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Thursday 27 June 2013

UK Financial News on 2013-06-27

Fed officials clarify 'tapering'
Officials at the Federal Reserve seek to calm investors by emphasising that its bond purchases will not halt unless the economy strengthens......

US regulator sues ex-MF Global boss
US regulators charge the former boss of broker MF Global with failing to properly manage the company, which allegedly misused customer funds before its collapse......

'Far more' UK shale gas resources
UK shale gas resources may be much greater than thought, says a report, while the government announces financial benefits for "fracking" communities......

US consumer spending rose in May
Economic data points to continuing growth in the US economy, with US consumer spending in May reversing a fall in April.....

EU reaches deal on seven-year budget
A political deal on the EU's hotly contested seven-year budget is struck as leaders of the 27 countries gather for a summit in Brussels......

Ofgem warns of power shortage risk
The danger of power shortages in the UK by the middle of the decade has increased, according to industry regulator Ofgem......

Burma awards mobile contracts
Burma awards lucrative mobile phone licences to Norwegian firm Telenor and Qatari firm Ooredoo, a government committee says......

Spending Review explanation 'woeful'
The influential Institute for Fiscal Studies criticises the documentation and explanation of the Spending Review as being woeful......

Claims for lost mobiles 'impossible'
Making a successful insurance claim for a lost mobile phone can be virtually impossible, a financial regulator says......

Double-dip recession revised away
The UK economy did not enter a double-dip recession last year, revised figures show, but the recession in 2008 was deeper than previously estimated......

US downgrades Bangladesh trade ties
The US suspends longstanding trade privileges for Bangladesh until it improves workers' safety conditions in the clothing industry......

Only four sign up for Green Deal
Only four people have so far signed up to a flagship government scheme to make homes more energy-efficient, the government has admitted.....

Flooding deal 'to cap premiums'
A flood insurance fund will be created to ensure that people who live in properties with a high risk of flooding will have affordable premiums......

Payday loans in competition inquiry
The Office of Fair Trading refers the payday lending industry to the competition authorities over "deep-rooted problems"......

'We need the moolah' said Anglo boss
Anglo Irish Bank's former chief executive David Drumm tells colleagues at his sinking bank to go to the Irish Central Bank 'with arms swinging' saying 'we need the moolah'......

Rolls-Royce 'regrets' Qantas blast
Rolls-Royce says it "regrets" the mid-air failure of one of its Trent 900 engines which happened on a Qantas A380 plane in November 2010......

Automatic public pay rises to stop
Public sector workers face losing automatic pay increases and expatriate pensioners in hot countries their winter fuel allowance as part of 11.5bn cuts unveiled by the chancellor......

Temperature test for winter payments
Expats who live in seven warm European countries will lose their winter fuel payments under a "temperature test" announced by the chancellor......

Rent rises 'driven by London market'
Rental prices have risen by 8.4% in England since May 2005, driven by an 11% increase in London, new official figures show......

French auditor urges economic reform
France's national auditor, the Cour des Comptes, calls for urgent cuts in public spending to get the struggling economy back on track......

Energy and roads get share of 100bn
Modernisation plans for the UK's infrastructure, including new homes, road repairs and improved flood protection, are outlined by the government......

Bank warning over rate rise risk
The Bank of England says "significant" numbers of people could face financial difficulties when interest rates start to rise again......

WRU earmarks extra 1m for regions
The Welsh Rugby Union is making an extra 1m available to help regions keep international players in Wales......

July deadline set for Hearts bids
The administrators of Hearts, accountancy firm BDO, issue a deadline of 12 July for formal offers for the club......

VIDEO: Payday loans 'so easy to borrow'
The Office of Fair Trading (OFT) has referred the payday lending industry to the Competition Commission because of concerns about "deep-rooted problems with the way competition works"......

VIDEO: The secrets of a bank like no other
Arts and economics are two subjects that do not normally combine, but a new interactive theatre production in London aims to do just that - while teaching children that we must spend but also save......

