by JCB in Brazil is no threat to its UK workforce and will benefit this country's economy, according to the company......

Tui Travel sees 'strong' summer
Tui Travel, which owns Thomson and First Choice, says trading over the summer high season was strong and it is on track to meet full-year targets......

Highland Spring sales sparkle
Highland Spring Group consolidates its position as the UK's biggest bottled water supplier, after reporting a rise in sales......

Go-ahead for next-door post plan
A scheme to deliver post to a neighbour if no-one is at home is given the green light by the regulator Ofcom following a trial......

Ex-Credit Suisse trader in court
A former senior trader from Credit Suisse, Kareem Serageldin, tells a London court that he will fight extradition to the US on fraud charges......

Old tricks cause card fraud rise
Debit and credit card fraud has increased as con-artists turn to unsophisticated snatching and Pin theft, an industry body says......

H&M speeds up new store openings
Fashion retailer Hennes and Mauritz (H&M) increases the number of stores it plans to open this year, but its profit figures disappoint......

Bahrain firm to 'lead' Leeds sale
Ken Bates' proposed sale of Leeds United will be managed by a unit of a Bahraini investment firm......

Doubts over lending plan outlook
Lenders have cast doubt on whether a new scheme will increase lending to small businesses, according to a survey, although mortgage applicants may see greater choice......

TalkTalk 'tops complaints list'
TalkTalk remains the most complained about broadband and landline provider, according to new data from Ofcom......

US set to ease Burma import ban
Hillary Clinton says the US will ease its import ban on Burmese goods, a key part of remaining US sanctions, as she meets President Thein Sein......

Clashes erupt at Greece protest
Greek police fire tear gas to disperse anarchists throwing petrol bombs near Athens' parliament during a day-long strike against austerity measures......

France's jobless tops 3 million
French unemployment has topped three million for first time since June 1999, as the economy continues to struggle......

China's Baoshan halts steel plant
Baoshan Iron and Steel, the fourth biggest steel producer in the world, suspends production at a plant in China as demand slows......

Greece to sell gaming firm stake
Greece launches the sale of almost all of its 34% stake in the gaming monopoly Opap as part of the conditions of its bailout......

EADS warns against state action
EADS boss Tom Enders urges politicians not to interfere in his company's proposed $45bn (28bn) merger with BAE Systems......

Ryder Cup 'may swing 100m boost'
Scotland could generate five-times the 20m it is paying to host golf's showpiece Ryder Cup in 2014, it is claimed......

VIDEO: Economy casts cloud over car show
Company bosses have gathered for the Paris Motor Show, but concerns about the economy are casting a cloud over the event......

VIDEO: UK floods: Insurance expert advice
Insurance expert Clare Francis gives advice to people whose properties have been damaged by floods......

AUDIO: What lies behind Zara's success?
A fashion expert told 5 live Wake Up To Money why Inditex, the group that owns Zara, is such a successful company......

VIDEO: Blackberry struggles with competition
Blackberry maker Research In Motion releases second quarter results after the markets close. After a tough few years, RIM is now pinning its hopes on new handsets and a new operating system called Blackberry Ten to revive its fortunes......

AUDIO: More mining strikes in S Africa
One week after the resolution of the six-week strike amongst Lonmin workers in South Africa, that led to the deaths of 46 people, workers at other mines are walking out in disputes over pay and conditions......

AUDIO: Lifeline for Eurozone banks 'may be cut'
Marie Diron, Senior Economic Adviser to Ernst & Young, discusses the change in EU bailout terms......

VIDEO: Mercedes 'optimistic' over sales growth
Despite a contracting car market in Europe, Mercedes says it increased sales on the continent......

Six burning questions for Spain
Six tough questions for Spain's economy.....

Jaguar's F-type launches victory debate
British carmaker Jaguar unveils its most important car for 50 years.....

Indonesian cartoonists keep up with competition
Young artists are injecting new life into Indonesia's comic book scene.....

Who will help Greece now?
Who will help plug Greece's finances now?.....

Solutions sought to end use of kerosene lamps
Replacing the kerosene fuel used by billions could save lives.....

Malaysia's environmentally sustainable 'smart villages'
How Malaysia creates its 'smart village' farms.....

FACTBOX: RIM soars on surprise results
Sep 27 - RIM is up after it reported a quarterly loss that wasn't as bad as expected and also saw its cash pile grow......

U.S. Day Ahead: What's hot and what's not in Q4
Sep 27 - Investors are getting ready to tweak their portfolios as the third-quarter ends. Find out what deals exist and what pitfalls to avoid......

Bair growls at Wall Street bailouts
Sept 27 - Former FDIC head Sheila Bair's new book "Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself" is blunt in its criticism of the top figures involved in the 2008 financial crisis. Bobbi Rebell reports......

