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Friday 14 June 2013

UK Financial News on 2013-06-14

Pensioners' incomes 'rising fastest'
UK pensioners' incomes have risen faster than all other age groups in the last 30 years, a study shows, with the change called a "triumph of social policy"......

Airbus A350 completes maiden flight
The newest aircraft from European planemaker Airbus, the A350, successfully completes its maiden flight from Toulouse......

Knighthood for John Lewis chairman
John Lewis chairman Charlie Mayfield and Nigel Bogle, co-founder of the Bartle Bogle Hegarty ad agency, are both knighted in the Queen's Birthday Honours list......

Detroit defaults on some debts
Detroit will immediately stop debt payments, the city's financial manager says, as he sets out a proposal for creditors to take a big cut on what they are owed......

IMF: US budget cuts 'ill-designed'
The IMF urges the US to repeal the huge federal budget cuts introduced this year under the sequester, denouncing them as "excessively rapid and ill-designed"......

More strike days at Post Offices
Post Office workers will go on two more one-day strikes before the end of June, in an ongoing dispute over closures, job security and pay......

Paul Tucker to leave Bank of England
Paul Tucker, deputy governor of the Bank of England, will step down later this year, having lost out on the top job to Canadian Mark Carney......

Merkel advises jobless to get mobile
Chancellor Angela Merkel of Germany tells the BBC young European job-seekers should be prepared to move in search of work......

India 'most populous nation' by 2028
The United Nations says India will overtake China as the world's most populous country by 2028, and that the global population will reach 9.6 billion by 2050......

Singapore raps banks for rate rigging
Singapore's central bank censures 20 banks for attempting to rig the city-state's benchmark interest rates......

Home Office budget cuts agreed
The Home Office and five other government departments agree budget cuts ahead of Chancellor George Osborne's spending review......

Rupert Murdoch files for divorce
News Corp boss Rupert Murdoch files for divorce from his third wife as their 14-year marriage is "irretrievably broken", his spokesman says......

PM to unveil economic package for NI
David Cameron will unveil an economic development package linked to community integration in Northern Ireland later.....

'Tax havens' hit back at G8 pressure
The Isle of Man and Jersey hit back at accusations that they facilitate tax evasion and avoidance ahead of next week's G8 summit......

Fastjet gets more African routes
The new African low-cost airline, Fastjet, gets clearance to launch flights between Tanzania, South Africa, Zambia and Rwanda......

Uganda to tax mobile money transfers
Uganda is to impose a 10% tax on cash transfers by mobile phones and other money transfer operators to plug a $214m hole in its budget after donor aid cuts......

Nicaragua approves canal project
Nicaragua's Congress votes in favour of a Chinese plan to built a waterway between the Caribbean and the Pacific, to rival the Panama Canal......

RBS shares down as Hester departs
RBS sees its share price drop amid speculation that political influence has caused Stephen Hester's departure and on news of further job losses......

Scrabble app changes anger players
Online Scrabble players are angered by changes made to a mobile version of Scrabble since its takeover by EA.....

Divorce cases top legal complaints
Divorce cases have prompted the most complaints about lawyers in the last year with individuals being urged to shop around for legal advice......

Home buyers face deposit challenge
Figures offer a glimmer of hope for first-time buyers trying to raise a deposit, although those with the smallest savings still face difficulty......

One in six children in poverty
At least one out of every six children in the UK lives in relative poverty, according to data released by the Department for Work and Pensions......

US retail sales beat forecasts
US retail sales rose more than expected in May, up 0.6%, helped by a jump in car sales, according to government data......

World Bank cuts China growth outlook
The World Bank cuts its forecast for China as it warns that global economy is transitioning towards a period of more stable, but slower growth......

Hearts banned from signing players
The Scottish Premier League imposes a registration embargo on Hearts after they fail to pay some players on time......

Four bids lodged for Coventry City
Coventry City administrator Paul Appleton announces that four bids have been made for the League One club......

Nigeria settle bonus payment dispute
Nigeria will play in the Confederations Cup in Brazil after a dispute about bonus payments is settled......

