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Thursday 20 June 2013

UK Financial News on 2013-06-20

Global markets fall on Fed comments
Global markets for shares, bonds and commodities fall and the dollar rises after the US central bank signals it may scale back stimulus later this year......

UK banks told to plug 27bn hole
The Prudential Regulation Authority says the UK's top banks and building societies need to fill a 27.1bn hole in their balance sheets......

Strong rise in UK retail sales
UK retail sales recorded a larger-than-expected rise last month, helped by a strong increase in food sales, official figures show......

France, Spain investigate Google
Google's failure to address EU concerns about its consolidated privacy policy has led France and Spain to launch their own investigations......

Councils 'face 10% funding cut'
The BBC is told that English councils are facing a 10% cut in the funding they get from central government as part of the coalition's spending plans for 2015/16......

UK mortgage lending 'up by a fifth'
UK mortgage lending surged to its highest monthly level since October 2008 in May, with activity even surprising lenders......

Messi summons over Spain tax fraud
A Spanish judge summons Barcelona's Argentine footballer Lionel Messi to appear in court in September over tax fraud allegations......

Pixmania woes hit Dixons results
Dixons Retail reports a rise in sales, but costs incurred at its troubled online outlet Pixmania mean it reports a loss for the past year......

Hearts' administrators begin cuts
Four players and 14 staff members are made redundant at Hearts as administrators begin a series of cuts......

Furniture retailer Dwell closes down
Furniture retailer Dwell announces it is to cease trading and is asking employees to stay at home pending the appointment of administrators......

Saab-owner wants GM back in court
The owner of Saab, Dutch firm Spyker, plans new court action against General Motors, which it claims lost it $3bn by forcing the Swedish carmaker into bankruptcy......

Eurotunnel accused of overcharging
Brussels says passengers going through the Channel Tunnel are paying over the odds, because Eurotunnel is overcharging the train companies for using the track......

Eurozone output falls at slower rate
The decline in the eurozone's manufacturing and services sectors eased in June as output fell by the slowest rate for 15 months, a survey indicates......

Deal closer on EU long-term budget
Late-night talks bring a deal on the EU's multi-year budget closer, but some MEPs remain unhappy about it......

Singapore smog 'could last for weeks'
Singapore's prime minister warns that the haze engulfing the city could last for weeks, as air pollution in the city-state soared to record levels......

India rupee falls to all-time low
The Indian rupee dips to an all-time low against the US dollar after the US Federal Reserve signals it could start pulling back on stimulus later this year......

China factory activity slows further
China's manufacturing activity weakens further in June, falling to a nine-month low as demand falls, according to a preliminary survey by HSBC......

Work Programme 'not doing enough'
Providers of the government's flagship Work Programme tell ministers the costs of helping sick and disabled jobseekers into employment cannot be met under the scheme......

BrewDog in 4m crowdfunding bid
Brewer and bar operator BrewDog is hoping to raise 4m from a crowdfunding initiative in order to support expansion plans......

Daily Mail in payout to psychic
Psychic Sally Morgan says she has accepted an apology and 125,000 in damages from the Daily Mail after it suggested she "perpetrated a scam"......

Watch scams among con comebacks
Rogue traders are reprising old scams but with a digital twist to target people whose budgets are squeezed, says trading standards......

Home-buyers 'need 14 years to save'
The average single person in their twenties will now have to save for over 14 years before they can buy a home, says the housing charity Shelter......

Lloyds to return to private hands
George Osborne uses his Mansion House speech to the City to announce the government is preparing to sell its Lloyds Bank stake back to private investors......

Fed 'could end bond-buying in 2014'
The Federal Reserve maintains its $85bn-a-month (54bn) asset purchase programme, but says it could begin scaling back later this year and ending it completely in 2014......

BoE votes 6-3 against stimulus move
The Bank of England governor was outvoted again at his final monetary policy committee meeting, with the body voting 6-3 against more stimulus measures......

Jail reckless bankers, report urges
Measures including criminal sanctions to make bankers responsible for their own failings, are called for in a new report......

Chinese injured in Beckham stampede
Fans eager to see the football star David Beckham storm a police cordon in Shanghai and start a stampede in which seven people are injured......