Spain's crisis budget, bailout looms
Spain announces a tough 2013 budget based mostly on spending cuts in what many see as an effort to pre-empt the likely conditions of an international bailout. Ciara Sutton reports......

The Exchange: The Bair Truth
Former FDIC Chair Sheila Bair talks to Antony Currie about big banks, the future of regulation, and her new book "Bull by the Horns.".....

Carmakers warning from Paris show
Sept.26 - Paris' auto show kicks off under the shadow of the economic gloom in Europe. Julian Satterthwaite reports.....

Trading at Noon: Upside down world: Yahoo & RIM advance
Sept 27 - Yahoo up as Goldman Sachs reinstates buy rating, and RIM rises ahead of earnings later today......

Booksellers bet on Rowling's post-Potter novel
Sept.26 - Harry Potter author J.K Rowling has released her first novel for adults, "The Casual Vacancy", concerning life and class prejudice in a small English town. After the seven-book Potter series sold 450 million copies worldwide, booksellers an.....

Breakingviews: Little consumer glee from Bernankes QE
Sept 27 - Antony Currie and Breakingviews columnists discuss how only a small portion of the Feds $2.3 trln in aid has directly benefited Main Street......

Saft Says: To spur economy, reform executive pay
Columnist James Saft says rather than focusing on monetary and fiscal policies, it is in the best interest of the economy to reform executive compensation structures and levels......

Europe Day Ahead: Sharp cuts due in France
Sept. 27 - A look at Friday's key events including France's 2013 budget and more from the Paris Motor Show......

Wealth Strategies: Q3 warnings mount, worst outlook in 10yrs
' Jharonne Martis says materials and energy companies are poised for earnings declines in Q3, but homebuilders and retailers like Gap might surprise on the upside......

Jaguar-Land Rover on a roll, but margins get squeezed
Sept. 27 - Jaguar-Land Rover is enjoying record sales, but falling margins threaten to spoil the party. We speak to CEO Ralf Speth at the Paris Car Show......

3XSQ: GDP dries up, revised down to 1.3%
Sep 27 - Economic growth was much weaker than previously estimated in the second quarter as a drought cut into inventories......

H&M CFO on missing profit forecasts
Sept. 27 - H&M CFO Jyrki Tervonen on missing profit forecasts and delaying the U.S. online launch......

Sports Spread: Ryder Cup Special
Sept. 27 - Europe aim to defend their title with four of the world's top five players but they'll get fiery reception from the home crowd in Chicago......

U.S. Morning Call: Spain in pain; cushy deal for Sealy
Sep 27 - Spain set to announce fiscal reforms and strict budget cuts, and Tempur-Pedic acquires Sealy for $1.3 billion......

Market Pulse: A sigh of relief in Rome after bond auction
Sept. 27 - Italy's bond auction is a relative success - the amount sold is more than planned, and yields fall. But BofA Merrill Lynch's John Wraith urges caution on Italy, and Spain.....

Reuters on the Road: Pavegen pioneers footfall power
Sept. 27 - Pavegen founder Laurence Kemball-Cook takes the taxi challenge to explain how his floor tiles are paving the way in renewable energy technology......

Breakingviews: French tax protests pointless
Sept. 27 - Even though the proposed 75% tax rate in the French budget is economic and intellectual nonsense, the protests against it are clumsy and pointless say Breakingviews.....

Google vs Apple: The Amazing Maps Race
puts the heavily panned product to the test against Google in bustling Hong Kong......

China protests take toll on Japanese carmakers
Sept. 27 - Anti-Japanese protests in China have dented Japanese carmakers' sales, even prompting to some to cut back production, but the fallout could be short-lived......

Reuters Today: Spain budget ineffective in deficit reduction
Sept. 27 - Spain's 2013 budget is set to be unpopular and won't achieve the deficit reduction it's meant to says Westpac Chief Economist James Shugg......

Euro crisis to hit jobs in powerhouse Germany
Sept. 27 - The job market in Europe's biggest economy shows little sign of suffering from the euro zone crisis so far. But that could change as Chancellor Merkel heads for an election year......

No help in sight for auto industry: Nissan-Renault CEO Fast Forward
Paul Ingrassia there is zero chance of coordinated government action across Europe to help the motor industry.(September 27, 2012).....

Spain must leave the euro
Mario Draghi's promise to do "whatever it takes" to save the euro never did look like inducing any more than a temporary lull in the storm; still less did the German Constitutional Court's thumbs up to the European bail-out fund and the trouncing tha.....

