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Friday 24 May 2013

UK Financial News on 2013-05-24

Co-op halts new business lending
Co-operative Bank has stopped offering new business loans amid concerns over its capital position and talks with UK regulators......

Germany reports sluggish growth
Germany's economy barely grew in the first quarter of the year, figures show, as private consumption helped offset shrinking exports and investment......

IMF chief Lagarde made key witness
A French court does not place IMF head Christine Lagarde under investigation over a payout made when she was finance minister, making her a key witness instead......

Manchester United cuts debt costs
Manchester United has struck a new loan deal to cut the amount of interest it pays on its huge debts......

London Market Report
London's leading shares lose further ground in Friday trading, extending Thursday's global sell-off......

Second RBS apology for app glitch
RBS has apologised for the second time in two months after customers were unable to login to their accounts through their mobile phone app......

Poor countries take on tax avoiders
Developing countries are trying to stop mining companies shifting billions of dollars in profits out of their countries, depriving them of much-needed tax revenue......

Euro bank chief sees UK improvements
European Central Bank president Mario Draghi, visiting London's City district, says he sees "signs of tangible improvements" in the UK economy......

News Corp to split in two on 28 June
News Corp announces it will officially split its publishing and entertainment businesses on 28 June, two years after the UK phone-hacking scandal involving the News of the World......

Amazon reveals fan fiction platform
Fan fiction authors will be able to publish and sell some titles in the US via new e-book platform Kindle Worlds......

Low rates 'fail to deter savers'
A lack of confidence among consumers has pushed up savings levels in the last year despite the low rates of interest available, banks say......

Latam 'gang of four' scrap tariffs
Four countries in Latin America - Chile, Colombia, Mexico and Peru - have agreed to scrap most of the tariffs on trade between their four countries......

Japanese stocks recover after falls
Shares in Japan have closed 0.89% higher, one day after Thursday's global sell-off in shares......

Tata Steel swings to a loss
Tata Steel, one of the world's biggest steelmakers, blames weakness in Europe for a net loss in the fourth quarter and says "severely depressed" conditions are likely to persist......

French court questions IMF chief
IMF chief Christine Lagarde is grilled by judges in Paris over a big payout to a tycoon when she was French finance minister......

Nissan recalls over 800,000 vehicles
Nissan says it plans to recall about 841,000 vehicles worldwide due to a faulty steering wheel......

Tuition fee 'could be cut to 6,000'
Tuition fees in England could be limited to 6,000 per year and remain cost-neutral to universities and the Treasury, research suggests......

JP Morgan fined 3m for failings
JP Morgan's international bank division has been fined 3m by the Financial Conduct Authority for failures in client advice and record-keeping......

UK first quarter growth unchanged
The UK's economy grew at 0.3% in the first three months of the year, official figures confirm, but concerns remain over the strength of the recovery......

The growth of start-up competitions
In recent years there has been an ever-growing number of competition schemes for would-be entrepreneurs, as the BBC's Will Smale reports......

Duff and Phelps: No Rangers conflict
The firm which acted as administrators for the former Rangers Football Club is cleared of any conflict of interest over its appointment......

VIDEO: Hugh's review: Stock markets volatile
It has been a turbulent week on the world's stock markets, with investor confidence shaken amid fears that central banks may ease their stimulus plans......

VIDEO: Hermes 'will remain family-run'
Fashion house Hermes says that despite hostile takeover attempts, its will remain a family-run business......

VIDEO: Fears over EU-US energy price divide
The cost of energy used to be roughly the same on both sides of the Atlantic, but the US-led revolution in shale oil and gas has sent prices tumbling......

AUDIO: Burberry boss 'looking to Middle East'
The Today programme's Friday Boss is Burberry chief executive Angela Ahrendts......

VIDEO: The book clubs that find bestsellers
Hookline Books have started a new way of finding bestsellers with book groups at the heart of the decision-making process......

AUDIO: 'Long way to go' for Man United
Manchester United has struck a new loan deal to cut the amount of interest it pays on its huge debts......

VIDEO: IMF's Lagarde faces fresh questions
Christine Lagarde will find out on Friday if she will be put under formal investigation for her role in a payout made to a tycoon when she was finance minister......

VIDEO: Demand for rapeseed oil soaring
Farmers across East Anglia are benefiting from a poor olive harvest in Spain this year......

German football model is a league apart
How German football clubs treat their fans differently.....

The tech that's transforming gardening
The technology that's transforming gardening.....

TV and tech, learning to live together
TV and technology are learning to live together.....

Can watches show more than the time?
Why have we been waiting so long for watches to catch up with smart phones?.....

U.S. Week Ahead: Inflation numbers could calm investors
May 24 - Friday's estimated sluggish inflation numbers could keep worries about Fed policy tightening at bay for now......

Inside Latin America: Structural factors slowing Brazil down
May 24 - Shelly Shetty, Senior Director at Fitch's Sovereign Group says a global economic slowdown as well as Brazil's weak infrastructure and rigid labor markets are hindering an economic rebound in the nation......