VIDEO: 'Hope' as PM unveils NI economic boost
Northern Ireland has been given a boost to its economy to attract overseas investment and help create jobs......

AUDIO: Would you 'pay as you drive'?
Charging motorists per mile would reduce congestion and lower taxes, says think tank.....

VIDEO: Airbus A350: From factory to flight
The new A350XWB is a vital aircraft for Airbus. The result of a $15bn investment, it is being marketed as a direct rival to Boeing's 787 Dreamliner......

VIDEO: Is being young the new old age?
UK pensioners' incomes have risen faster than all other age groups in the last 30 years, a study has shown......

VIDEO: Hugh's review: Jobs and wages
This week's figures from the jobs market showed the number in work has increased, unemployment is down but the squeeze on spending power has continued......

VIDEO: Irish charm: Tax rules attract US firms
Irish tax laws have attracted major US companies like Google and Apple, but that has stirred controversy on the other side of the Atlantic......

AUDIO: Making money from music festivals
John Reid, president of concerts for Live Nation Europe, says a variety of festivals catering for a range of music tastes and age groups is the way to ensure success......

VIDEO: Home Office agrees spending cuts
The Home Office and five other departments are the latest to reach a deal with George Osborne over spending cuts, the government has confirmed......

Inside Facebook's new arctic data centre
Arctic centre cuts power needed to handle Europe's status updates.....

Bizarre job interview questions
Bizarre interview questions and how to answer them.....

The plane Airbus did not want built
The plane that Airbus did not want to build.....

Gamers 'ignored' by console-makers
Are hardcore gamers getting ignored by console makers?.....

Building the superhero Fed chair
If Ben Bernanke is ready to hang up his cape, the next Federal Reserve chair will need more than mortal powers to handle all the challenges ahead, from unwinding QE to kicker the U.S. economy into higher gear. It will take a superhero. (June 14, 2013.....

U.S. Week Ahead: Investors to dissect every Fed word
June 14 - The FOMC holds its two day meeting starting Tuesday. Anxious investors will parse every word of the Fed's statement on the state of QE tapering......

MuniLand: From Motown to Broketown, Detroit's despair
Detroit defaulted on some debt Friday and proposed that creditors take a drastic cut in the money they are owed by the city in order to avoid the largest municipal bankruptcy filing in U.S. history......

Techquity: Expect cheaper iPhone but not that cheap
Breakingviews Columnist Rob Cyran gives his take on Apple's iPhone strategy and more......

Daily Digit 41.6% egg price jump
June 14 - Prices for fresh eggs surged 41.6 percent in May according to government data. Bobbi Rebell reports......

Trading at Noon: PE-backed IPO CDW tests the market
Jun 14 - We take a look at what PE-backed IPOs are in the pipeline, with tech retailer CDW gearing up for its debut......

Breakingviews: Road to Splitsville
June 14 - Jeffrey Goldfarb and Christopher Swann discuss the headline-making divorces of billionaires Rupert Murdoch and Harold Hamm......

Boeing to launch larger 787
. Fred Katayama reports......

Paris urged not to block trade EU-U.S. talks
June 14 - European Union trade ministers meet in Luxembourg in an attempt to overcome French resistance to free trade talks with the United States, which could boost the EU economy by 119 billion euros a year. As Kirsty Basset reports, France is not .....

Airbus A350 completes maiden flight
June 14 - The Airbus A350 successfully completed a four-hour maiden flight, stepping up the battle with arch-rival Boeing for sales of a new generation of sleek, lightweight passenger aircraft. Rough cut only (no reporter narration)......

Europe battles youth unemployment
June 14 - German Finance Minister Wolfgang Schaeuble has warned that the failure to tackle youth unemployment could tear Europe apart. As the finance and labour ministers of Germany, France, Italy and Spain meet in Rome to discuss the issue, Joel Fly.....

Europe Week Ahead: Markets wait for big Ben to chime in
June 14 - A Federal Reserve policy decision looms over Europes volatile markets. Meanwhile, G8 leaders gather as trouble simmers in Greece and Turkey......

