Search This Blog

Sunday 30 June 2013

UK Financial News on 2013-06-30

Payday loans 'need more regulation'
Ahead of Monday's summit on so-called payday lenders, consumer group Which? calls on the government to introduce tighter regulation......

Mobile phone 'roaming' costs to fall
The cost of using a mobile phone in another European Union country will fall again on Monday......

Ex-bank boss 'sorry' for Anglo tapes
Former Anglo Irish Bank CEO apologises for the "inappropriate" language he used in recorded phone calls during the bank's collapse in 2008......

Chinese banking system 'stable'
China's banking system is stable despite ongoing fears of a "credit crunch" spooking financial markets, according to the country's top regulator......

Cyprus debt 'default' over bond swap
Cyprus's debt ratings are cut to "default" by Standard & Poor's after it announces it will delay paying back 1bn euros ($1.3bn, 860m) of bonds......

PM making historic Kazakhstan visit
David Cameron says he will raise human rights with Kazakhstan's president as he becomes the first serving UK prime minister to visit the country......

VIDEO: Cost of using mobile abroad to drop
From Monday mobile phone operators are being forced to bring their so-called roaming charges down across Europe......

VIDEO: Selling skateboarding to the masses
Long the sport of choice for rebellious teenager, skateboarding is growing in popularity in Dubai and has gained the unlikely support of the ruling family......

AUDIO: UK 'may face energy problems'
The energy regulator Ofgem has warned that the risk of power cuts has increased in the UK......

VIDEO: Pharmacist's journey from India to UK
Indians working overseas produce the equivalent economic output to nearly a quarter of India's GDP, according to government estimates,.....

Croatian olive growers gear up for EU challenge
Croatian olive growers are wary about joining the EU.....

Researchers project the future of smart phones
June 30 - Researchers at the University of Tokyo are developing indoor projection technology that incorporates a sense of touch for interactive devices of the future. The system emits ultrasonic waves to generate pressure a user can feel and could on.....

Markets need clarity on Fed intentions: Carlyle's Rubenstein
Breakingviews Editor Rob Cox at the Aspen Ideas Festival......

Governor Carney urged by former Chancellor to ditch QE
The new Governor of the Bank of England has been urged to hold back from printing more money and instead tell the people the "hard truths" about the economic mess as he starts work today.<img width='1' height='1' src='http://telegraph.feedsportal......

'Zombie firm' total falls but more face loans crunch
More small businesses are facing insolvency than at any point in the past year, according to new research into the "zombie company" phenomenon.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e02abd1/mf.gif' bord.....

Help to Buy 'could be hazard to economy', says Taylor Wimpey chief
The boss of Taylor Wimpey, one of Britain's biggest housebuilders, has warned that the Government's Help to Buy scheme could be a "genuine hazard" to the economy unless a time limit is imposed on the scheme immediately.<img width='1' height='1' sr.....

Pete Redfern: I rebuilt Taylor Wimpey quickly but kept out of the storm
The man who steered Taylor Wimpey through the credit crisis believes the Help to Buy scheme should have an exit strategy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e01beb8/mf.gif' border='0'/><div cla.....

Anti-tax campaigner's message for David Cameron
One of America's most powerful anti-tax campaigners, Grover Norquist, has accused Europe of trying to set up a tax cartel with Washington, and is coming to London this week with a message for David Cameron.<img width='1' height='1' src='http://tel.....

British cider maker plays heritage card to beat big brands
Age-old English cider maker Westons is gearing up for the fight of its life, taking on the big global brands hoping to make a packet in Britain's booming cider market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Plus500 aims for float with market cap near 150m
Online financial trading firm Plus500 is to float on the London Stock Exchange with a market capitalisation in the region of $225m (148m), the latest in a string of technology companies signalling their interest in the London market.<img width='1'.....

UBS in drive for $100m New York grand prix
Swiss investment bank UBS has been appointed by the organisers of the planned New York Grand Prix in a bid to secure $100m (65.7m) of funding to enable the race to go ahead in 2014.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Let's remove the barriers to growth and build the best environment for business
The world of work has changed out of all recognition in my lifetime. Technology has been the catalyst. With an iPhone, BlackBerry, iPad or similar mobile device, more and more business people can now shape their own lifestyles.<img width='1' heigh.....

Lions' rugby tour roars towards new record profit
They were a last-minute penalty kick away from making history - and now the British and Irish Lions go to Sydney for Saturday's showdown against Australia, trying to become only the fifth team in 125 years to return home triumphant.<img width='1' .....

Government fails to grasp the nettle of spending
Last week's Spending Review was desperately disappointing - but also highly informative. It reminded us how serious the problems are, and showed how feeble the Government is in addressing them.<img width='1' height='1' src='http://telegraph.feedsp.....

