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Friday 21 June 2013

UK Financial News on 2013-06-21

Markets stable after sharp falls
Markets regain ground during US afternoon trading, following 48 hours of falls prompted by comments from the US Federal Reserve......

Enron chief sentence cut to 14 years
The prison sentence for the former boss of scandal-hit Enron, Jeffrey Skilling, is reduced on appeal from 24 to 14 years......

Google given 35 days to delete data
Google has been given 35 days to delete wi-fi data "mistakenly collected" in 2010, or face criminal proceedings......

Government borrowing rose in 2012-13
Government borrowing rose slightly in 2012-13 compared with the previous year, revised figures from the Office for National Statistics show......

Premier League starts piracy swoop
The Premier League has written to internet service providers to signal its intent to have a popular football streaming site blocked......

Duckmarine firm in administration
The company that runs amphibious vehicle tours in Liverpool goes into administration six days after one of its craft sank......

Rosneft in $270bn China oil deal
Russian state-owned oil company Rosneft signs a 25-year deal worth $270bn to double its oil supplies to China......

EU agrees guidelines for rescue fund
Eurozone finance ministers agree guidelines on how the eurozone's emergency bailout fund can inject money directly into struggling banks......

HSBC customers suffer card glitch
HSBC says its systems are up and running again after UK customers said that their cards had been declined......

Instagram 'must fund its own future'
The boss of Instagram says the company is working well with Facebook but admits it needs to find ways to make money......

Oracle shares hit by weak sales
Investors punish the US computing giant Oracle for missing its sales targets for the second quarter running......

Flybe reports deeper annual loss
Exeter-based carrier Flybe reports an annual loss of 40m after seeing passenger numbers fall and fuel costs rise......

Employers 'want control of training'
UK employers overwhelmingly want more control over training with qualifications better tailored to their needs, a major annual survey suggests......

More pain for tenants as rents rise
The cost of renting a home in England and Wales rose again in May as tenants faced charges that were 3.5% higher than a year earlier, a survey says......

IMF plays down Greek financing fears
The IMF says that no financing problems will arise in Greece, if the current review of the country's bailout programme concludes by the end of July......

Miliband to attack 'land hoarding'
Labour leader Ed Miliband is to say property developers "sitting on" land rather than building homes should be penalised......

Rio delays shipments from Mongolia
Rio Tinto delays its first shipment of copper from a huge Mongolian mine project, Oyu Tolgoi, which was due to begin Friday, because of a lack of government support......

Dating firm acts over allegations
Online dating firm Cupid acts in response to allegations it has been misleading clients, issuing "clearer guidelines" for staff......

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......

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......

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......

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......

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......

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......

Parties interested in buying Hearts
Hearts administrator Trevor Birch says 'three or four' parties are interested in buying the Tynecastle club......

Brazil protests 'won't affect cup'
Fifa denies the Confederations Cup could be cancelled because of protests involving one million people in Brazil......

Mercedes reprimanded over tyre test
Mercedes are banned from this year's young driver test and reprimanded for taking part in a controversial Pirelli tyre test......

VIDEO: Whatever happened to Second Life?
The social media website, Second Life launched 10 years ago and some corporations thought would change the face of business forever......

VIDEO: Hugh's Review: What next at the BoE?
With Mark Carney due to replace Sir Mervyn King as governor of the BoE next week, there is already speculation he may try to boost growth with an expansion of the QE (quantitative easing) programme......

VIDEO: Would you share your food online?
BBC News looks at two e-businesses in France and England, who want to encourage you to share your food online......

VIDEO: Government borrowing rose in 2012-13
Government borrowing rose slightly in 2012-13 compared with the previous year, figures from the Office for National Statistics show......

AUDIO: New homes 'desperately needed'
Hilary Benn, the shadow communities minister, says "there is some landbanking going on"......

VIDEO: 'Standards in banking have collapsed'
Financial journalist Max Keiser recalls working in Wall Street when 'greed was good' but says that 'standards in banking industry have collapsed'......

VIDEO: 'Mr J Hacker' explains predistribution
Predistribution may not be a word in everyone's vocabulary, but it comes from Ed Miliband's new intellectual guru from the US......

AUDIO: Facebook adds videos to Instagram
Instagram CEO Kevin Systrom spoke to BBC Radio 1 Newsbeat's Jonathan Blake......

How air fares can fall as well as rise
Why air fares can go down as well as up.....

Businesses hit as Singapore haze moves in
Businesses hurt as smog drives people indoors in Singapore.....

Is Samsung's phone strategy smart?
Is the tide turning against the smartphone giant?.....

Aircraft displays benefits without leaving airfield
Powering taxiing planes with electricity to save fuel.....

Egypt's revolution inspires tech start-ups
Egypt's tech start-ups use the power of the crowd.....

Shopping help may be next on Yelp
June 21 - Yelp CEO, Jeremy Stoppelman, says his company could soon be a place where you not only read reviews, but also spend money. Conway G. Gittens reports......

U.S. Week Ahead: Don't sweat the selloff -strategist
Jun 21 - This week's steep selloff in U.S. stocks presents a good opportunity to buy the pullback, says JPMorgan's Tom Lee......

