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Saturday, 22 June 2013

UK Financial News on 2013-06-22

Town centres 'missing out on retail'
Research suggests the government's new planning rules are doing little to coax local authorities into locating big new retail developments in town centres......

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......

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......

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

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: Sir Mervyn King's decade at the Bank
Stephanie Flanders looks at Sir Mervyn King's legacy after ten years at the helm of the Bank of England......

VIDEO: Local loyalty schemes catching on
Small chains and independent local stores are increasingly setting up their own loyalty schemes to attract and reward shoppers......

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: Running an ice cream shop in civil war
Bakdash is an ice cream shop in the heart of Damascus - which before the civil war was popular with locals and tourists alike......

VIDEO: Can energy-starved India work with US?
US Secretary of State John Kerry is to visit India - his first trip to the country since he took over from Hillary Clinton......

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: What future for India's caste system?
India's economy grew rapidly over the first decade of the 21st century, and one much talked about trend has been the rise of the country's middle class......

Buzz Aldrin calls for a Mars colony
Buzz Aldrin's rallying call to mankind.....

Voucher trend moves to small stores
Independent stores tackle the big chains with voucher schemes.....

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?.....

Stocks fight back threat from spike in rates
June 21 - Summary: The Dow and S&P 500 rebound in volatile trade after a two-day slide, but Nasdaq hampered by Oracle drop; Bond yields surge to 22-month high; Darden warns sluggishness still on the menu. Conway G. Gittens reports......

Execs behaving badly - where are they now?
June 21 - As jailed former Enron CEO Jeff Skilling gets his 24 year sentence reduced to 14 years, Conway G. Gittens takes a look at high-profile white collar convicts and where they are now......

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......

Investors turn on Osborne over RBS interference
Investors in the Royal Bank of Scotland have criticised the amount of government interference in the state-backed institution following the ousting of Stephen Hester and the Chancellor's plans to carve out a "bad bank".<img width='1' height='1' sr.....

Co-op unlikely to claw back cash over 1.5bn black hole
The Co-op Group is unlikely to be able to claw back any money from the former chief executive, Peter Marks, or the former bank head, Neville Richardson, despite the revelation that the bank had a 1.5bn capital shortfall.<img width='1' height='1' s.....

Starbucks pays first tax since 2008
Starbucks has made its first corporation tax payment to HMRC since 2008, paying 5m for the first six months of the year despite the business making a loss of 30m in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

New 3bn offer to take ENRC private
The founders of the mining giant ENRC are poised to table an unchanged 3bn offer in order to take the troubled company off the London market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2da77cac/mf.gif' border.....

Walsh attacks 40pc Heathrow price rises
Willie Walsh, chief executive of International Airlines Group, the owners of British Airways, has attacked Heathrow Airport for applying to charge airlines 40pc more to use the airport over the next five years.<img width='1' height='1' src='http:/.....

Top hats and tails, but Ascot feels the pinch
It was hardly discernible given the demand for finger sandwiches and champagne at Royal Ascot last week but even the racecourse's well-heeled customers are feeling austerity's pinch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

BT faces competition over rural broadband
A rural internet fund is teaming up with a Swedish entrepreneur to break BT's stranglehold on broadband roll-out in "underserved" parts of Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2da7cd84/mf.gif' .....

Comfy profit for lady Astor's OKA
OKA, the designer furniture retailer run by the Prime Minister's mother-in-law, Viscountess Astor, has battled tough economic conditions to report a rise in profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

BP-backed oil firm poised for City float
A North Sea oil explorer backed by BP is preparing to float in London with a market capitalisation in excess of 350m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2da7cd85/mf.gif' border='0'/><div class='.....

Osborne to cap welfare spending
George Osborne will unveil a fundamental overhaul of spending this week by outlining plans for limits on previously uncontrolled parts of the public finances, such as housing benefit.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Waitrose moves to ease tensions over Ocado tie-up
The managing director of Waitrose, Mark Price, has moved to cool the war of words with Ocado by stating that the grocer wants to continue its contract with the online retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Energy regulator to warn over blackouts
Ofgem is preparing to issue its starkest warning yet over the growing risk of blackouts in Britain as power stations are shut and investment in new plants stalls.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d.....

Apple and Samsung should be 'scared' of Huawei
The CEO of Huawei's mobile division tells Matt Warman how the company plans to rule the smartphone market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2da7cd8a/mf.gif' border='0'/><div class='mf-viral'&g.....

It's time to tell Heathrow the party is over
Heathrow Airport Limited is a monopoly. For passengers and airlines alike, there is no alternative provider of hub airport services. Heathrow owns it and runs it. If you don't like it, take the ferry to Amsterdam.<img width='1' height='1' src='htt.....

We are in an anti-business funk. It should stop
Last Tuesday night at the headquarters of Barclays Bank in Canary Wharf, Antony Jenkins, the chief executive, and David Walker, the chairman, mingled with staff from all over the world at the annual citizenship awards.<img width='1' height='1' src.....

How hockey shaped the Governor
Mark Carney is a confident, sensitive, humble, brave and slightly crazy soul who craves responsibility. We know this, I'm told, because he is an ice hockey goalie.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Rainmaker: easyJet take-off hindered by Sir Stelios turbulence
On the evening of Tuesday, March 23, 2010, Fleet Street's finest headed to the British Press Awards at London's Grosvenor House Hotel.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2da7779f/mf.gif' border='0'/&g.....

Kings of Cannes: adverts that melt your heart
Emotive advertising that helps the bottom line starred at this year's festival, writes Laurence Green .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2da777a4/mf.gif' border='0'/><div class='mf-viral'>&.....

The making of the boy from Fort Smith
Philip Aldrick travels to Canada to find out what made Mark Carney 'the outstanding central banker of his generation'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2da777a0/mf.gif' border='0'/><div class=.....

Think Tank: How to act in time of crisis
When O2's mobile phone network crashed last July leaving thousands of users unable to receive text messages or phone calls, customers were quick to react, taking to Facebook and Twitter to express their anger and frustration.<img width='1' height=.....

Trading for Good: be loud and proud about the social good your company does
A new scheme will help SMEs to shout about all the work they do to support their local communities, reports James Hurley.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2da728dd/mf.gif' border='0'/><div cla.....

Questor share tip: Dixons had strong results but still issues to fix
Given the troubles on the high street, the retailer has had stellar results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2da728de/mf.gif' border='0'/><div class='mf-viral'><table border='0'><.....

Questor share tip: BT's sports battle with Sky has a long way to go
<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2da728df/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td valign='middle'><a href="http://share.feedsportal.com/sha.....

Beefed up animal waste to boost UK Gas industry
And now for some good moos. Thousands of British homes could soon be heated by, among other things, cow manure after the Health and Safety Executive (HSE) agreed to relax regulations controlling renewable gas plants.<img width='1' height='1' src='.....

Mr Tyrie's 'radical idea' is not radical enough
There's been so much in the news that a UK-based economist could be forgiven for fretting over what to write about this weekend.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2da728e3/mf.gif' border='0'/><.....