Chinese police probe GSK managers for 'economic crimes'
A group of managers at Britain's biggest drug maker GlaxoSmithKline (GSK) are being investigated by Chinese police for alleged "economic crimes."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e010525/mf.gif' bo.....

The lights will stay on, insists energy minister
Britain will not be hit by 1970s-style industrial blackouts, Michael Fallon, the energy minister, insisted on Sunday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e00fff7/mf.gif' border='0'/><div class='.....

Shamed Irish banker David Drumm says sorry
An Irish banker who was recorded saying that he would demand cash from authorities to keep operating, and mocking the country's multi-billion- euro bailout has apologised for his comments.<img width='1' height='1' src='http://telegraph.feedsportal.....

John Timpson: statistics tell only part of the story: you need to see what's happening
Straight-talking, common sense from the front line of management.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e005ed9/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><t.....

Forget a quick shale gas revolution here- we don't have the technology
Don't get too excited about a UK shale revolution - it isn't likely to happen in the near future.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfffd37/mf.gif' border='0'/><div class='mf-viral'><tab.....

Week ahead in business and economics: July 1 - 5
The online grocer Ocado is set to remain in the red when it posts half-year results this week, but the focus from the City will be on the future of the company, rather than the past six months.<img width='1' height='1' src='http://telegraph.feedsp.....

France's triumphant 'Joan of Arc' vows to bring back franc and destroy euro
Marine Le Pen vows to smash the existing order of Europe and break-up the Euro if she wins the next election.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfffd3a/mf.gif' border='0'/><div class='mf-viral.....

Archbishop of Canterbury plans credit union for the clergy
The Archbishop of Canterbury plans to expand the reach of credit unions to break the hold of payday lenders in the short-term loans market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfffd3c/mf.gif' border='.....

Wonga boss Errol Damelin: it's time to push the bad guys out of payday loans
Even for a company used to being the subject of negative headlines, Wonga has not had the best time of it recently.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfcc035/mf.gif' border='0'/><div class='mf.....

Festival of Business: UK's 'mid-market' growth champions lead the way
Mid-market businesses have a lower profile than their performance would suggest and it's time to recognise this sector for their contribution to the country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfcc03.....

Wonga calls for tougher rules on payday loans
The chief executive of Wonga, Britain's leading payday lender, has said the sector needs to be better regulated but warned that there is a danger of his company being used as a "political football".<img width='1' height='1' src='http://telegraph.f.....

Think tank: beware of foreign exchange confusion
Small businesses that sell abroad can get caught out by confusing bank charges .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfcc039/mf.gif' border='0'/><div class='mf-viral'><table border='0'>.....

Five star fund managers you've never heard of
Move over, Neil Woodford. There are plenty of excellent fund managers out there who just have a lower profile.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfcc03a/mf.gif' border='0'/><div class='mf-vira.....

Sarah Parish: 'I was down to a fiver but luck was on my side'
Actress Sarah Parish saw hard times before she rose to fame in Peak Practice. She discusses her career highs and lows.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfc533b/mf.gif' border='0'/><div class=.....

Saturday 29 June 2013

UK Financial News on 2013-06-29

Facebook acts to avoid ad boycott
Facebook announces a major revamp of its advertising systems in an attempt to deal with concerns about offensive content......

High Street creditors 'owed 2bn'
The collapse of High Street retailers has left unsecured creditors such as suppliers and customers being owed 2bn, research suggests......

Blackberry shares dive after loss
Smartphone maker Blackberry rings up an $84m (55m) loss in its first quarter, sending its shares plunging......

Ex-Tesco chief Leahy criticised
Tesco's former chairman Lord MacLaurin criticises the legacy left by ex-chief executive Sir Terry Leahy......

RBS and Lloyds sale advisers sought
The government has begun the process of appointing advisers to help it sell its stakes in Lloyds Banking Group and Royal Bank of Scotland (RBS)......

London house price gap 'widest ever'
The gap between house prices in London and the rest of the UK is now the widest ever, according to the Nationwide......

News Corp officially splits in two
Rupert Murdoch's media empire, News Corporation, officially separates into two companies, splitting its publishing arm from its entertainment division......

Executives join red-tape taskforce
The UK government recruits a team of executives, including from M&S and Compass, to help it identify European regulations that need scrapping or reforming......

CPP takeover talks with founder end
CPP Group founder Hamish Ogston pulls out of takeover talks for the troubled credit card protection firm......

UK services output picks up in April
The output of the UK's services sector picked up in April, official data show, raising hopes of continued economic growth into the second quarter......

Thousands due bank payments redress
Up to 30,000 consumers may be eligible for compensation, after some banks failed to cancel regular payments from their accounts......

Network Rail apologises for delays
Network Rail apologises to passengers for delays on the West Coast line from London to Scotland, saying its performance was "unacceptable"......

Fallon 'fully behind' National Grid
The government says energy minister Michael Fallon is "fully behind" a National Grid consultation on cutting energy usage in times of shortage......