Shire shares a picture of health
The FTSE 100 group was boosted by prospects for its product pipeline.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23e4918f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Amazon 'to offer loans to its online sellers'
Amazon.com is launching a new business offering loans to some of its online sellers, according to reports, in a move that could boost the growth of its giant internet marketplace.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Debt crisis: Spanish budget - as it happened, September 27, 2012
Spain announces more austerity measures in its 2013 budget in a bid to avoid a full sovereign bail-out, as the government agrees to tap 3bn from a reserve fund to pay pensions next year.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Debt crisis: Spanish budget - live
Spain announces more austerity measures in its 2013 budget in a bid to avoid a full sovereign bail-out, as the government agrees to tap 3bn from a reserve fund to pay pensions next year.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Sports Direct close to deal for 60 JJB shops, saving 1,500 jobs
Mike Ashley's Sports Direct is close to securing a deal to buy a collection of JJB Sports shops that will rescue up to 1,500 jobs and trigger a break-up of the beleaguered retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Sports Direct close to deal for 60 JJB shops
Mike Ashley's Sports Direct is close to securing a deal to buy a collection of JJB Sports shops that will rescue up to 1,500 jobs and trigger a break-up of the beleaguered retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Debt crisis: Spanish budget unveils 20bn cuts
Spain unveiled 20bn of extra cuts in an emergency budget that aimed to shore-up market confidence in Madrid while stemming the escalating regional rebellions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23e3ad.....

Debt crisis: Spain unveils emergency Budget
Spain unveiled 20bn of extra cuts in an emergency budget that aimed to shore-up market confidence in Madrid while stemming the escalating regional rebellions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23e37d.....

Spanish budget: what the economists say
Spain has said its 2013 budget will focus on spending cuts rather than tax rises, as its economy minister insisted that the plan exceeds EU expectations. Here's how economists reacted.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Retailers face 'perfect storm' of September rent day
Almost 40,000 jobs have already been lost in the retail industry this year and shops are facing a new "perfect storm" as they prepare to pay millions of pounds to landlords on Saturday for September's quarterly rent day.<img width='1' height='1' s.....

German defence minister Thomas de Maiziere questions BAE Systems and EADS deal
The German defence minister has said that European governments "need more time" to establish a view on the proposed merger between BAE Systems and EADS.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23e3737f/mf......

German defence minister questions BAE Systems and EADS deal
The German defence minister has said that European governments "need more time" to establish a view on the proposed merger between BAE Systems and EADS.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23e36d02/mf......

Good News Britain: Summer holidays still 'sacrosanct'
Peter Long, chief executive of TUI Travel, the holiday giant behind Thomson and First Choice, explains why his company is bucking the consumer downturn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23e36d04/mf......

TUI Travel boosted by all-inclusive holidays abroad
Surging demand for all-inclusive breaks abroad from families seeking fixed-cost holidays helped TUI Travel increase UK sales by 5pc over the summer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23e306cd/mf.gif'.....

Debt crisis: Francois Hollande to be tested as he unveils France's toughest Budget for 30 years
Hollande expected to unleash 30bn of austerity cuts and tax hikes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23e36d05/mf.gif' border='0'/>.....

Debt crisis: Hollande to be tested as he unveils toughest budget for 30 years
PRESIDENT Francois Hollande today faces a double test of confidence - by his electorate and the bondmarkets - as he unveils the toughest and most ambitious French Budget in three decades.<img width='1' height='1' src='http://telegraph.feedsportal......

Debt crisis: Francois Hollande to be tested as he unveils France's toughest budget for 30 years
Hollande expected to unleash 30bn of austerity cuts and tax hikes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23e306d2/mf.gif' border='0'/>.....

US drought hits recovery as growth revised lower
America's worst drought in fifty years hit expansion in the world's largest economy more than feared last quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23e26f52/mf.gif' border='0'/>.....

Paris Motor Show 2012 in pictures
In pictures: the latest models on show at the Paris Motor Show 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23e26f55/mf.gif' border='0'/>.....

Inflation could near double digits says Jupiter's Chatfeild-Roberts
Higher inflation is "inevitable" for UK, says leading fund manager.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23e2567a/mf.gif' border='0'/>.....

H&M delays US online launch as profits disappoint
Swedish fashion retailer says it needs more time to "adapt" for US market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23e1b932/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Toyota plans to rev up Auris production in Britain
Toyota will ramp up production at its British factory at Burnaston in Derbyshire to meet demand for the Auris but warned the market in Europe would be "stable at best" for the foreseeable future.<img width='1' height='1' src='http://telegraph.feed.....

Compass cuts jobs and costs in crisis-hit Europe
Catering and support services giant Compass has warned of job losses among its 25,000-strong workforce in Italy, Portugal and Spain as it shrinks its operations in the crisis-hit region.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Financial Policy Committee threatens to force banks into raising more capital
Regulators are threatening to make banks raise fresh capital to bolster their loss absorbing buffers and put them in a stronger position to lend.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23e36d06/mf.gif' bo.....