Techquity: Why Yahoo's stock has plenty of room to run
May 24 - Yahoo shareholders Eric Jackson of Ironfire Capital and Walter Price of Allianz Global Investors think shares have significant upside. They discuss the recent Tumblr buy, its Alibaba stake and more......

MuniLand: Nuveen manager prefers high yield revenue bonds
May 24 - John Miller of Nuveen Asset Management discusses his fund's muni holdings in Florida, California & Illinois and says he favors revenue bonds......

Daily Digit: Tornados to cost up to $5 bln
May 24 - The tornadoes that hit the United States caused as much as $5 billion in insured losses, according to early estimates from Eqecat. Conway G. Gittens reports......

Battle of the brands in UEFA final
May 24 - German sportswear makers Adidas and Puma renew their rivalry when teams Bayern Munich and Borussia Dortmund go head to head in Europe's Champions League Final at Wembley. Ciara Sutton reports......

Trading at Noon: P&G's old spin cycle boosts stock
May 24 - P&G shares get a new lease of life after the surprise return of former CEO A.G. Lafley. Also find out why teen apparel has had a threadbare quarter......

Stockholm riots fuelled by inequality
May.24 - Swedish police are seeking reinforcements following a fifth night of damaging clashes in the capital, as questions are raised about the causes of the unrest. Kirsty Basset reports......

Breakingviews: Deflated expectations
May 24 - Breakingviews columnists discuss the implications of inflation being in decline globally despite seemingly inflationary central bank policies......

Stars - and brands - shine at Cannes
May 24 - For film-makers, Cannes is all about winning the coveted Palme d'Or. But for corporations, the red carpet provides a glamorous backdrop for promoting luxury products. Hayley Platt reports......

Europe Week Ahead: The record high nobody wants-unemployment
has a batch of exclusive interviews from the OECD's annual meeting in Paris......

IMF's Lagarde questioned in French arbitration case
May 24 - Head of the IMF, Christine Lagarde, was questioned again by French prosecutors on Friday over her role in a 285 million euro payment made to a supporter of former president Nicolas Sarkozy, which dates back to 2007 when she was Sarkozy's fin.....

U.S. Morning Call: P&G turning the 'tide' on McDonald
May 24 - P&G brings back A.G. Lafley as CEO, replacing Bob McDonald immediately in the midst of a major restructuring......

One man's journey from banking to baking
' Angeline Ong takes a tour of his successful artisan bakery......

British Airways flight makes emergency landing
May 24 - Heathrow airport closes a runway after a British Airways plane makes an emergency landing. Rough Cut (no reporter narration)......

Why your next cocktail could be made in China
May 24 - Western tipples have long been a hit with Chinese. But now China wants to give back. Backed by global beverage giants, the fiery traditional spirit baijiu could be coming to a cocktail bar near you......

Reuters Breakingviews: Fussball success mirrors economy
May 24 - Europe's sick man not so long ago, Germany's fortunes have changed -- and its soccer resurgence has a lot in common with its economic renaissance, says Breakingviews......

ROUGH CUT: ECB's Draghi wants more European UK
May 24 - European Central Bank President Mario Draghi says at a speech in London that European countries should strengthen their ties, and that the euro zone is more stable than a year ago......

Asia Week Ahead: Abenomics reaching its limits?
Wayne Arnold tells us what to look for in a crucial week ahead for Japan......

Reuters Today: More froth to come off whippy markets?
May 24 - Another volatile day in Japan, where market "bubbles" are set to deflate further, says BONY Mellon's Simon Derrick. But Europe and the US calmer. Draghi back in London, Lego's X-Wing lands in NY......

Reuters Asks: Can Japan control the yen's fall?
May 24 - "Abenomics" has given Japan what it wants: a weaker yen. But with it has come bouts of extreme volatility. We ask if Japan can successfuly manage the yen's decline......

Wall Street dances to its own beat
May 23 - U.S. equities close far above their worst levels of the day as investors take the positive side of the debate on whether the Federal Reserve is close to tapping the brakes on its $85 billion-a-month stimulus program. Conway G. Gittens report.....

Digging deeper for that new home
May 23 - Sales of new homes are on the rise and so are prices, with the median cost up close to 15 percent from a year ago. Bobbi Rebell reports......

Flying car for the masses set for take-off
May 23 - New England aviation company Terrafugia has unveiled its latest conceptual version of a flying car. Unlike its current flying car, which is designed for pilots, the new design incorporates autonomous functionality, a move the company says wi.....

U.S. Day Ahead: Weak mfg data could shake investors again
May 23 - Investors will focus on the latest durable goods orders on Friday. IFR says a negative surprise reading could spook jittery markets......

Maplin profits slump by a third
The electronics and gadgets retailer Maplin has seen profits fall by a third as the company battles challenging market conditions and invests in modernising its stores.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Historic pub to stop serving pints in protest at 'beer tie' fees
After quenching the thirsts of beer drinkers for 800 years, one pub is calling last orders for pints.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c601360/mf.gif' border='0'/><div class='mf-viral'><.....

