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Friday 31 May 2013

UK Financial News on 2013-05-31

Policing of payday lenders 'timid'
The Office of Fair Trading has been "ineffective and timid" in tackling rogue payday and door-to-door lenders, MPs say, but the regulator has defended its work......

Increase in illegal fuel 'garages'
There has been a big increase in the number of "pop-up garages" selling illegal fuel in the UK, according to figures from HM Revenue and Customs......

Eurozone unemployment at new record
The unemployment rate in the eurozone reached a new record high of 12.2% in April, with 19.38 million people now out of work......

Ex-MI5 chief joins board of HSBC
The former director-general of MI5 will join HSBC's board, months after the bank was fined $2bn (1.3bn) in the US over money laundering and violating sanctions.....

Business group upgrades UK forecast
Business group the BCC upgrades its long-term growth forecasts for the UK economy over the next three years, but says challenges remain......

US consumer spending falls in April
US consumer spending falls 0.2% in April, the first drop in nearly a year, suggesting a slowdown in economic growth......

Dell board backs buyout offer
Dell's board backs an offer led by founder Michael Dell to take the company private, saying it is the "best alternative available"......

Lloyds raises 3.3bn in bond deal
Lloyds raises another 3.3bn through selling US mortgage bonds as it continues to strengthen reserves and focus on its main UK banking business......

Bank reports mortgage market lift
The number of mortgages approved for house purchases in the UK rises to a three-month high in April, Bank of England figures show......

Tui Travel to buy 60 Boeing aircraft
Tui Travel says it has agreed to buy 60 Boeing 737 MAX aircraft, with an option to buy a further 90 of the same model......

Renewed problems for NatWest app
Some users of the NatWest banking app say the system failed to load on Friday morning, but the bank says the app is now running as normal......

India's growth slowest in a decade
Latest GDP figures show that India's economy grew by 5% in the 2012-13 financial year, the slowest pace for a decade......

Lawson attacks EU financial tax plan
Former Chancellor of the Exchequer Lord Lawson has spoken out against the EU proposal for a financial transaction tax (FTT)......

Japan consumer prices fall 0.4%
Japan's consumer prices fell by 0.4% year-on-year in April, the sixth straight month of declines.....

Start button returns to Windows 8
The Start button is to return to Microsoft's Windows operating system's desktop mode, a move seen by some as a major design backtrack by the firm......

UK housing market 'gaining momentum'
UK house prices rose by 0.4% in May, according to the Nationwide, as the property market gradually gains momentum......

US GDP growth revised down slightly
The US economy grew at an annualised rate of 2.4% in the first three months of the year, official figures show, down slightly from the original estimate......

Chicago newspaper sacks photo staff
The entire photography staff at a historic Chicago tabloid newspaper and its suburban subsidiaries has been made redundant, the photographers say......

Employers fined over low wages
More than 26,000 workers who were allegedly underpaid receive 4m between them after investigations by HM Revenue and Customs, new figures show......

UK faces court over migrant benefits
Britain is being taken to the European Court of Justice for allegedly discriminating against EU nationals who claim social security in the UK......

Japan's Nikkei dives a further 5%
Japan's Nikkei index dives a further 5% on Thursday to hit a five-week low amid predictions of a bigger correction from some analysts......

Sochi Olympics a 'monstrous scam'
As much as $30bn (20bn) has been stolen in preparations for next year's Winter Olympics in Sochi, Russian opposition leaders claim......

Rangers chairman Smith urges unity
Rangers chairman Walter Smith urges board "unity" following weeks of in-fighting at Ibrox......

Jockey Club bond raises 24.7m
The Jockey Club says it has raised 24.7m for its Racecourse Bond, exceeding the company's expectations and its original target of 15m......

VIDEO: Hugh's review: House prices
What is happening to house prices? Hugh Pym has been testing the temperature of the market with Yolande Barnes of Savills and Matthew Pointon of Capital Economics......

VIDEO: Celebrity stylist's success story
Singapore celebrity hairstylist Addy Lee says his drive to be the best has been key to his commercial success......