First cycling Tour de Congo begins
The first cycling tour of the Democratic Republic of Congo starts, but cyclists will not be riding to the volatile east of the vast country......

FIA: Mercedes did not get permission
Mercedes did not get permission to take part in the test in which they are accused of breaking F1's rules, says the FIA......

VIDEO: How the UK is selling tea to China
British tea company sells its products with Alibaba a company which operates predominantly in China......

VIDEO: Project Zero: Half plane, half helicopter
On of the most striking items on display at the Paris Air Show is Agusta Westland's Project Zero - a flying machine that can be described as half helicopter, half aeroplane......

VIDEO: Meet the drones on show in Paris
Alongside the planes and helicopters on show at the Paris Air Show there are also numerous displays of pilotless vehicles......

AUDIO: UK's rural poor 'going hungry'
According to the Joseph Rowntree Foundation, a couple with two children living in a remote hamlet need more than 70 a week more than their urban counterparts to get by......

VIDEO: Howard Stringer steps down from Sony
After eight years, Sir Howard Stringer steps down from the Japanese electronics giant Sony on Thursday......

AUDIO: Dixons: 'Fun white goods' boost sales
Dixons Retail, the owner of Currys and PC World, has reported a loss after being hit by costs from its troubled online outlet Pixmania......

AUDIO: Today business round-up
The Today programme's business news with Simon Jack......

AUDIO: 'Women make fantastic mechanics'
Charlotte Harbottle is one of only a handful of female butchers in the UK, and Caroline Lake is a mechanic with her own garage......

The history of the peanut airlines
Biro bans and other tales of the low-cost revolution.....

Has the fighter pilot had his day?
Has the fighter pilot had his day?.....

Can China spend itself richer?
Will China's new middle class spend its way to dominance?.....

Feeding Spain's jobless back to work
Jobless become waiters in Spain in return for a meal.....

Readers' tipping nightmares and fairytales
Readers' tipping nightmares and fairytales.....

U.S. Day Ahead: Global liquidity crunch could hit markets
Economics & Markets Editor Dan Burns says that lending rates have soared over the past two days, raising concerns of a lack of liquidity worldwide......

Techquity: Facebook chasing Twitter, Google fined
June 20 - Facebook unveils video feature similar to Twitter's while Google is penalized again in the EU......

Kinograph brings old movies out of the dark
June 20 - Old films may be nostalgic but they also play a significant role in cultural preservation. Digitizing them however, can cost thousands of dollars so a New York designer has developed an open source tool that makes transforming film affordab.....

Video on Instagram could be a big hit- CNET's Paul Sloan
June 20 - CNET's Executive Editor Paul Sloan says the sheer size of Instagram's user base gives it a good shot at being successful. But it doesn't do much yet for Facebook overall. Bobbi Rebell reports......

David's Sling missile system unveiled in Paris
June 20 - Once shrouded in secrecy, Israel's David's Sling missile interceptor went on display for the first time this week at the Paris Air Show. Its co-manufacturers, Rafael, say the system is designed to compliment the Iron Dome defensive shield u.....

Breakingviews: Bernanke's big bang
June 20 - Jeffrey Goldfarb talks to Breakingviews columnists about the Fed chairman's legacy and his communication strategy......

Setting the rules for bailing out banks
June 20 - Euro zone finance ministers are discussing how their bailout fund can invest in a bank to save it from failure, laying a cornerstone of the banking union. It's seen as vital to restore economic growth but Ciara Sutton asks if it's enough to.....

Trading at Noon: Stocks, gold, silver down down down
June 20 - U.S. stocks & commodities fall again after the Fed outlined a possible timetable to begin cutting back the easy money.....

Daily Digit: Claims rise 18,000
June 20 - Jobless claims rose a stronger-than-expected 18,000 during the week the Labor Department compiles data used for the key monthly jobs report. Conway G. Gittens reports......

Generics sales boost Rite Aid
June 20 - Rite Aid posts a profit for the third straight quarter. Generic drugs sales fattened profits but hurt revenues. Fred Katayama reports......

Europe Day Ahead: Keep seatbelts fastened, turbulence ahead
June 20 - Another day of market turmoil looms, but don't bet on a gathering of euro zone finance ministers having much to say on it, says CIBC Markets Jeremy Stretch......