VIDEO: Turning olive oil to liquid gold
As the Italian economy remains mired in recession, there are hopes that one of the country's quality food products, olive oil, could open up new markets in China......

VIDEO: Who should pay when banks go bust?
European Union (EU) finance ministers have agreed an outline plan on how to rescue troubled banks - without leaving taxpayers to face the bill......

VIDEO: Is Osborne or Balls trusted on economy?
After the Spending Review, the Daily Politics mood box got the word on the street asking the public whether George Osborne, or the man who wants his job, Ed Balls, are more trusted with the UK economy......

VIDEO: The migrants working on US farms
A controversial bill on immigration reform is making its way through the Senate, which could increase the number of legal migrant workers in the US......

AUDIO: Today business roundup
Business news with Tanya Beckett, following reports that the Italian government has been forced to deny claims it may have manipulated its finances in order to gain entry to the euro......

VIDEO: Young entrepreneurs head north
Record unemployment has led to a rise in the number of young entrepreneurs leaving southern Europe and heading north......

Big thinking on infrastructure?
How long will the government's infrastructure plan take to work?.....

Turning prisoners into entrepreneurs
Turning prisoners into successful business owners.....

US farms call for immigration reform
US farmers fight for right to employ more Mexicans legally.....

Obama in Africa: Too little too late?
What does the US presidential visit mean for the continent?.....

Mapping children's chances
The world's most family-friendly countries.....

What is middle class in Ivory Coast?
How to survive on $2 and $20 a day.....

U.S. Day Ahead: Expect more finger pointing by Fedsters
June 27 - Analysts will be listening if four Fed officials will top their colleagues Dudley and Powell's market boosting remarks......

Rate reality check for corporate America
June 27 - As rates continue to rise, a number of sectors that rely on debt could feel the impact. Bobbi Rebell reports......

Daily Digit: $13k for OLED TV
June 27 - Samsung launched a $13,000 curved TV using what manufacturers hope is the next evolution of screen quality - OLED. Conway G. Gittens reports......

Techquity: Apple may follow Microsoft's lead, says analyst
June 27 - How Apple's latest operating system could push iPhone users to upgrade like Microsoft's product refreshes have pushed consumers to buy newer PCs......

Business better positioned for higher rates-Moody's Garber
June 27 - Corporate America has learned its lesson from its past debt mistakes-and many sectors have avoided the mistakes of the past, according to Moody's Analytics Ben Garber......

EU seeks jobs for lost generation
June 27 - After Europe clinched two significant deals on banking and their long-term budget, EU leaders are meeting in Brussels, with unemployment top of the agenda. Joanna Partridge asks whether they have the tools at their disposal to make any diff.....

Trading at Noon: DirecTV & peers follow Google's ad path
June 27 - U.S. cable companies and satellite TV providers,are using data on their subscribers' tastes to serve up tailored commercials......

Breakingviews: Wall Street time warp
June 27 - Jeffrey Goldfarb and Breakingviews columnists compare the rapid rise in interest rates to similar occurrences in 1994 and 2003......

KB narrows loss on home price gains
June 27 - KB Home cut its loss by 88 percent, and expects to turn a profit the next two quarters as it benefits from the housing market recovery. Fred Katayama reports......

Europe Day Ahead: A volatile end to the week, month, quarter
June 27 - A look ahead to Fridays key events including the end of Q2 for markets, UK house price data and Obamas trip to Africa......

Investors to pay for bank failure
June 27 - The European Union agrees that shareholders, bondholders and wealthy depositors should share the burden of saving a bad bank, rather than taxpayers. Kirsty Basset reports......

Euro bank stress tests: evolution, not revolution
June 27 - The euro crisis is slowly ebbing, but bank stress tests are here to stay.They will be different from previous rounds though, which bankers welcome......

Daily Digit: Bookies' baby bump boost
June 27 - Business is booming at British bookmakers on speculation the royal baby could come sooner than expected, with the Duke and Duchess of Cambridge fudging the date to retain some privacy. Sonia Legg reports......