VIDEO: Thomson upbeat as Dreamliner arrives
Thomson Airways will become the first UK airline to take delivery of Boeing's Dreamliner aircraft on Friday......

VIDEO: Can Greece stop its 'brain drain'?
The government in Greece says the worst of the country's debt crisis is over, but for many of the country's unemployed youth the effects are still being felt.....

VIDEO: Spanish firms push to boost exports
The economic outlook in Spain remains fragile, with unemployment high and continuing concerns about the wider eurozone......

VIDEO: 'Demand has definitely gone down'
India's economy has seen a sharp downturn over the past year, with the manufacturing sector being hit hard......

VIDEO: Policing of payday lenders 'timid'
A regulator has been "ineffective and timid" in tackling rogue payday and door-to-door lenders, MPs have said.....

AUDIO: Friday Boss: Nutmeg's Nick Hungerford
Nutmeg's Nick Hungerford explains the workings of his new online discretionary management service......

Struggling in Britain's poorest city
Living in the UK's poorest city.....

Failure toughens Rocky entrepreneurs
Why failure is no barrier to success in the US.....

Indians struggle with higher prices
Indians hit by higher prices and fewer jobs.....

How to become your own DIY PR consultant
The secret to doing your own PR and getting your app noticed.....

'Volatility' is in the air
May 31 - With daily price swings returning to financial markets, strategists and portfolio managers say volatility is the new normal and investors may have to adjust accordingly this summer. Havovi Cooper reports......

U.S. Week Ahead: Weak jobs means Fed stimulus here to stay
May 31 - Don't bet on the Fed winding down its $85B a month bond buying program given Friday's expected anemic jobs report......

The Upside: Forget DC scandals, focus on the tech boom
Columnist Zachary Karabell on why you should be investing in the tech revolution and not be distracted by recent political scandals in DC......

MuniLand: States finally seeing revenues rise -VA Treasurer
May 31 - Virginia Treasurer Manju Ganeriwala says that most U.S. states are finally seeing an increase in revenues, and says she won't rest easy until the proposal to cap tax exemption on muni bonds is dead......

Techquity: Bright lights, big California
Breakingviews Columnist Rob Cyran reflects on Mary Meeker's state of the internet presentation including why California remains the center of the tech world......

Breakingviews: Viruses, patents and greed
May 31 - Jeffrey Goldfarb and Robert Cyran discuss how a new SARS-like affliction highlights the differences in the intellectual property fights in the pharmaceuticals and technology industries......

Trading at Noon: Want clarity on stocks? Look at bonds!
U.S. Markets Editor David Gaffen......

Daily Digit: 1.75 bln shares to set Dells future
May 31 - Dell sets July 18th as the day owners of 1.75 billion in outstanding shares get to choose between offers from founder Michael Dell and activist shareholder Carl Icahn. Conway G. Gittens reports......

Bonuses on the decline in London
May.31 - A new study finds the number of financial professionals receiving bonuses in London is on the decline, along with pay rises. Kirsty Basset reports it signals a shift in remuneration culture - in an industry once synonymous with high rewards......

Economy: Chris Whalen on the real problem investors face
May 31 - Investors are wrestling with vastly different issues now, making it difficult to decide what moves to make, says Chris Whalen, Carrington Investment Services managing director......

Europe Week Ahead: Draghi the warm-up act to U.S. payrolls
May 31 - With the euro zone stuck in the mire, the ECB meets on Thursday. But will Draghi act? Plus it's Mervyn's last hurrah, and payrolls Friday........

OPEC happy with world oil markets - but isn't without challenges
May 31 - OPEC oil exporters leave output policy unchanged at a closed session meeting in Vienna. As Kirsty Basset reports, OPEC faces several challenges - including the United States' rising oil supply......

Wealth Strategies: Investors should have zero exposure to Treasuries
May 31 - Nuveen's Tony Rodriguez says U.S. Treasuries have become a return-free, risk asset which will continue to yield negative real returns and instead likes bank debt, high-yield and Mexican bonds.....