Window shopping goes literal
June 21 - Retailers are blending brick and mortar with online in new ways- in a bid to get customers to have a richer experience- and buy more products. Bobbi Rebell reports......

MuniLand: Investors in for a painful summer -Loop Capital
Loop Capital Markets' Chief Strategist Chris Mier says seasonal reinvestment in the muni market could only see a third or less of assets come back into the market......

Techquity: Don't buy Oracle's reasoning for weak sales
Breakingviews Columnist Rob Cyran on why he doesn't believe Oracle's explanation for its weak sales. Plus, how market selloff may impact tech......

Trading at Noon: Deep-dive on bonds as markets fall
June 21 - Ten-year note yields rise above 2.50 pct, the highest since August 2011, as investors fret over when the Fed will start paring back......

Wood-eating gribble to power next generation of liquid biofuels
British and American scientists are unlocking the destructive powers of a wood-eating marine pest to produce cheap liquid biofuels.Helen Long has more......

Breakingviews: Microsoft's mid-life crisis
June 21 Breakingviews columnists discuss the software maker's failed attempts to stay young by investing in retail products and offer some suggestions for a more realistic bucket list......

Daily Digit: $15.1b taxable bond fund outflows
June 21 - Investors have pulled $15.1 billion out of taxable bond mutual funds and exchange-traded funds over the past three weeks, according to Lipper. Bobbi Rebell reports......

Greek markets hit by political turmoil
June.21 - The smallest party in Greece's ruling coalition has pulled out of government, after a row over the abrupt closure of the state broadcaster. Kirsty Basset reports......

Darden's pesimistic outlook for casual diners
June 20 - Quarterly profits dropped at Red Lobster and Olive Garden parent Darden and the casual dining operators sees tough times continuing. Fred Katayama reports......

Wealth Strategies: Earnings potential suggests more upside
Jun 21 - Victory Captial's Erick Maronak says a steadily growing economy and improving earnings prospects suggest this week's pullback is likely just a pause in the markets and won't lead to a deep correction......

EU, China trade talks aim to settle solar panel row
June 21 - The European Union tries to avert a trade dispute with China over its solar panels and help resolve a Chinese probe into EU wine exports. Lily Grimes reports......

Wealth Strategies: Stock pullback "must be bought" - JP Morgan's Lee
Jun 21 - JP Morgan's Tom Lee maintains his year-end price target of 1,715 for the S&P despite the recent market volatility and says investors should take any selloffs as an opportunity to get in the market......

Europe Week Ahead: Bruised investors bid good riddance to Q2
June 21 - The second quarter draws to a close, and what a bruising three months it has been for most markets. EU leaders gather as Greece teeters again, and the UK gets a new dose of austerity......

EU to decide who's in firing line when banks fail
June 21 - Who pays when banks fail? The European Union is trying to figure out a set of rules which will determine how the euro zone deals with failed lenders. Ciara Sutton reports on the divisive reform......

U.S. Morning Call: Oracle heads to Big Board, but sales miss
Jun 21 - Oracle announced it's switching exchanges from the Nasdaq to NYSE, but also reported weak software sales and subscriptions for the second straight quarter......

IMF tells Greece - you've still got until July
June 21 - David Lipton, the first managing director of the IMF, quashes media reports the fund will suspend Greek funding and says Athens has until July to come to an agreement on its bailout programme......

Slowdown and face facts - PWC's Nally
June 21 - Dennis Nally, CEO of the world's largest accounting firm PWC, warns that glacial global growth will continue for another two years......

Dangerous haze hangs over Singapore
June 21 - Heavy smoke from Indonesian crop fires continues to hover over Singapore and parts of southeast Asia making it dangerous to go outdoors. Julie Noce reports......

Three-pronged attack should boost Russian growth VTB CEO
June 21 - Looser monetary policy, growing domestic demand and lower interest rates should boost economic growth in Russia, says VTB CEO Andrei Kostin......

Wealth Strategies: How to invest in a private company
Jun 21 - CTRL:ALT:INVEST Kevin Landis, CEO of the Firsthand Technology Value Fund, says investments in non-public tech firms like Twitter and Silicon Genesis could reap out-sized return.....

Market Pulse: Terminator dollar to FX: Hasta la vista, baby!
June 21 - The "Terminator" dollar is back, and it's a case of "hasta la vista, baby" to all other currencies. Plus, a run through the biggest losers in a week of carnage across global markets......

Play by the rules Gazprom - IEA
June 21 - The IEA warns Gazprom and Europe to play by the rules over gas exports and says a global LNG supply shortage will reverse in 2015......

Should investors really dump emerging markets?
June 21 - It's been a brutal week for emerging Asian markets amid tight credit in China and the Fed signaling an end to stimulus. And even if they recover, investors may not look at them the same way again......

750,000 savers face pensions blow on signs money printing is over
More than 750,000 British workers on the brink of retirement face losing a fortune on their annual pension income as central banks prepare to wind down support for the global economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

SoftBank plays hard ball to get to the top
When Japan's SoftBank made a bid for Sprint, the American wireless operator, few people outside Japan had paid much attention to the telecoms company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9f79b3/mf.gi.....