SocGen CEO: Don't fear rising rates
......

Market Pulse: Italian yields rise, but look on bright side
June 27 - Italy pays the most in 3 months at a bond auction. But look on the bright side - yields are nowhere near 7% crisis levels. Plus, can the FTSE hold 6,000 and the Aussie avoid going back to the 80s?.....

U.S. CEO and Chinese factory workers reach a resolution
June 27 - Chinese factory employees and the U.S. executive, previously held captive, reach a resolution to a row over pay. Sophia Soo reports......

Breakingviews: EU bail-in partially protects taxpayers
June 27 - New EU rules bailing in creditors of failed banks is a step forwards, but it wont prevent another Cyprus or SNS, says Breakingviews......

Witness: Mongolia walks a resources tightrope
June 27 - Mongolians have voted to give their president another term. His next task? To figure out how to turn the foreign investment taps back on without draining wealth from his country. Max Duncan reports......

Reuters Today: Europe strikes a deal! But can we bank on it?
June 27 - Europe reaches a "bail-in" deal that will see investors and wealthy shareholders pay for future bank failures. Good news for the taxpayer, right? Australia has a new PM, Brazil protests turns violent......

Breakingviews:China's banks shouldn't breathe sigh of relief
June 27 - A crisis point has been defused, but elevated interbank rates are here to stay for China's lenders, according to Breakingviews' John Foley......

From bad to worse for Berlusconi
June 27 - Former Italian Prime Minister Silvio Berlusconi is facing the outcome of two separate corruption cases, just days after being found guilty of paying for sex with a minor. As Ivor Bennett reports, it adds complications to an already complex .....

U.S. Morning Call: What could fulfill Ergen's M&A appetite
June 27 - Dish bows out of the battle for Clearwire, marking its second major blow against Sprint......

Stocks advance faster as economy grows slower
June 26 - Summary: Best two-day rally for stocks since early May as data downgrade makes an aggressive Fed rollback less likely; Gold headed for worst quarter in 45 years; Microsoft brings back the "start" button in Windows 8.1. Conway G. Gittens rep.....

Softbank dials in on U.S. consumers
June 26 - Softbank's Sprint buyout deal brings a new heavyweight into the U.S. telecom business- ready with a plan to try to get consumers to hang up on its rivals. Bobbi Rebell reports......

U.S. Day Ahead: Fedsters explain why markets are wrong
June 26 - Top Fed officials will speak on Thursday, and are expected to discuss Fed policy. Also, look for KB Home and Nike to report......

Federal Reserve official William Dudley calms nerves over bond-buying
A leading member of the US Federal Reserve has moved to calm jittery markets by stressing that plans to reduce the central bank's $85bn-a-month stimulus measures depend on the economy recovering.<img width='1' height='1' src='http://telegraph.feed.....

Virginia Water, the first village of 1m homes
The Surrey village of Virginia Water has become the first place outside London where house values average more than 1?million.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de49738/mf.gif' border='0'/><di.....

Tempers fray in France as drastic cuts loom
France's budget watchdog has called for another round of drastic cuts and an immediate freeze in public sector pay and benefits, warning that public finances are badly off track as deep recession eats into tax revenues.<img width='1' height='1' sr.....

The UK risks an energy crisis it could have avoided - and higher bills are inevitable
Britain finds itself on the brink of an entirely predictable and avoidable energy crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de465a4/mf.gif' border='0'/><div class='mf-viral'><table borde.....

Government needs more than headline-grabbing announcements to rebuild Britain's infrastructure
Naturally enough, the Coalition and opposition saw things differently.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de3b0f5/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

Chin up, Mark Carney, things can't get much worse
The only way is up for the new Bank of England Governor, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de3b0f8/mf.gif' border='0'/><div class='mf-viral'><table border='0'><t.....

Deutsche Bank stays positive as FTSE climbs
Analysts at the broker recommended investors buy into dips in the market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de3cd64/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr&.....