U.S. Morning Call: World shares steady after huge selloff
Jun 14 - Shares in Europe and Asia partly recouped recent losses, while U.S. stock futures edge slightly lower......

Iranians vote in presidential poll
June 14 - Iranians head to the polls in a presidential election to choose a successor to Mahmoud Ahmadinejad. Paul Chapman reports......

Talking Turkey: PM meets protesters
June 14 - Police detain more anti-government protesters as Turkey's Prime Minister holds second meeting with activists. Paul Chapman reports......

Market Pulse: Investors - "childish, irrational and naive"?
June 14 - Markets are so nervous of the Fed cutting back its stimulus, they're not behaving sensibly. "Childish, irrational and naive", you could say. Plus a German building block, and resource sector upgrade......

Sports Spread: High Society, Flat Racing
June 14 - As the great and good descend on Ascot for one of Britain's most iconic sporting events, we preview flat racing's most prestigious meeting......

Breakingviews: UK houses look expensive
June 14 - UK house prices have been propped up by ultra-loose money, just like UK and German bonds, and creating the risk of a fall when interest rates rise again......

Rupert Murdoch files for divorce
June 14 - News Corp. Chief Executive Rupert Murdoch has filed for divorce from his wife Wendi Deng, just days before News Corp. itself splits into two. Deborah Lutterbeck reports......

Japan's jumpy markets headed for calmer waters -strategist
June 14 - Despite recent plunges, prospects for Japan stocks are positive and investors should see the current volatility as a buying opportunity, says Merrill Lynch equity strategist Naoki Kamiyama......

Breakingviews: Markets deflate Abenomics hopes
Breakingviews' Peter Thal Larsen......

Reuters Today: Market volatility cools, but still simmering
June 14 - European stocks to follow Asia's lead and end a rocky week on a stable footing. But volatility is still bubbling away under the surface. Plus, a red line on Syria for the White House?.....

The Upside: The real threat to your online privacy
Columnist Zachary Karabell has the latest on what you should really fear when it comes to other organizations using your data......

Dow wow on econ improvement
June 13 - Summary of business headlines: Markets jump on stronger retail, jobs data, Gannet buys Belo; Coty falls at NYSE debut; Revlon's $850b settlement; Murdochs divorcing. Bobbi Rebell reports......

FACTBOX: Big CEO breakups
Jun 13 - News Corp. Chief Executive Rupert Murdoch's divorce from his wife Wendi is just the latest on a long list of CEO splits......

BAE's Dick Olver and Invesco's Neil Woodford head Queen's Birthday Honours
Outgoing chairman of BAE and the man who called for his departure are both on Queen's list.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d4ec372/mf.gif' border='0'/><div class='mf-viral'><table bor.....

We'll cut taxes so companies move to Britain, says David Cameron
David Cameron has promised to carry on cutting business taxes to encourage more companies to relocate to Britain as world leaders gathered to discuss reforms of the international system.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Paul Tucker's downfall was that he was too old-school
The Chancellor wanted someone in the top job who was going to shake up the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d4dac99/mf.gif' border='0'/><div class='mf-viral'><table bor.....

Lonmin rises on strike hopes
A draft agreement could lead to an end to violent strikes in South Africa.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d4da56e/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr.....

Who could replace Paul Tucker at the Bank of England?
As Paul Tucker announces his decision to step down as deputy governor of the Bank of England, The Telegraph suggests some potential names for his replacement.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d4b29.....

Britain and France to allow Deutsche Bahn to use Channel Tunnel
British and French authorities have granted German train operator Deutsche Bahn the right to run passenger services through the Channel Tunnel, tunnel operator Eurotunnel has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Business news and markets: as it happened - 14 June, 2013
Paul Tucker's decision to stand down as deputy governor is a 'huge loss' for the Bank of England, according to analysts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d4cf695/mf.gif' border='0'/><div clas.....