'Blockupy' protesters surround ECB
May 31 - Thousands of demonstrators from the anti-capitalist Blockupy movement cut off access to the European Central Bank in Frankfurt to protest against policymakers' handling of Europe's debt crisis. It comes as the region's unemployment figures h.....

China to create new financial district in London
May 31 - A derelict site in East London which was once the industrial hub of the capital is set to be returned to its former glory, but in its latest incarnation it will become a 21st century "Asian business port." A Chinese property developer has se.....

Reuters Asks: How can Europe bring down youth unemployment?
May 31 - Youth unemployment across Europe is at record levels. We ask economists and experts what should be done to bring it down......

Merkel tells Hollande to speed up reforms
May 31 - German Chancellor Angela Merkel says France has an obligation to implement structural reforms, now that the country's been given an extra two years to meet its budget deficit targets. Her comments came after French President Francois Holland.....

Market Pulse: Stocks in the red, but golden run still intact
May 31 - Another record high unemployment rate pushes European stocks in the red. So Will May mark the end of an unprecedented 12 straight months of market gains? Lloyds, Boeing and TUI the stocks in focus......

ECONOMY 2013: New norm for Wall Street may be just 80%
May 31 - Pete Hess, CEO of Advent Software, a provider of solutions and services to investment management firms, says activity in the financial sector may never get back to pre-crisis levels......

Hope gives way to confusion in Japan's markets
May 31 - Volatility is the new normal for Japanese stock investors, as the market swings from optimism to apprehension over Prime Minister Shinzo Abe's bold plans to revive the country's economy......

Breakingviews: Market interaction kills morals - and mice
May 31 - Why the invisible hand of the markets kills morals and mice. And fresh headaches for the Smiths Group CEO Philip Bowman......

Asia Week Ahead: Xi's journey to the West
May 31 - President Obama readies the red carpet for Chinas Xi Jinping, Australia faces economic pressures and Malaysia awaits crucial trade figures. Wayne Arnold gives us a preview of next week's top stories......

Reuters on the Road: Design a doll Make a Makie
May 31 - Makielab co-founder Jo Roache takes the taxi challenge to talk about turning digital dolls into reality......

Reuters Today: Stock up for a bumper summer!
May 31 - European stocks set for the 12th straight monthly rise. And they'll sizzle over the summer too, says Praefinium Partners' Alpesh Patel. Lloyds rakes in $5 bln, and prepare for ECB rate cut next week?.....

A year on, Deutsche Bank duo still face uphill struggle
May 31 - One year ago, Anshu Jain and Juergen Fitschen promised a cultural change at Deutsche Bank when they became co-CEOs of Germanys largest lender, but have any advances been made?.....

The float of Bumi has become one of the great City scandals
Already $1bn has vanished out of the company - chiefly at Bumi Resources.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2caec077/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr&.....

Bumi ready for lawsuit over 133m 'black hole'
BUMI, the scandal-ridden Indonesian coal miner, is preparing to take legal action against former director Rosan Roeslani after discovering a $201m (133m) black hole at the business he ran.<img width='1' height='1' src='http://telegraph.feedsportal.....

Network Rail chiefs in line for second bonus
Network Rail executives will be paid twice as much for saving money as making trains run on time under a new incentive scheme, The Daily Telegraph can disclose.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cae.....

Guy Hands awarded retrial of Citi lawsuit over EMI buyout
A US court has ordered the retrial of financier Guy Hands' failed lawsuit against Citigroup over his disastrous purchase of EMI.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2caebcee/mf.gif' border='0'/><.....

Halfords shares speed higher
The bike retailer won UBS' backing for its three-year turnaround plan<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2caebcef/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>&.....

South African rand leads emerging market rout
Emerging market currencies have tumbled across the world in another day of wild moves as the US Federal Reserve prepares to tighten the spigot of global liquidity.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

North-south divide: terraced house sells for 7,000
Similar house in Knightsbridge has sold for 18.25m as average prices in the capital rise 13pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cae0371/mf.gif' border='0'/><div class='mf-viral'><table .....