Cleric held in Vatican bank inquiry
Monsignor Nunzio Scarano is arrested over allegations of corruption and fraud in connection with an inquiry into the scandal-hit Vatican bank......

EU 'first step' for jobless youths
EU leaders end their summit in Brussels by agreeing to put 6bn euros into youth training schemes and promote lending to credit-starved small businesses......

Poor 'hit by 25% living cost rise'
Living costs have risen 25% in the past five years, placing an "unprecedented" financial burden on the poor, the Joseph Rowntree Foundation says......

India doubles price of natural gas
India doubles the price of natural gas, in an effort to kick-start investment in the country's domestic production......

Gold falls below $1,200 an ounce
The gold price falls below $1,200 an ounce, its lowest level in almost three years, after the US Federal Reserve said it could wind down its stimulus programme......

China finds 'violations' in lending
China's National Audit Office says that some state-owned banks "violated" lending regulations......

SPL and SFL finally agree to merge
The creation of a new Scottish Professional Football League goes ahead after a troubled day at Hampden......

AUDIO: UK 'may face energy problems'
The energy regulator Ofgem has warned that the risk of power cuts has increased in the UK......

VIDEO: EU to tackle youth unemployment
European leaders have agreed to spend about 6bn euros (5bn; $8bn) to try to get more young people into work......

VIDEO: 'Financial rock star' ready for BoE
On Monday the role of governor of the Bank of England will be taken up by Canadian Mark Carney, following Sir Mervyn King's retirement from the role on Friday after 10 years in charge......

VIDEO: Hugh's review: Bond markets examined
It has been a rollercoaster ride for bond markets in recent weeks, with yields, the interest rates on these financial instruments, rising sharply......

VIDEO: Poor 'hit by 25% living cost rise'
Living costs have risen 25% in the past five years and placed an "unprecedented" financial burden on the poor, a report has found......

VIDEO: A banking revolution in rural India?
Earlier this year India's central bank said it intended to issue new banking licences - as part of its plan to expand the country's financial sector and reach out to more rural areas......

VIDEO: Feeling the pinch in Egypt's new era
President Mohammed Mursi's assumed power in Egypt one year ago, but the country's economy remains stagnant and many Egyptians are feeling the pinch......

VIDEO: News Corp splitting into two
Rupert Murdoch's media empire News Corp is in the process of being split into separate publishing and entertainment companies......

Portugal's seasonal jobs paradox
Why are the jobless shunning work in tourist bars?.....

Europe struggles for reform amid euro woes
Ailing EU struggles to find work for jobless millions.....

Stocks mixed; best first half since 1998
June 28 - Summary: Weakness in shares of IBM led to a late-day slump for the Dow, but stocks see best first half of the year since 1998; BlackBerry walloped as future in doubt again. Conway G. Gittens reports......

U.S. Week Ahead: No fireworks seen in June jobs report
June 28 - U.S. nonfarm payrolls for June are expected to come in at 165,000, that's down 10,000 from May. And a Fedster speaks on the economy and QE......

Should BlackBerry make a deal?
June 28 - BlackBerry needs a new game plan after its disastrous earnings. Bobbi Rebell reports......

Daily Digit: 56.4 million cable customers
June 28 - There were 56.4 million cable customers last year and even though those numbers are falling cable companies are still willing to fight over them. Conway G. Gittens reports......

Techquity: Lost Playbook for BlackBerry, Google v. Apple OS
June 28 - BlackBerry's rough quarter and a look at Google and Apple's latest battle over their operating systems......

The Upside: Why markets are out of touch
columnist Zachary Karabell explains why Americans are not freaking out over the recent big swings in stocks and bonds......

Breakingviews: IP-uh-O
June 28 - Jeffrey Goldfarb and Rob Cyran discuss how rising interest rates led to price cuts in a rash of stock market debuts, including CDW and HD Supply, and whether the IPO party is over......

Trading at Noon: BlackBerry's stumble turns into a fall
June 28 - Shares of BlackBerry are down nearly 25 percent today after the company's results showed few signs of a turnaround......

MuniLand: Don't fear a Puerto Rico downgrade, investor says
Jun 28 - HJ Sims' Richard Larkin says that, even if Puerto Rico misses this weekend's budget deadline and is downgraded by the rating agencies, he would still own its non-investment grade municipal bonds......

EU leaders push for banking union
June 28 - European Union leaders want agreement by the end of the year on a way to resolve failed banks at a European, rather than national level, despite German resistance to the idea. Rough Cut (no reporter narration)......

Tire kicking going on around BlackBerry's assets- IDC's Jackson
June 28 - The assets Blackberry has at its disposal are formidable, and it wouldn't be surprising if we see more tire kicking from competitors- IDC's John Jackson. Bobbi Rebell reports......

