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Friday 28 June 2013

UK Financial News on 2013-06-28

Facebook acts to avoid ad boycott
Facebook announces a major revamp of its advertising systems in an attempt to deal with concerns about offensive content......

Blackberry shares dive after loss
Smartphone maker Blackberry rings up an $84m (55m) loss in its first quarter, sending its shares plunging......

Ex-Tesco chief Leahy criticised
Tesco's former chairman Lord MacLaurin criticises the legacy left by ex-chief executive Sir Terry Leahy......

RBS and Lloyds sale advisers sought
The government has begun the process of appointing advisers to help it sell its stakes in Lloyds Banking Group and Royal Bank of Scotland (RBS)......

London house price gap 'widest ever'
The gap between house prices in London and the rest of the UK is now the widest ever, according to the Nationwide......

News Corp officially splits in two
Rupert Murdoch's media empire, News Corporation, officially separates into two companies, splitting its publishing arm from its entertainment division......

Executives join red-tape taskforce
The UK government recruits a team of executives, including from M&S and Compass, to help it identify European regulations that need scrapping or reforming......

CPP takeover talks with founder end
CPP Group founder Hamish Ogston pulls out of takeover talks for the troubled credit card protection firm......

UK services output picks up in April
The output of the UK's services sector picked up in April, official data show, raising hopes of continued economic growth into the second quarter......

Thousands due bank payments redress
Up to 30,000 consumers may be eligible for compensation, after some banks failed to cancel regular payments from their accounts......

Network Rail apologises for delays
Network Rail apologises to passengers for delays on the West Coast line from London to Scotland, saying its performance was "unacceptable"......

Fallon 'fully behind' National Grid
The government says energy minister Michael Fallon is "fully behind" a National Grid consultation on cutting energy usage in times of shortage......

Cleric held in Vatican bank inquiry
Monsignor Nunzio Scarano is arrested over allegations of corruption and fraud in connection with an inquiry into the scandal-hit Vatican bank......

EU 'first step' for jobless youths
EU leaders end their summit in Brussels by agreeing to put 6bn euros into youth training schemes and promote lending to credit-starved small businesses......

Poor 'hit by 25% living cost rise'
Living costs have risen 25% in the past five years, placing an "unprecedented" financial burden on the poor, the Joseph Rowntree Foundation says......

India doubles price of natural gas
India doubles the price of natural gas, in an effort to kick-start investment in the country's domestic production......

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......

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.....

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

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......

Gold falls below $1,200 an ounce
The gold price falls below $1,200 an ounce, its lowest level in almost three years, after the US Federal Reserve said it could wind down its stimulus programme......

China finds 'violations' in lending
China's National Audit Office says that some state-owned banks "violated" lending regulations......

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......

SPL and SFL finally agree to merge
The creation of a new Scottish Professional Football League goes ahead after a troubled day at Hampden......

VIDEO: Hugh's review: Bond markets examined
It has been a rollercoaster ride for bond markets in recent weeks, with yields, the interest rates on these financial instruments, rising sharply......

VIDEO: Poor 'hit by 25% living cost rise'
Living costs have risen 25% in the past five years and placed an "unprecedented" financial burden on the poor, a report has found......

VIDEO: 'Financial rock star' ready for BoE
On Monday the role of governor of the Bank of England will be taken up by Canadian Mark Carney, following Sir Mervyn King's retirement from the role on Friday after 10 years in charge......

VIDEO: EU to tackle youth unemployment
European leaders have agreed to spend about 6bn euros (5bn; $8bn) to try to get more young people into work......

VIDEO: Sri Lanka in drive to boost tourism
Sri Lanka is massively investing in efforts to boost tourism, luring high-end hotel developers to its pristine beaches......

VIDEO: News Corp splitting into two
Rupert Murdoch's media empire News Corp is in the process of being split into separate publishing and entertainment companies......

AUDIO: Today business roundup
Tanya Beckett with the Business News with a look at the job facing the new Governor of the Bank of England, Mark Carney, who starts on Monday......

VIDEO: Can borrowers cope with mortgage rise?
A "normal" mortgage today would be around 7% - and people know the current mortgage and interest rates are not normal - said the editor in chief of the personal finance magazine Money Week......

Good timing
The luck of the Canadians (and Mark Carney).....