FTSE 100 continues record monthly winning streak
London's blue-chip index capped off a tumultuous fortnight by setting a fresh record of 12 consecutive months of gains.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cadfced/mf.gif' border='0'/><div class.....

500,000 of free Marks & Spencer's vouchers snapped up in 24 hours
More than 500,000 of Marks & Spencer products are to be given away free to customers after 100,069 vouchers for the high street retailer were snapped up on Groupon within 24 hours.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Eurozone unemployment rate hits record high
Unemployment in the eurozone touched a fresh high in April, fuelling fears that the deepening jobs crisis threatens the social fabric of the currency bloc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ca92e4d/.....

Business news and markets: as it happened - 31 May, 2013
Protesters from the "Blockupy" movement have surrounded the European Central Bank in Frankfurt, as eurozone unemployment hits another record high in April, with almost 19.4m people now out of work.<img width='1' height='1' src='http://telegraph.fe.....

Business news and markets: live
Protesters from the "Blockupy" movement have surrounded the European Central Bank in Frankfurt, as eurozone unemployment hits another record high in April, with almost 19.4m people now out of work.<img width='1' height='1' src='http://telegraph.fe.....

Shrinking lending to firms raises questions over FLS
A fall in bank lending to companies has raised questions about the success of the Government's Funding for Lending Scheme (FLS) beyond its effect on the mortgage market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Japan's problems could make the eurozone's look like a garden party
One of the questions I have been asked most frequently over the past couple of years is: what happens if, and when, bond yields rise?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cac8c41/mf.gif' border='0'/>.....

Channel 4 to show adverts in French
Move is part of the launch of a new Gallic zombie drama, The Returned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cac8c44/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

Former MI5 chief Sir Jonathan Evans joins HSBC
Sir Jonathan Evans, who stepped down as director-general of MI5 last month, has become latest heavyweight non-executive director at HSBC.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cac7fa4/mf.gif' border='0'.....

Chelsea Flower Show spurs Waitrose sales
The Chelsea Flower Show prompted a blossoming in sales of gardening goods at Waitrose as customers of the upmarket grocer discovered their green fingers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cab4e92/mf.....

LVMH attacks French regulator in Hermes stealth takeover dispute
Mot Hennessy Louis Vuitton, LVMH, the world's largest luxury group, has accused the French financial authorities of supporting a "slander and smear campaign" mounted by Herms accusing it of a illegal hostile takeover by stealth.<img width='1' heig.....

New eco energy retail bond offer
Exclusive: A new retail bond paying 7.5pc for four years launches this weekend for investors keen on renewable energy - and American royalty.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cab4bf2/mf.gif' border.....

Which countries have the most millionaires?
The number of millionaire households reached 13.8m worldwide last year, says Boston Consulting Group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cab4bf3/mf.gif' border='0'/><div class='mf-viral'><.....

India records worst GDP growth in a decade
India has recorded its worst GDP growth in a decade amid continuing concerns over corruption, high inflation, poor infrastructure development and weak government.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c.....

NatWest banking app down again
NatWest's mobile banking app has gone down on a day many customers get paid, in the latest in a series of problems with the service.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2caa10e7/mf.gif' border='0'/>.....

Vodafone drops bid to run network in Burma amid human rights worries
Vodafone has pulled out of plans to build a mobile network in Burma, days before it was due to submit its final licence bid.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2caa10eb/mf.gif' border='0'/><div .....

Mortgage approvals edge higher
Mortgage approvals in April edged to their highest level in three months, according to Bank of England figures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ca92e4a/mf.gif' border='0'/><div class='mf-vir.....

Lending to UK businesses drops sharply in April - BoE
Lending to Britain's businesses fell sharply in April, dropping by the biggest margin so far in 2013, even as mortgage approvals edged higher.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ca8c83a/mf.gif' borde.....