EU sets aside billions to tackle youth joblessness
June 28 - European leaders say worryingly high youth unemployment in the euro zone has to go down - and are pledging 8 billion euros over two years to spend on youth programmes. But as Joanna Partridge reports, the measures may not be enough to make .....

Investors losing hope in BlackBerry
June 28 - Few signs of a long-promised BlackBerry turnaround and an unexpected quarterly loss send the stock down. Fred Katayama reports......

Europe Week Ahead: Central Banks, Carney, Croatia
June 28 - A big week next week for Mark Carney, Croatia and a plethora of central banks......

U.S. Morning Call: BlackBerry getting battered after results
June 28 - BlackBerry reports a loss in the last quarter and forecasts a loss in the current quarter......

Pfizer's patent pain over Viagra
June 28 - Goodbye Viagra, hello competition! Angeline Ong takes a look at Pfizer's fortunes as Viagra's UK patent expires......

Samoan airline goes XL
June 28 - Samoa Air already charges passengers by their weight - but is now launching an extra-large seat service for the fuller figure. Paul Chapman reports......

Croatia's debt woes mar EU entry
June 28 - Croatia will become the European Union's 28th member on Monday. But with an economy resembling a struggling euro zone state it's likely to face tough reforms the moment it signs up. Hayley Platt reports......

Market Pulse: Goodbye Q2 volatility, hello Q3 volatility
June 28 - Volatility jumped in Q2, with US stock market's VIX index having its biggest rise in almost 2 years. And higher "vol" is something investors may have to get used to. Plus, gold's 45-year landmark......

Samoan airline goes large
June 28 - Samoa Air which charges passengers by their weight launches an extra-large seat service for the fuller figure. Paul Chapman reports......

Reuters Breakingviews: Europes great tool for old crises
Breakingviews......

Asia Week Ahead: Snowden chill for China-U.S. at Asia meeting?
June 28 - More conflict may lie ahead for China and the U.S. at an ASEAN meet in Brunei next week, with Washington still upset from Hong Kong's denial of an extradition request for ex-CIA analyst Edward Snowden.....

Japan's Abenomics lift: Six months on, still riding high
June 28 - While both dollar/yen and the Nikkei 225 have given up some of their 'Abenomics'-fueled gains, many other economic indicators from Shinzo Abe's first 6 months are encouraging......

Wealth Strategies: Don't give up on solar energy yet!
Jun 28 - CTRL:ALT:INVEST Bill Lese, managing partner at VC firm Braemar Energy says there's still growth potential in the solar sector, and also likes early-stage investments in shale, coal and hydrocarbons......

Reuters Today: Gold, Fed, dollar. Its 1980 all over again
June 28 - Gold tumbles, the dollar surges and the Fed signals a big shift in policy s 1980 all over again, says Bank of New York Mellon chief currency strategist Simon Derrick.....

CBI boss Sir Mike Rake: Britain must stay in EU
Sir Mike Rake, the new president of the CBI, has said that continued EU membership is "overwhelmingly" in the UK's economic interests ahead of a new report backing membership signed by 160 business leaders.<img width='1' height='1' src='http://tel.....

Moulton begins raising 250m to bolster fund
Veteran investor Jon Moulton has begun raising as much as 250m to fund new distressed investments through Better Capital, his listed private equity firm.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfab4c2/mf.....

New power struggle at Bumi over stake sale
Bumi is looking at restructuring its "divorce" deal from Indonesia's Bakrie family in a move that has triggered a fresh power struggle at the coal mining group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfa.....

Glasses Direct owner has its sights on 100m float
The internet glasses delivery company that entrepreneur Jamie Murray Wells set up while still at university is looking at floating on the London Stock Exchange with a value in the region of 100m.<img width='1' height='1' src='http://telegraph.feed.....

New burger on the block as Five Guys arrives in UK
After spending much of last week being ribbed for his choice of upmarket hamburger, George Osborne will have another option this week as Sir Charles Dunstone opens the first Five Guys outlet in the UK.<img width='1' height='1' src='http://telegrap.....

Heineken attacks Vince Cable's push to reform the pub industry
Heineken, the world's third biggest brewer, has weighed into a dispute over the future of pubs in Britain, warning that government plans to regulate the market are "anti-competitive" and will stifle investment.<img width='1' height='1' src='http:/.....

A business manifesto to kick-start the entire EU
Britain can play a key part in reforming the European Union that serves our economic and political needs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfaaedb/mf.gif' border='0'/><div class='mf-viral'>.....

Ian Hannam fights to clear name of market abuse
Ian Hannam, the former JP Morgan Cazenove banker, is to fight to clear his name by claiming the man to whom he is alleged to have passed inside information was already deemed an insider on the deal.<img width='1' height='1' src='http://telegraph.f.....