Liberty vows to keep Kabel Deutschland public if it beats Vodafone to 4bn deal
Vodafone faces an increasingly serious challenge to its 7.5bn (4.4bn) attempt to buy Kabel Deutschland after it emerged that rival bidder Liberty Global will keep the German company public.<img width='1' height='1' src='http://telegraph.feedsporta.....

France wants to ban Amazon from delivering discounted books for free
French book sellers say practice threatens their business model as Amazon undercuts their prices.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9ef2db/mf.gif' border='0'/><div class='mf-viral'><tab.....

The Fed wants to take away the punch bowl before the party has even started
Ben Bernanke risks repeating the mistakes of 1937 by starting to tighten policy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9eee0f/mf.gif' border='0'/><div class='mf-viral'><table border='0'>.....

Four in five shoppers 'prefer the high street over the internet for clothes'
Four in five shoppers still prefer to buy clothing in a store rather than over the internet, a study has shown, boosting hopes for Britain's beleaguered high streets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Dwell customers still waiting for furniture ordered six months ago
Shoppers who ordered furniture from collapsed retailer Dwell six months ago face losing their deposit after their products were never delivered.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9ebd3a/mf.gif' bor.....

Activist investor boosts 3i stake
Edward Bramson is now 3i's second-biggest shareholder.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9ebd3c/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td valign='m.....

Another shameful day for Europe as EMU creditor states betray South
So much for the denials. The Cyprus "template" for banking crises is to be eurozone policy for other countries after all.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9e2afa/mf.gif' border='0'/><div cla.....

Tchenguiz lawyers claim HBOS could have rigged Libor
Property entrepreneur Vincent Tchenguiz is trying to block a move by Lloyds to put part of his empire into administration by claiming the bank could have been involved in Libor-rigging.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Greek uncertainty leaves markets in red at end of turbulent week
Markets across Europe slipped further on Friday, rounding off a turbulent week, as fresh uncertainty in Greece compounded anxieties over America pulling the plug on stimulus measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Are shareholders heading for another summer washout?
Just when you thought it was safe to dip your toe back into shares, stock markets around the globe plunged again this week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9e1d76/mf.gif' border='0'/><div c.....

Business news and markets: as it happened, June 21, 2013
Greece's borrowing costs have spiked amid fears the country's coalition government is on the brink of meltdown.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9db781/mf.gif' border='0'/><div class='mf-vir.....

Business news and markets: live
Greece's borrowing costs have spiked amid fears the country's coalition government is on the brink of meltdown.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d975318/mf.gif' border='0'/><div class='mf-vir.....

Top 5 ways to save money in the sales
The Telegraph's fashion team offer their top 5 tips for saving money in end of season clearance sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9e1d7a/mf.gif' border='0'/><div class='mf-viral'>&l.....

BP calls for inquiry over alleged misconduct by Gulf spill compensation lawyer
BP has called for a "comprehensive and independent investigation" into allegations of misconduct by lawyer over Gulf compensation claims.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9da7f0/mf.gif' border='0'.....

Bank of Tokyo-Mitsubishi to pay 162 million for money laundering
Japan's biggest bank faces a 162 million ($250 million) fine for laundering billions of dollars in violation of economic sanctions against countries including Iran, Burma and Sudan.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

HSBC customers' cards fail as website crashes
HSBC customers were denied access to their cash due to technical glitch on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9cf0aa/mf.gif' border='0'/><div class='mf-viral'><table border='0'&g.....

Greek troubles unsteady markets
London's leading shares gave up their gains on Friday, with the benchmark index heading for its longest streak of weekly losses in two years, as traders were unsettled by fresh uncertainty in Greece.<img width='1' height='1' src='http://telegraph......

UK tobacco prices 'almost double Europe's'
Britons are paying a high price for their vices, with tobacco prices almost double the European average and alcohol prices 43pc higher, according to research.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9c20.....

OFT to decide on payday firms referral
Trading watchdog will announce next Thursday whether it plans to refer payday lenders for investigation by the Competition Commission.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9be318/mf.gif' border='0'/&g.....

Fed ends QE: what it means for bond investors
Even the Bank of England has said that 'the biggest bond bubble in history' is at risk of bursting.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9c1736/mf.gif' border='0'/><div class='mf-viral'><t.....

EU rules to curb surprise downgrades make 'no sense'
EU curbs on sudden downgrades of sovereign debt make "no sense" and will unsettle markets, analysts have warned, despite claims from Brussels that the rules will increase competition and transparency.<img width='1' height='1' src='http://telegraph.....

141million EuroMillions jackpot could buy a dozen private islands
If one lucky winner scoops the 141million lottery jackpot their lives will be changed forever - but they will be able to buy a dozen private islands on which to recover from the shock.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

How to protect your pension from a bond market crash
The price of fixed-interest investments such as bonds and gilts affects the value of your pension fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d9c10a3/mf.gif' border='0'/><div class='mf-viral'>&.....