West Africa is pot of gold at end of rainbow Stratex CEO
June 20 - Gold set for its worst quarterly performance since 1981. But Bob Foster, CEO of exploration group Stratex, says falling gold discoveries will safeguard prices......

Dont complain, get on a plane -CBI chief tells UK exporters
June 20 - CBI Director-General John Cridland tells UK exporters to get on a plane to a far flung part of the world where the opportunities are plenty......

Euro zone fears over U.S. Fed plan
June 20 - The U.S. Federal Reserve's signal it will stop pumping money into the world economy sinks bonds, shares and commodities alike. Kirsty Basset looks at what that means for fragile Europe where bond yields are critical to struggling euro zone .....

U.S. Morning Call: Gold, silver plummet post-Fed day
Jun 20 - The Fed's Bernanke hinted at reducing the central bank's money drops later this year, with a possible end in 2014. Gold and silver hitting year lows after the announcement......

Market Pulse: No hiding place post-Fed! Well, there's one...
June 20 - There is no shelter from the market fallout after the Fed indicated tapering will start later this year. Well, there is one, and it starts with "D" and ends in "ollar"......

Sports Spread: Draw is Key to Murray's Wimbledon Dreams
June 20 - With two-time champion Rafael Nadal seeded fifth, Friday's Wimbledon draw could throw up a nightmare scenario for Britain's Andy Murray.....

If you can't beat 'em, join 'em: Intel's mobile pivot
June 20 - Not only are smartphones outselling traditional PCs -- soon tablets will, too. Semiconductor king Intel sees the threat, and is responding with incredibly thin laptops boasting full-day battery-life......

Reuters Breakingviews: Fear of Fed
June 20 - The Fed hasn't yet slowed down the QE cashflow, but it has changed the emotional tone. Forget the old risk-on, risk-off dichotomy, it's all about wild flight now......

Unravelling the complex mind of a banker
June 20 - What motivates a banker? Not money, apparently. Oh, and they are proud to tell a stranger they work in finance, according to a YouGov survey......

Reuters Today: Ben bursts the bubble
June 20 - Ben Bernanke sends bonds and stocks skittering as the Fed clears the way to start pulling the Kool Aid from the economic party......

China data points to growth dipping into the danger zone
June 20 - A preliminary survey shows further contraction in China's manufacturing sector, adding to signs the world's number two economy is losing steam. Can its leaders ensure the slowdown remains controlled?.....

Pipe dreams: how the data flows.
June 20 - Not many people know just how complex it is to get data from source to client, so that trades can be made securely. Emmanuel Carjat of TMX Atrium tells us how its done, and how he plans to expand......

Market turmoil, weve been expecting you JP Morgan
June 20 - Investors shouldnt be surprised over the recent market turmoil, and its as much to do with China and Europe as any Fed comments, says JP Morgan Asset Management MD Peter Lawrence......

Daily Digit: Dolce & Gabbana's tax fine
June 20 - Fashion design duo Domenico Dolce and Stefano Gabbana plan to appeal what could end up being a 10 million euro fine for hiding hundreds of millions of euros from the Italian tax authorities. Hayley Platt reports......

EU agrees rules on bank rescues by bailout fund
European finance ministers have agreed on broad guidelines on how to use the bloc's permanent bailout fund to rescue banks from failure, a long-promised goal to stabilise the bloc's financial system.<img width='1' height='1' src='http://telegraph......

French economy to contract by 0.1pc this year, says INSEE
The French economy will contract by 0.1pc this year and the unemployment rate climb to 10.7pc, the national statistics agency INSEE said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d92d309/mf.gif' border='0'.....

Emerging markets crushed by double squeeze in China and America
A Evans-Pritchard: Fears are growing that China's liquidity squeeze may be spinning out of control.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9240d7/mf.gif' border='0'/><div class='mf-viral'><t.....

Business as usual?
Telegraph View: It is difficult for the West to return to a normal economic environment after being dependent for so long upon quantitative easing<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9240d8/mf.gif' b.....

Sellafield clean-up could be taken into state hands as 22bn contract up for review
Sellafield nuclear clean-up could be taken back into state hands after failings by private companies with 22bn contract to managing the site.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9240d9/mf.gif' border.....