Payday lender investigation could be delayed by bureaucracy
Steve Hawkes says changes to the Competition Commission could delay recommendations to reform payday lenders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de3a761/mf.gif' border='0'/><div class='mf-viral.....

Greene King drives growth with 'affordable treats'
Greene King, the 214-year-old Suffolk brewer, defied the downturn in the wider pubs industry to post record annual results, as its inns and restaurants attracted Britons in search of "affordable treats".<img width='1' height='1' src='http://telegr.....

Hamleys predict Pet toys will dominate Christmas top ten wish list
Hi-tech dogs and robotic fish are set to be a popular theme on children's wishlists this Christmas, as Hamleys predicts a boom in pet-related toys.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de3152b/mf.gif' .....

Companies won't get plea bargains if they delay reporting wrongdoing, SFO says
The Serious Fraud Office has unveiled tough guidelines for companies seeking to avoid court with new US-style plea bargaining deals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de3152c/mf.gif' border='0'/>.....

Government's Green Deal scheme has "a long way to go"
Energy minister Greg Barker said that he expected that the Green Deal plan will need "tweaking".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de31245/mf.gif' border='0'/><div class='mf-viral'><tabl.....

Church of England bids for RBS branches
The Church of England has blessed a consortium of financiers who are battling to win a bid for 315 Royal Bank of Scotland branches with millions of pounds of extra fire-power.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

The Top Ten Toys of Christmas 2013
Hamleys has revealed its predictions for the Top Ten toys of Christmas 2013. Here, the Daily Telegraph lists a guide to each one.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de3124d/mf.gif' border='0'/><.....

Come and get our money, RBS tells 100,000 firms
Royal Bank of Scotland is attempting to convince small companies it is eager to lend to them by encouraging 100,000 to apply for 20bn of credit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de3124e/mf.gif' bor.....

Sketch: Danny Alexander picks the lock
Michael Deacon watches Danny Alexander promise to 'unlock' Britain's future.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de3124f/mf.gif' border='0'/><div class='mf-viral'><table border='0'><.....

Amazon piles pressure on high street with free music offer
Amazon has piled yet more pressure onto the high street by vowing to give customers a free digital version of any CD or vinyl record they buy on the website.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de28aa.....

Business news and markets: as it happened - 27 June, 2013
The IFS has decried the lack of detail in George Osborne's Spending Review as "woeful".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de28aad/mf.gif' border='0'/><div class='mf-viral'><table border=.....

Think tank predicts 6bn tax increase
The Government could be forced to raise 6bn in new taxes after the general election in 2015 despite Chancellor George Osborne's latest round of spending cuts, experts have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Betfair banks on Andy Murray as it slips into the red
Andy Murray is not only carrying the hopes of Britain's tennis fans on his shoulders over the next 10 days but gambling company Betfair is also banking on him to draw in the punters during Wimbledon.<img width='1' height='1' src='http://telegraph......

Watchdog tees up fine for mobile phone insurance seller
One of the country's biggest mobile phone insurers will be fined next month after the regulator issued a damning verdict into standards across the industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de2819c.....

Business news and markets: live
The IFS has decried the lack of detail in George Osborne's Spending Review as "woeful".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dda98e7/mf.gif' border='0'/><div class='mf-viral'><table border=.....

Gold price falls: 4.2bn hit for Bank of England
Central banks across the globe have seen theoretical losses totalling 429bn from the gold price peak.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de28aaf/mf.gif' border='0'/><div class='mf-viral'><.....

Negative equity holds back second-time buyers
Over a quarter of second-time buyers are finding it difficult to move because of negative equity or stagnant house prices, claims a new report.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de1d77a/mf.gif' bord.....

Yes, Marissa Mayer is good looking - but she didn't sign up to be the poster girl for women in business
You have to hand it to the Yahoo! shareholder who told Marissa Mayer she is a hottie; at least he calls a spade a spade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2de3cd76/mf.gif' border='0'/><div clas.....