OCS to double India staff
OCS Group, the 840m-turnover cleaning and services business, is planning to double its 22,000-strong workforce in India, making it the second-largest British employer in the nation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Crunch time as UK faces battle to keep the lights on
The latest shock report from Ofgem says Britain could be running out of power.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfaaee0/mf.gif' border='0'/><div class='mf-viral'><table border='0'>&l.....

Lord Lawson: City reform has a long way to go
After playing a key role in the Banking Commission on Standards, former Chancellor Lord Lawson explains why the reform of the City still has a long way to go.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfaae.....

Uncle Sam's proxy war against British business
In May 2010, the US Interior Minister, Ken Salazar, used a quote which summed up the American administration's attitude to BP and the horrific Gulf of Mexico oil disaster. "We will keep our boot on their neck until the job gets done," he said.<img.....

American Eagle in hunt for UK store
One of the biggest fashion retailers in the US, American Eagle Outfitters, is looking to move into the UK market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfaaee3/mf.gif' border='0'/><div class='mf-v.....

Ocado may not be turning a profit, but it is turning City heads
With results due next week, we examine if online grocer Ocado has finally found its feet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfaaee4/mf.gif' border='0'/><div class='mf-viral'><table borde.....

Lord Lawson against bank shares giveaway
Lord Lawson, the former Chancellor of the Exchequer who played a key role in the privatisations of the Thatcher Governments during the 1980s, has dismissed the idea that the state should hand to the public most of its stakes in Lloyds Banking Group a.....

No quick fix to ensure energy security for Britain
Back in February, my predecessor, Alistair Buchanan, in his last major public speech as Ofgem's Chief Executive laid out the major challenges facing Great Britain to keep the lights on and the gas flowing.<img width='1' height='1' src='http://tele.....

Marks & Spencer to launch youth jobs scheme
Marks & Spencer is to provide work placements for 1,400 young unemployed people in a joint scheme with Prince Charles's The Prince's Trust.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfaaee7/mf.gif' bord.....

A glimpse into the world of Google
As the first UK newspaper allowed to attend a "Nooglers" session for new Google employees at its California HQ, The Sunday Telegraph gets an insider's view of the company's multi-billion dollar search to stay ahead.<img width='1' height='1' src='h.....

Administrations surge 'to continue'
The number of companies going into administration in England and Wales soared 20pc over April and May, according to research from restructuring firm FRP Advisory.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d.....

Marc Bolland: time to give young people the chance to show their best
The world of business is changing. The scale and pace of developing market prosperity, resource constraints and climatic and demographic changes all have an impact on the way we do business. We need to adapt to meet the evolving needs and aspirations.....

Unlocking the UK's growth
Serial entrepreneur Luke Johnson says he feels optimistic as The Telegraph launches its annual SME networking event.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfa6ef1/mf.gif' border='0'/><div class='m.....

Time for CEOs to give a smart lead on diversity
Diversity - of thought, perspective, skills and experience - is invaluable when it comes to making the right decisions. The financial crisis was a painful lesson in the dangers of "group think" when those in power form a cosy and uniform clique.<i.....

Cycling: a tour de force for British companies
When Chris Froome takes to his bike today for the second stage of this year's Tour de France, the best of British cycling will not be the only thing on display.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dfa.....

The US market has hit a sweet spot - and Japan could follow
Half-way through 2013, equity markets are keeping to the script they've followed in each of the four years since the current bull run began in March 2009. Strong start, summer swoon, rally resumes.<img width='1' height='1' src='http://telegraph.fe.....

Mark Carney has a tough task ahead as Bank of England Governor
As Mark Carney takes the reins at the Bank of England, expectations could hardly be higher.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2df91efc/mf.gif' border='0'/><div class='mf-viral'><table bor.....

Friday 28 June 2013

UK Financial News on 2013-06-28

Facebook acts to avoid ad boycott
Facebook announces a major revamp of its advertising systems in an attempt to deal with concerns about offensive content......

Blackberry shares dive after loss
Smartphone maker Blackberry rings up an $84m (55m) loss in its first quarter, sending its shares plunging......

Ex-Tesco chief Leahy criticised
Tesco's former chairman Lord MacLaurin criticises the legacy left by ex-chief executive Sir Terry Leahy......

RBS and Lloyds sale advisers sought
The government has begun the process of appointing advisers to help it sell its stakes in Lloyds Banking Group and Royal Bank of Scotland (RBS)......

London house price gap 'widest ever'
The gap between house prices in London and the rest of the UK is now the widest ever, according to the Nationwide......

News Corp officially splits in two
Rupert Murdoch's media empire, News Corporation, officially separates into two companies, splitting its publishing arm from its entertainment division......

Executives join red-tape taskforce
The UK government recruits a team of executives, including from M&S and Compass, to help it identify European regulations that need scrapping or reforming......

CPP takeover talks with founder end
CPP Group founder Hamish Ogston pulls out of takeover talks for the troubled credit card protection firm......