As the US economy soars, the eurozone slumps ever deeper
Franois Hollande is deluding himself if he thinks the crisis in the eurozone is over, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9240da/mf.gif' border='0'/><div class='mf-viral'>.....

As the US soars, Europe slumps ever deeper
Franois Hollande is deluding himself if he thinks the crisis in the eurozone is over, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9228b4/mf.gif' border='0'/><div class='mf-viral'>.....

Apple's day of reckoning arrives in ebook price fixing trial
DOJ claims Apple wanted to break the iron grip which Amazon had on the ebook market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9228b5/mf.gif' border='0'/><div class='mf-viral'><table border='0'.....

Facebook adds video to Instagram
Facebook has laid down a challenge to Twitter, by introducing video on its Instagram photo-sharing service.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9225ff/mf.gif' border='0'/><div class='mf-viral'&.....

Lord Puttnam: tax online gambling to fund the arts
Labour peer Lord Puttnam says his plan would give HMRC extra revenues and curb "worrying" rise in online gambling.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9185cd/mf.gif' border='0'/><div class='mf-.....

International shoppers boost Ted Baker sales
Ted Baker has confirmed its status as one of Britain's most fashionable premium brands with a 33pc surge in sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d8e2317/mf.gif' border='0'/><div class='mf-.....

'Tablet explosion' fuels Dixons sales
Surging sales of tablet computers and the demise of Comet have accelerated the recovery of Dixons Retail, the electricals brand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d8b96af/mf.gif' border='0'/><.....

Bremont wins funding to bring watchmaking to UK
Two brothers aiming to bring watchmaking skills back to the UK have secured access to 6m in funding after winning a competition to find Britain's most promising exporters.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Nectar card owner wins 27.2m VAT battle
Aimia has been fighting HMRC for more than a decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9182b0/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td valign='mid.....

Asset managers hit by market woes
Aberdeen Asset Management and Ashmore were hurt as the FTSE 100 tumbled.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d916b8c/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr&g.....

Brewer's online share sale to raise 4m from customers
BrewDog, the Scottish brewery and bar operator, is attempting to secure 4m in funding from its customers through an online "crowdfunding" scheme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d916b8d/mf.gif' bo.....

Horsemeat scandal shows the strength of our grocery industry
It is six months since the discovery of horsemeat in supermarket products rocked the food industry across Europe, but the ramifications of the scandal are still being felt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Global markets plunge as Fed pulls plug on QE
Bourses tumbled on both sides of the Atlantic on Thursday and gold slumped close to a three-year low as markets took fright at the US Federal Reserve signalling it could begin scaling back its stimulus programme this year.<img width='1' height='1'.....

Business news and markets: as it happened, June 20, 2013
Asian markets tumbled overnight as investors took flight following news that the Fed's QE3 could be slowed by the end of the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d91751c/mf.gif' border='0'/>&l.....

Business news and markets: live
Asian markets tumbled overnight as investors took flight following news that the Fed's QE3 could be slowed by the end of the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d899a25/mf.gif' border='0'/>&l.....

Charity faces loss over Co-op bonds
A charity that helps poor communities in Nepal faces losing more than 10,000 as a result of owning bonds in the Co-op.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d907ae5/mf.gif' border='0'/><div class=.....

Lloyds gets 1.6bn dividend from Scottish Widows after regulator reveals 7bn hole in its balance sheet
Lloyds Banking Group, which on Thursday was told to raise an additional 7bn to fill a hole in its balance sheet, is to receive a 1.6bn dividend from Scottish Widows.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

The 2013 casualties of the high street
The have been many retailers that have collapsed in the first six months of the year, with three gone in just the first four weeks. Here we look at the casualties of the high street so far in 2013.<img width='1' height='1' src='http://telegraph.fe.....

Sky wins battle with BT over refusal to carry BT Sport adverts
BSkyB has emerged victorious from a regulatory fight with BT after Ofcom ruled it does not have to show advertising for its rival's new sport channels.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d8f69b5/mf.g.....

Sky wins battle with BT over refusal to carry BT Sport adverts
BSkyB has emerged victorious from a regulatory fight with BT after Ofcom ruled it does not have to show advertising for its rival's new sport channels.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d8f5cd5/mf.g.....