IMF chief Christine Lagarde made 'assisted witness' in fraud case
Ruling means IMF head must be available to be called by prosecutors as a witness at any time.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c6010cd/mf.gif' border='0'/><div class='mf-viral'><table b.....

HSBC to cut use of tax havens as chairman Douglas Flint says they have 'bad name'
HSBC will "significantly reduce" its use of tax havens, after the bank's chairman, Douglas Flint, says the use of these financial centres had got a "bad name".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c601.....

Co-op could shut bank over 1.8bn black hole
The Co-op is considering selling or even shutting down its struggling banking business as it looks for ways to fill a capital black hole.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c5fc927/mf.gif' border='0'.....

Yahoo! 'makes bid for Hulu'
Just days after Yahoo! sealed its $1.1bn for Tumblr, the technology company has reportedly made a bid for Hulu, the online video site partly owned by News Corporation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Oil majors face class action lawsuit over alleged price rigging
BP, Shell and Statoil have been named in a proposed class action lawsuit over alleged oil price rigging, following the launch of a European Commission investigation into the oil giants.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

IEA warns Germany on soaring green dream costs
Germany's push for wind and solar and its retreat from nuclear power is driving electricity costs to untenable levels and destroying support for the green agenda, the International Energy Agency (IEA) has warned.<img width='1' height='1' src='http.....

The BBC must learn lessons from Digital Media Initiative fiasco
After 98.4m of licence fee payers' money, the Digital Media Initiative is put out of its misery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c5f4189/mf.gif' border='0'/><div class='mf-viral'><tabl.....

Chile fines world's largest gold miner for 'serious' environmental violations
Chile's environmental authorities have fined the world's largest gold miner $16.4m for "serious" violations at its unfinished mine near the border with Argentina.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c.....

New rule tightens Rupert Murdoch's grip on News Corp companies
Rupert Murdoch will use News Corp's split to tighten his grip on the media empire he founded, by introducing a new rule that makes it difficult for other shareholders to build significant voting stakes in either of the new companies.<img width='1'.....

Next slides as Morgan Stanley says sell and buy M&S
Morgan Stanley "encouraged" investors to take Next profits and invest in Marks & Spencer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c5e753f/mf.gif' border='0'/><div class='mf-viral'><table b.....

EDF blames seaweed after halting nuclear reactors
EDF Energy has been forced to halt both reactors at its 1,280 megawatt Torness nuclear plant near Edinburgh.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c5ddbd6/mf.gif' border='0'/><div class='mf-viral'.....

Business news and markets: as it happened - 24 May, 2013
Sir Mervyn King has called for "common sense" in the debate over austerity as London's FTSE 100 gives up its early gains.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c5ddbd8/mf.gif' border='0'/><div cla.....

Business news and markets: live
Sir Mervyn King has called for "common sense" in the debate over austerity as London's FTSE 100 gives up its early gains.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c56cdba/mf.gif' border='0'/><div cla.....

Investors remain risk-averse ahead of long weekend
Britain's blue-chips closed out the week on a downbeat note as investors continued to sell equities on both sides of the Atlantic ahead of two bank holidays in Britain and America.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Mortgage lending falls for unprecedented fourth month
Mortgage lending fell for an unprecedented fourth month running in April and companies repaid 2bn, as Britain's ongoing credit squeeze showed little sign of abating, figures from the BBA revealed.<img width='1' height='1' src='http://telegraph.fee.....

Southern Europe slides back to 'analogue dark age'
A lack of digital investment and the shrinking number of local subsidiaries owned by large firms is sending Southern European states on a "backwards slide" to an analogue age, a new study has revealed.<img width='1' height='1' src='http://telegrap.....

Judge delivers blow to Apple in e-books conspiracy case
Apple has been dealt a blow in the legal row over whether it fixed the price of ebooks, after a US judge said there was strong evidence that the technology giant was involved in a conspiracy with publishers.<img width='1' height='1' src='http://te.....

Don't yell at Google. Just make taxes lower, simpler and fit for the internet age
It's all very well for politicians to showboat by condemning multi-nationals. It is their job to make tax laws fit for the internet age, writes Charlie Elphicke MP<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Co-op Bank halts loans to new business customers
The Co-operative Bank has stopped offering loans to new business customers as it attempts to fill a capital shortfall that is reckoned to be as large as 1.8bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c58c.....

Energy bill discount for wind farm neighbours
People living close to new wind farms will receive at least 100 off electricity bills under a scheme announced by a renewable energy company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c5c7739/mf.gif' border.....

Investment tips: is the FTSE rally over?
Questor editor Garry White weighs up the evidence and suggests strategies to play the market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c5c773a/mf.gif' border='0'/><div class='mf-viral'><table b.....

Billionaire investor: 'Breastfeeding is reason why few women will make great traders'
Billionaire hedge funder Paul Tudor Jones has said women traders become "overwhelmed" by breastfeeding, which causes them to lose interest in careers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c5c773b/mf.gi.....

Fresh IT failure for RBS mobile app
Royal Bank of Scotland customers were unable to access their accounts through its mobile banking app on Friday morning following another IT failure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c5b3aec/mf.gif'.....