UK services output picks up in April
The output of the UK's services sector picked up in April, official data show, raising hopes of continued economic growth into the second quarter......

Thousands due bank payments redress
Up to 30,000 consumers may be eligible for compensation, after some banks failed to cancel regular payments from their accounts......

Network Rail apologises for delays
Network Rail apologises to passengers for delays on the West Coast line from London to Scotland, saying its performance was "unacceptable"......

Fallon 'fully behind' National Grid
The government says energy minister Michael Fallon is "fully behind" a National Grid consultation on cutting energy usage in times of shortage......

Cleric held in Vatican bank inquiry
Monsignor Nunzio Scarano is arrested over allegations of corruption and fraud in connection with an inquiry into the scandal-hit Vatican bank......

EU 'first step' for jobless youths
EU leaders end their summit in Brussels by agreeing to put 6bn euros into youth training schemes and promote lending to credit-starved small businesses......

Poor 'hit by 25% living cost rise'
Living costs have risen 25% in the past five years, placing an "unprecedented" financial burden on the poor, the Joseph Rowntree Foundation says......

India doubles price of natural gas
India doubles the price of natural gas, in an effort to kick-start investment in the country's domestic production......

Fed officials clarify 'tapering'
Officials at the Federal Reserve seek to calm investors by emphasising that its bond purchases will not halt unless the economy strengthens......

Only four sign up for Green Deal
Only four people have so far signed up to a flagship government scheme to make homes more energy-efficient, the government has admitted.....

Payday loans in competition inquiry
The Office of Fair Trading refers the payday lending industry to the competition authorities over "deep-rooted problems"......

Flooding deal 'to cap premiums'
A flood insurance fund will be created to ensure that people who live in properties with a high risk of flooding will have affordable premiums......

Gold falls below $1,200 an ounce
The gold price falls below $1,200 an ounce, its lowest level in almost three years, after the US Federal Reserve said it could wind down its stimulus programme......

China finds 'violations' in lending
China's National Audit Office says that some state-owned banks "violated" lending regulations......

EU reaches deal on seven-year budget
A political deal on the EU's hotly contested seven-year budget is struck as leaders of the 27 countries gather for a summit in Brussels......

SPL and SFL finally agree to merge
The creation of a new Scottish Professional Football League goes ahead after a troubled day at Hampden......

VIDEO: Hugh's review: Bond markets examined
It has been a rollercoaster ride for bond markets in recent weeks, with yields, the interest rates on these financial instruments, rising sharply......

VIDEO: Poor 'hit by 25% living cost rise'
Living costs have risen 25% in the past five years and placed an "unprecedented" financial burden on the poor, a report has found......

VIDEO: 'Financial rock star' ready for BoE
On Monday the role of governor of the Bank of England will be taken up by Canadian Mark Carney, following Sir Mervyn King's retirement from the role on Friday after 10 years in charge......

VIDEO: EU to tackle youth unemployment
European leaders have agreed to spend about 6bn euros (5bn; $8bn) to try to get more young people into work......

VIDEO: Sri Lanka in drive to boost tourism
Sri Lanka is massively investing in efforts to boost tourism, luring high-end hotel developers to its pristine beaches......

VIDEO: News Corp splitting into two
Rupert Murdoch's media empire News Corp is in the process of being split into separate publishing and entertainment companies......

AUDIO: Today business roundup
Tanya Beckett with the Business News with a look at the job facing the new Governor of the Bank of England, Mark Carney, who starts on Monday......

VIDEO: Can borrowers cope with mortgage rise?
A "normal" mortgage today would be around 7% - and people know the current mortgage and interest rates are not normal - said the editor in chief of the personal finance magazine Money Week......

Good timing
The luck of the Canadians (and Mark Carney).....

Should business bosses tweet?
The pitfalls and pleasures for bosses on social media.....

Ethiopias tech hopefuls
Going high tech despite Ethiopias lumbering infrastructure.....

Portugal's seasonal jobs paradox
Why are the jobless shunning work in tourist bars?.....

Big thinking on infrastructure?
How long will the government's infrastructure plan take to work?.....

Europe struggles for reform amid euro woes
Ailing EU struggles to find work for jobless millions.....

U.S. Week Ahead: No fireworks seen in June jobs report
June 28 - U.S. nonfarm payrolls for June are expected to come in at 165,000, that's down 10,000 from May. And a Fedster speaks on the economy and QE......

Should BlackBerry make a deal?
June 28 - BlackBerry needs a new game plan after its disastrous earnings. Bobbi Rebell reports......

Daily Digit: 56.4 million cable customers
June 28 - There were 56.4 million cable customers last year and even though those numbers are falling cable companies are still willing to fight over them. Conway G. Gittens reports......

