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Saturday 25 May 2013

UK Financial News on 2013-05-25

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......

Restarted direct debits investigated
The information commissioner is seeking answers from a firm that has reactivated its former customers' old direct debits without their permission......

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......

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

VIDEO: Concern over smart meter hacking
Over the next few years the plan is for every household to get a smart energy meter - but technology experts say some of the meters can be hacked......

VIDEO: Can India maintain its economic growth?
India is preparing to reveal its GDP statistics for the year from April 2012 and March 2013, with official estimates suggesting growth for the period was around 5%......

VIDEO: Can Turkey defy the global slump?
With many Middle Eastern economies in turmoil, and doom and gloom across much of Europe, Turkey seems to be bucking the trend......

VIDEO: Leaving Egypt for life in Dubai
Amid dismay at Egypt's political direction and pessimism about the state of the economy, thousands of Egyptians are choosing to move abroad......

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

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: 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......

How easy is it to hack a smart meter?
How easy is it to hack a smart meter?.....

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

Summer travellers to dig deeper
May 24 - The Memorial Day weekend kicks off the summer travel season, which is projected to see higher costs. Jeanne Yurman reports......

Yahoo joins Hulu bid; Market flip-flops
May 24 - Summary of business headlines: Stocks are little changed heading into long holiday weekend; Yahoo puts in bid for Hulu -sources; Gold sees best week in a month, oil sees its worst; Durable orders rise; Retail shadow darkens. Conway G. Gitten.....

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......

Funds line up 5bn bid for Severn Trent
A consortium of British and international funds is planning a second bid for Severn Trent before the June 11 "put up or shut up" deadline.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c67e8f1/mf.gif' border='0.....

Royal Mail leads the Government's great sell-off
Moya Greene has done an excellent turnaround job. The Government should hurry up and give her a chance on the public markets .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c679f4b/mf.gif' border='0'/><di.....

Despite its funding issues, all is not lost for Co-op banking
It has been a tumultuous few weeks for the Co-operative Group, but all is not lost.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c679c1d/mf.gif' border='0'/><div class='mf-viral'><table border='0'&.....

Train boss offered to quit over rights issue
FirstGroup chief executive Tim O'Toole offered to resign from the rail and bus giant before it announced its controversial 615m rights issue last Monday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c679c1e/mf.....

ENRC calls for valuation as braces for bid
The chairman of ENRC's independent committee has asked its advisers to individually assess the value of the troubled mining giant ahead of an expected second bid from a consortium led by the company's founders.<img width='1' height='1' src='http:/.....

New Co-op chief to tackle banking issues with board
The new chief executive of the Co-operative Group is to brief his board on the full extent of the problems at its banking arm for the first time after holding "reassuring" talks with the banking regulator.<img width='1' height='1' src='http://tele.....

EU threatens France over economic failings
The European Commission will use sweeping new powers backed by sanctions to impose controversial social and economic reforms on European countries later this week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Betfair could take on debt, says ex-chairman
The co-founder and former chairman of Betfair has said that the online betting exchange could consider restructuring its balance sheet in the wake of its rejection of a 985m offer from a consortium led by private equity firm CVC.<img width='1' hei.....

Square is the shape of things to come, says Twitter founder Jack Dorsey
Jack Dorsey, the Silicon Valley star behind the Square app, tells Matt Warman why he wants to change the way the world pays for things .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c6769fb/mf.gif' border='0'/.....

Cambridge satchels firm holds China talks
Cambridge Satchel Company is in talks with Zong Qinghou, China's richest man, about a deal which would see the British bags sold in one of the world's fastest-growing retail markets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Swap mis-selling compensation 'broke rules'
Regulators are facing major questions over the compensation scheme for victims of interest rate swap mis-selling after one of the first settlement agreements was found to be in breach of the terms of an agreement between the banks and the authorities.....

FirstGroup chairman: 'I decided a year ago to resign'
The departing chairman of FirstGroup tells Nathalie Thomas about losing the West Coast deal and how he set the transport giant back on the right track .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c6769fe/mf......

Facebook pitches to UK firms for adverts
Facebook is courting major British companies such as Barclays and Tesco in an attempt to convince them that social networking can boost their brand in the same way as television advertising.<img width='1' height='1' src='http://telegraph.feedsport.....

SSE boss eyes energy investments on exit
Ian Marchant, the multimillionaire chief executive of SSE, plans to invest some of his own fortune in a series of small companies after stepping down from the energy giant this summer.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Planet Hollywood founder gets taste for UK
Robert Earl, the founder of Planet Hollywood, is to roll out two of his US-based hot food businesses across the UK as part of a multi-million-pound investment programme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

CVC plans $290m payout after F1 float
CVC Capital, the private equity firm that controls Formula One, is planning to pay a dividend of about $290m (190m) after the motorsport company lists its shares on the Singapore Stock Exchange.<img width='1' height='1' src='http://telegraph.feeds.....

Citi Tower changes hands in 1bn deal
The Citi Tower, one of the largest buildings in Canary Wharf, has been sold to a Middle Eastern investment fund for 1bn, with Ireland's "bad bank" receiving about 333m of the proceeds.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Google boss: UK must 'fix' tax policies if it wants more cash
Google chief executive Eric Schmidt has called on the British Government to "fix" its policies if it wants global companies to pay more tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c675e9e/mf.gif' border=.....

By going global, investors are missing out on a rich vein of UK performance
Many UK fund managers are well used to hearing prospective clients say that all they are interested in is global equities.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c66c24c/mf.gif' border='0'/><div cl.....

Fears over US stimulus highlight Japan's fragility
The centrepiece of "Abenomics" - the policy creed of new prime minister Shinzo Abe - has been, and continues to be, the implementation of "quantitative easing" on a scale approaching that of the Bank of England and America's Federal Reserve.<img w.....

Bull, bear or big roller coaster?
After approaching record highs, stock markets tumbled last week over fears of a global slowdown. What next for the equity sugar rush?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c663995/mf.gif' border='0'/>.....

Entrepreneurs must conquer the fear of failure, says former Betfair chairman Ed Wray
Betfair's ex-chairman Ed Wray tells James Quinn there's never been a better time to start a business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c663996/mf.gif' border='0'/><div class='mf-viral'><.....

Embrace the UK's digital revolution or be swept aside
New entrepreneurs and disruptive businesses are the future of our economy, writes Jonnie Goodwin, founder of Lepe Partners.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c6576ab/mf.gif' border='0'/><div c.....

UK firms are coming back from China, but they need more help
Think Tank: The big challenge facing SMEs keen to come back to the UK is how to find and access the resources they need in a painless way, writes Rachel Bridge.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c64.....

Billionaire investor apologises for saying breastfeeding women can't make rational trading decisions
Billionaire hedge funder Paul Tudor Jones has apologised for controversial comments that women with children are "overwhelmed" by breastfeeding and are unable to make rational decisions on the trading floor.<img width='1' height='1' src='http://te.....