IMF urges repeal of 'ill-designed' US cuts
The IMF cut its outlook for economic growth in 2014 to 2.7pc, below its 3pc forecast published in April.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d4cf46f/mf.gif' border='0'/><div class='mf-viral'>.....

Paul Tucker quits Bank of England
The Bank of England is facing another major shake-up after Paul Tucker revealed plans to step down as deputy governor in the autumn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d4cf1ab/mf.gif' border='0'/>.....

Business news and markets: live
Paul Tucker's decision to stand down as deputy governor is a 'huge loss' for the Bank of England, according to analysts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d45bfcb/mf.gif' border='0'/><div clas.....

Investors can't afford to treat all emerging markets the same
In my first column a month ago, I raised the possibility that China's softer growth might not be all bad for us here in the UK, as long as it is generally confined to their own production and is reflected in a period of softer commodity prices.<im.....

RBS dealt fresh blow by Singaporean regulator
The Royal Bank of Scotland has been dealt a fresh blow after Singapore's financial regulator ruled some of its traders attempted to manipulate inter-bank rates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d4b.....

Singapore censures UK banks over attempted rate rigging
The Singapore regulator has censured British banks Royal Bank of Scotland, Barclays, and Standard Chartered over the attempted rigging of interest rate and foreign exchange benchmarks by traders.<img width='1' height='1' src='http://telegraph.feed.....

Tullow Oil wins $313m from Heritage in Ugandan tax dispute
Tullow Oil has won $313m (200m) from Heritage Oil in a High Court ruling on a disputed Ugandan tax bill.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d4b2958/mf.gif' border='0'/><div class='mf-viral'>.....

'He said he was from Microsoft. Then he tricked me out of 121'
A cold-calling scam is catching out computer users. Jessica Winch explains how to stay safe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d4b295a/mf.gif' border='0'/><div class='mf-viral'><table bo.....

Fathers' Day: Fathers should get 'use it or lose it' parental leave
New fathers should be entitled to a "daddy quota" of paternity leave on a 'use it or lose it' basis - to encourage more men to share childcare responsibility, a think tank has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Tesco gets the green light for superstore in 'Portas Pilot' town of Margate
The Secretary of State Eric Pickles has given Tesco the green light for an 82,000 sq ft development, sparking anger on social media websites.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d4ac11e/mf.gif' border.....

China braces for capital flight and debt stress as Fed tightens
China worried that tightening could trigger capital flight and set off debt crisis, says Ambrose Evans-Pritchard.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d4abc2f/mf.gif' border='0'/><div class='mf-v.....

Sky offers free broadband as battle with BT intensifies
Sky is to offer free broadband to millions of customers on Sports TV packages, marking the latest salvo in its battle with BT.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d497918/mf.gif' border='0'/><di.....

Airbus A350 takes to the skies in maiden test flight
The newest aircraft from European planemaker Airbus, the A350, takes off from Toulouse on its maiden flight.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d496d80/mf.gif' border='0'/><div class='mf-viral'.....

Share tips: what next for water shares after failed bid for Severn Trent?
Garry White discusses the utilities sector with Emma Wall after recent falls and failed bids.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d497539/mf.gif' border='0'/><div class='mf-viral'><table b.....

Housebuilding helps slows decline in UK construction
UK construction output posted the smallest annual fall in 17 months in April, helped by a revival in house building.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d496d82/mf.gif' border='0'/><div class='m.....

Paul Tucker quits Bank of England
Bank of England deputy governor, Paul Tucker, is to step down later this year, ending a career with the central bank that has spanned more than three decades.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d48d7.....

Trade deal in limbo as France rejects Hollywood
The European Union will on Friday try to overcome French resistance to free-trade talks with America and keep alive plans for a deal that could boost their stuttering economies by increasing transatlantic business.<img width='1' height='1' src='ht.....

Thousands of remote post boxes 'saved' in new Royal Mail rules
Thousands of post boxes in rural parts of Britain have been "protected" in a clampdown by regulators.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d47c63e/mf.gif' border='0'/><div class='mf-viral'><.....