Techquity: Lost Playbook for BlackBerry, Google v. Apple OS
June 28 - BlackBerry's rough quarter and a look at Google and Apple's latest battle over their operating systems......

The Upside: Why markets are out of touch
columnist Zachary Karabell explains why Americans are not freaking out over the recent big swings in stocks and bonds......

Breakingviews: IP-uh-O
June 28 - Jeffrey Goldfarb and Rob Cyran discuss how rising interest rates led to price cuts in a rash of stock market debuts, including CDW and HD Supply, and whether the IPO party is over......

Trading at Noon: BlackBerry's stumble turns into a fall
June 28 - Shares of BlackBerry are down nearly 25 percent today after the company's results showed few signs of a turnaround......

MuniLand: Don't fear a Puerto Rico downgrade, investor says
Jun 28 - HJ Sims' Richard Larkin says that, even if Puerto Rico misses this weekend's budget deadline and is downgraded by the rating agencies, he would still own its non-investment grade municipal bonds......

EU leaders push for banking union
June 28 - European Union leaders want agreement by the end of the year on a way to resolve failed banks at a European, rather than national level, despite German resistance to the idea. Rough Cut (no reporter narration)......

Tire kicking going on around BlackBerry's assets- IDC's Jackson
June 28 - The assets Blackberry has at its disposal are formidable, and it wouldn't be surprising if we see more tire kicking from competitors- IDC's John Jackson. Bobbi Rebell reports......

EU sets aside billions to tackle youth joblessness
June 28 - European leaders say worryingly high youth unemployment in the euro zone has to go down - and are pledging 8 billion euros over two years to spend on youth programmes. But as Joanna Partridge reports, the measures may not be enough to make .....

Investors losing hope in BlackBerry
June 28 - Few signs of a long-promised BlackBerry turnaround and an unexpected quarterly loss send the stock down. Fred Katayama reports......

Europe Week Ahead: Central Banks, Carney, Croatia
June 28 - A big week next week for Mark Carney, Croatia and a plethora of central banks......

U.S. Morning Call: BlackBerry getting battered after results
June 28 - BlackBerry reports a loss in the last quarter and forecasts a loss in the current quarter......

Pfizer's patent pain over Viagra
June 28 - Goodbye Viagra, hello competition! Angeline Ong takes a look at Pfizer's fortunes as Viagra's UK patent expires......

Samoan airline goes XL
June 28 - Samoa Air already charges passengers by their weight - but is now launching an extra-large seat service for the fuller figure. Paul Chapman reports......

Croatia's debt woes mar EU entry
June 28 - Croatia will become the European Union's 28th member on Monday. But with an economy resembling a struggling euro zone state it's likely to face tough reforms the moment it signs up. Hayley Platt reports......

Market Pulse: Goodbye Q2 volatility, hello Q3 volatility
June 28 - Volatility jumped in Q2, with US stock market's VIX index having its biggest rise in almost 2 years. And higher "vol" is something investors may have to get used to. Plus, gold's 45-year landmark......

Samoan airline goes large
June 28 - Samoa Air which charges passengers by their weight launches an extra-large seat service for the fuller figure. Paul Chapman reports......

Reuters Breakingviews: Europes great tool for old crises
Breakingviews......

Asia Week Ahead: Snowden chill for China-U.S. at Asia meeting?
June 28 - More conflict may lie ahead for China and the U.S. at an ASEAN meet in Brunei next week, with Washington still upset from Hong Kong's denial of an extradition request for ex-CIA analyst Edward Snowden.....

Japan's Abenomics lift: Six months on, still riding high
June 28 - While both dollar/yen and the Nikkei 225 have given up some of their 'Abenomics'-fueled gains, many other economic indicators from Shinzo Abe's first 6 months are encouraging......

Wealth Strategies: Don't give up on solar energy yet!
Jun 28 - CTRL:ALT:INVEST Bill Lese, managing partner at VC firm Braemar Energy says there's still growth potential in the solar sector, and also likes early-stage investments in shale, coal and hydrocarbons......

Reuters Today: Gold, Fed, dollar. Its 1980 all over again
June 28 - Gold tumbles, the dollar surges and the Fed signals a big shift in policy s 1980 all over again, says Bank of New York Mellon chief currency strategist Simon Derrick.....

Christmas comes early at London's Hamleys toy store
June 28 - What are the must-have toys for Christmas 2013? According to world famous toy store Hamleys of London, toddler tablet computers and robotic puppies will be among this year's hot favourites. Ivor Bennett reports......

Barclays could cut lending to meet PRA capital rules, warns chief Antony Jenkins
Barclays could cut lending in the UK if it is forced to quickly meet new financial strength targets imposed by the regulator, the bank's chief executive has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

QE fears bring FTSE 100's year-long bull run to an end
The FTSE 100's spectacular run of monthly gains has been brought to a halt with the index falling in June.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2df1e284/mf.gif' border='0'/><div class='mf-viral'&g.....

