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Saturday, 15 June 2013

UK Financial News on 2013-06-15

'Tax havens' agree to clampdown
The prime minister hails an agreement by the UK's Overseas Territories and Crown dependencies to sign up to a tax evasion clampdown......

Energy firm urges 'petrol' pricing
One of Britain's biggest energy suppliers calls for single-unit pricing for gas and electricity to help consumers compare different tariffs......

P&O price promise offer criticised
A price promise offered by P&O cruises for those who book their cabins a long way in advance is criticised by some passengers......

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

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

Detroit defaults on some debts
Detroit will 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......

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

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

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

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

VIDEO: Do we really need phone boxes?
BT is planning to remove more than 1,000 phone boxes this year. Will anyone miss them?.....

VIDEO: Welcome to Iran... in London
Rampant inflation largely caused by international sanctions has left Iran's economy in its worst state for two decades......

VIDEO: 'Tax havens' agree to clampdown
The prime minister has hailed an agreement by the UK's Overseas Territories and Crown dependencies to sign up to a tax evasion clampdown......

VIDEO: Call for single-unit energy pricing
One of Britain's biggest energy suppliers, EDF Energy, is calling for single-unit pricing for gas and electricity, to make it easier for consumers to compare tariffs......

VIDEO: Indian workers head home from Saudi
Saudi Arabia employs around two million Indian expatriate workers, but since the implementation of a new labour policy droves of migrant workers have been returning home......

VIDEO: Entrepreneur enjoys high life in HK
Virendra Anand moved from India to Hong Kong 27 years ago and now has a successful business restoring high-performance cars and yachts......

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......

When did you last use a phone box?
Who still needs phone boxes in a world of mobiles?.....

Friday flop for stocks
June 14 - Summary of business headlines: Stocks extend losses on cooling consumer data; Dollar losing ground vs. Yen, JP Morgan to separate P/E group. Bobbi Rebell reports......

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 kicking the U.S. economy into higher gear. It will take a superhero. (June 14, 201.....

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?.....

Busting the myth that bonuses are best for business
Taxi drivers are less inclined than the rest of us to believe that drinking water is good for you, a risk director at a major insurer recently explained to me.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d56d.....

Stephen Hester lays out RBS departure plan
In this major interview following his shock resignation from RBS, Stephen Hester tells the Sunday Telegraph that politics came with the job, what he really thinks of the Treasury and why this isn't the time for anger.<img width='1' height='1' src=.....

Stephen Hester: RBS sale 'could take a decade'
The outgoing chief executive of the Royal Bank of Scotland, Stephen Hester, has revealed that it could take up to a decade for the taxpayer to be paid back their 45bn stake in the bank.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Sadly, politicians are bad at running banks
Another week, another drive-by shooting. If this was inner London, Scotland Yard would have set up a task force.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d56ddf5/mf.gif' border='0'/><div class='mf-vi.....

easyJet moves a step closer to 6bn deal for Airbus jets
easyJet is in negotiations with Airbus to order more than 100 new planes for a price in excess of 6bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d56ddf6/mf.gif' border='0'/><div class='mf-viral'>&l.....

Online retailers hit back at tax plan
The Treasury has been warned that introducing a tax for online retailers would be a "barrier to entrepreneurship" in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d56ac63/mf.gif' border='0'/><div .....

Chancellor warned off a public sale of state's stake in Lloyds
The Chancellor has been warned against selling the first slice of Lloyds Banking Group shares through a "Tell Sid"-style offer, and has been advised instead to begin the disposal process with a sale to major institutions.<img width='1' height='1' .....

British Gas's Tell Sid campaign was the right way to run a privatisation
Scarcely an advertising break on UK television in 1986 passed without the now famous "Tell Sid" commercial, inviting the public to invest in a soon-to-be-privatised British Gas.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Co-op draws up plan to fill 1.5bn black hole
The Co-operative Bank has agreed with regulators that its capital shortfall is no more than 1.5bn, paving the way for the "black hole" to be met by support from its parent company and a bail-in of bondholders.<img width='1' height='1' src='http://.....

Punch Taverns' creditors meet to discuss debt pile
Lenders to pubs giant Punch Taverns are meeting this week to discuss putting forward an alternative proposal to restructure its 2.4bn debt pile.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d56ac67/mf.gif' bor.....

Dotcom star Dan Wagner poised for return to stock market
Dan Wagner, the UK's original dotcom millionaire, is to return to the public markets for the first time in more than a decade with the 170m flotation of e-commerce business Venda.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

After a buying binge, Punch is now suffering from a debt hangover
Pub giant Punch Taverns wants to restructure its loans, but the move has failed to cheer investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d56ac69/mf.gif' border='0'/><div class='mf-viral'><t.....

Severn Trent must work hard to prove its worth
At 4.45pm last Tuesday afternoon, Michael Rolland of Borealis phoned Andrew Duff, the chairman of Severn Trent.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d56ac6a/mf.gif' border='0'/><div class='mf-vir.....

Ofwat boss Jonson Cox under scrutiny
Ofwat, the water regulator, is investigating whether its chairman, Jonson Cox, presided over a breach of competition law as the chief executive of Anglian Water.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d5.....

Famous Grouse maker to expand US operations
Edrington, the Scottish company that owns whisky brands The Famous Grouse and The Macallan, is to invest in further export growth in the US after doubling sales there over the past four years.<img width='1' height='1' src='http://telegraph.feedspo.....

Sainsbury's steps up supermarket clothing battle
Visitors to the new Sainsbury's store in King's Lynn, Norfolk, can see the new battleground for Britain's supermarkets as they try to win the war to attract customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Competition won't solve our banking problems, leadership will
The Parliamentary Commission on Banking Standards' report, due in the next few days, will be a useful contribution to reviewing the industry's shape and structure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Sam Walsh: no 'bazaar sale' at Rio Tinto
In his first interview since taking over at the mining giant, Rio Tinto's CEO talks about cutting costs and why he won't launch a 'bazaar sale'<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d564490/mf.gif' bord.....

Britain's future is bright - so show some optimism
At a dinner for top FTSE 100 chairmen recently, I asked what they thought about the prospects for the UK economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d55b130/mf.gif' border='0'/><div class='mf-v.....

Public sector waste has cost every household 4,500
Public sector spending on "useless projects" has cost every UK household 4,500, according to a low-tax pressure group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d55e26d/mf.gif' border='0'/><div class=.....

An export culture shock needs to begin at the G8
For all the fanfare of hosting this week's G8 summit, the UK remains locked in a dire economic predicament. For all our gloating at the eurozone, Britain's national income is still well below its 2008 peak.<img width='1' height='1' src='http://tel.....

Tesco stops sourcing clothes from Bangladesh factory on safety fears
Tesco, Britain's biggest retailer, has stopped sourcing clothes from a factory in Bangladesh after discovering serious problems with the safety of the site.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d55de70.....

Tax transparency deal risks scoring 'own goal' for Britain
A deal between the Government and the UK's Overseas Territories and Crown dependencies to create a register of offshore companies risks scoring an "own goal" for Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

UK territories sign up to tax transparency deal
David Cameron has secured agreement from Britain's network of overseas territories and Crown dependencies to sign up to a new clampdown on tax evasion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d551da2/mf.g.....

A lesson from the Fed about the pitfalls of easy money
Ben Bernanke looks like a man who chooses his words carefully.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d54a721/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td v.....