Terry Leahy's transforming achievements still stand despite Tesco's difficulties
During his 13 years in charge, Tesco's annual pre-tax profits cleared 1bn, 2bn and 3bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2df1e286/mf.gif' border='0'/><div class='mf-viral'><table border=.....

Our leaders polish their CVs and keep an eye on the exits
Mervyn King avoided the selfishness that afflicts many politicians, says Charles Moore<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2df13ec5/mf.gif' border='0'/><div class='mf-viral'><table border='.....

Schroders rises in volatile market
The 209-year-old fund manager was one of the FTSE 100's biggest risers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2df0ef98/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

The Fed's actions will have very little impact on the BRICS
It has become increasingly fashionable in the past few weeks to regard the great era of accelerating growth among the so-called emerging economies as over. I think this is wrong.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Marks & Spencer chief Marc Bolland among those tackling red tape
Marks & Spencer's chief executive is among half a dozen business leaders who will work with the government to identify European red tape that is hampering business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Marc Bolland among chiefs tackling red tape
Marks & Spencer's chief executive is among half a dozen business leaders who will work with the government to identify European red tape that is hampering business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Kuwait wealth fund backs British recovery
Kuwait's sovereign wealth fund has backed Britain's recovery prospects as new data indicated the pace of growth may be picking up.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2deff685/mf.gif' border='0'/>&l.....

Former Tesco boss Lord MacLaurin criticises 'sad' legacy of Sir Terry Leahy
Lord MacLaurin, the former boss of Tesco and the man who turned the company into Britain's biggest retailer, has hit out at the legacy left by his successor Sir Terry Leahy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Investors pull $23bn from US bonds in a month
Investors have pulled $23.7bn from US bond funds in the past four weeks - the heaviest withdrawals since October 2008 - as they prepare for an end to America's quantitative easing habit.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Business news and markets: as it happened - June 28, 2013
Tesco's former chairman Lord MacLaurin decries the "sad" legacy left by Sir Terry Leahy and appeals to shareholders to give the new management time to turn the business around.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Business news and markets: live
Tesco's former chairman Lord MacLaurin decries the "sad" legacy left by Sir Terry Leahy and appeals to shareholders to give the new management time to turn the business around.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

UKFI fires starting gun on sale of taxpayers' bank stakes
The Government has moved quickly to start the sale of the taxpayer's stake in Lloyds Banking Group, giving interested investment banks just 10 days to apply for a role in the process.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

BlackBerry slumps as BB10 flops
Blackberry reported a first quarter loss of 55m, forecast another one next quarter and said its new BB10 devices sold just 2.7m units<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2deeec66/mf.gif' border='0'/>.....

JD Sport buys retailer Ark out of administration
JD Sports has rescued troubled fashion retailer Ark from administration, saving more than 150 jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2deeec6c/mf.gif' border='0'/><div class='mf-viral'><t.....

JD Sports buys retailer Ark out of administration
JD Sports has rescued troubled fashion retailer Ark from administration, saving more than 150 jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2deee46e/mf.gif' border='0'/><div class='mf-viral'><t.....

Could you be Mark Carney's sidekick at the Bank of England?
The search for a deputy governor at the BoE has started. Do you have what it takes to be Mark Carney's second-in-command?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dedd3cf/mf.gif' border='0'/><div cla.....

Sony admits it has been selling to Iran
Sony may have breached US sanctions after it admitted that some of its third-party Dubai dealers had sold $12.8 million worth of products to Iran.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dec99a6/mf.gif' b.....

Blackberry reports 55m loss in first quarter
Blackberry reported a fiscal first quarter loss and forecast a loss in the second quarter, despite increased sales and revenue.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dec99a8/mf.gif' border='0'/><d.....

'Mr and Mrs MEP' colouring book becomes surprise hit of EU summit
David Cameron waved a copy of a European Union funded colouring book called "Mr & Mrs MEP" at a summit of Europe's leaders to ram home his demand for cuts to wasteful Brussels spending.<img width='1' height='1' src='http://telegraph.feedsporta.....

Banks must cancel recurring payments if asked
Campaigners have declared a victory against "continuous payments", often used by gyms and insurance companies, after the regulator tightened rules.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ded9622/mf.gif' .....

Banks must cancel recurring payments
Continuous payment authority (CPA), which is often used by gyms, payday lenders and insurance companies, can be cancelled and compensation paid for past errors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dec.....

France could miss deficit target - Hollande
Francois Hollande has warned that France could miss its deficit target due to poor growth and dwindling tax revenues, while stressing his commitment to containing public spending.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Virgin launches 2.75pc best buy cash Isa
Money MOT: We review the latest savings deals from Branson's supposedly no-nonsense bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dec808e/mf.gif' border='0'/><div class='mf-viral'><table borde.....