Should business bosses tweet?
The pitfalls and pleasures for bosses on social media.....

Ethiopias tech hopefuls
Going high tech despite Ethiopias lumbering infrastructure.....

Portugal's seasonal jobs paradox
Why are the jobless shunning work in tourist bars?.....

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

Europe struggles for reform amid euro woes
Ailing EU struggles to find work for jobless millions.....

U.S. Week Ahead: No fireworks seen in June jobs report
June 28 - U.S. nonfarm payrolls for June are expected to come in at 165,000, that's down 10,000 from May. And a Fedster speaks on the economy and QE......

Should BlackBerry make a deal?
June 28 - BlackBerry needs a new game plan after its disastrous earnings. Bobbi Rebell reports......

Daily Digit: 56.4 million cable customers
June 28 - There were 56.4 million cable customers last year and even though those numbers are falling cable companies are still willing to fight over them. Conway G. Gittens reports......

Techquity: Lost Playbook for BlackBerry, Google v. Apple OS
June 28 - BlackBerry's rough quarter and a look at Google and Apple's latest battle over their operating systems......

The Upside: Why markets are out of touch
columnist Zachary Karabell explains why Americans are not freaking out over the recent big swings in stocks and bonds......

Breakingviews: IP-uh-O
June 28 - Jeffrey Goldfarb and Rob Cyran discuss how rising interest rates led to price cuts in a rash of stock market debuts, including CDW and HD Supply, and whether the IPO party is over......

Trading at Noon: BlackBerry's stumble turns into a fall
June 28 - Shares of BlackBerry are down nearly 25 percent today after the company's results showed few signs of a turnaround......

MuniLand: Don't fear a Puerto Rico downgrade, investor says
Jun 28 - HJ Sims' Richard Larkin says that, even if Puerto Rico misses this weekend's budget deadline and is downgraded by the rating agencies, he would still own its non-investment grade municipal bonds......

EU leaders push for banking union
June 28 - European Union leaders want agreement by the end of the year on a way to resolve failed banks at a European, rather than national level, despite German resistance to the idea. Rough Cut (no reporter narration)......

Tire kicking going on around BlackBerry's assets- IDC's Jackson
June 28 - The assets Blackberry has at its disposal are formidable, and it wouldn't be surprising if we see more tire kicking from competitors- IDC's John Jackson. Bobbi Rebell reports......

EU sets aside billions to tackle youth joblessness
June 28 - European leaders say worryingly high youth unemployment in the euro zone has to go down - and are pledging 8 billion euros over two years to spend on youth programmes. But as Joanna Partridge reports, the measures may not be enough to make .....

Investors losing hope in BlackBerry
June 28 - Few signs of a long-promised BlackBerry turnaround and an unexpected quarterly loss send the stock down. Fred Katayama reports......

Europe Week Ahead: Central Banks, Carney, Croatia
June 28 - A big week next week for Mark Carney, Croatia and a plethora of central banks......

U.S. Morning Call: BlackBerry getting battered after results
June 28 - BlackBerry reports a loss in the last quarter and forecasts a loss in the current quarter......

Pfizer's patent pain over Viagra
June 28 - Goodbye Viagra, hello competition! Angeline Ong takes a look at Pfizer's fortunes as Viagra's UK patent expires......

Samoan airline goes XL
June 28 - Samoa Air already charges passengers by their weight - but is now launching an extra-large seat service for the fuller figure. Paul Chapman reports......

Croatia's debt woes mar EU entry
June 28 - Croatia will become the European Union's 28th member on Monday. But with an economy resembling a struggling euro zone state it's likely to face tough reforms the moment it signs up. Hayley Platt reports......

Market Pulse: Goodbye Q2 volatility, hello Q3 volatility
June 28 - Volatility jumped in Q2, with US stock market's VIX index having its biggest rise in almost 2 years. And higher "vol" is something investors may have to get used to. Plus, gold's 45-year landmark......

Samoan airline goes large
June 28 - Samoa Air which charges passengers by their weight launches an extra-large seat service for the fuller figure. Paul Chapman reports......

Reuters Breakingviews: Europes great tool for old crises
Breakingviews......

Asia Week Ahead: Snowden chill for China-U.S. at Asia meeting?
June 28 - More conflict may lie ahead for China and the U.S. at an ASEAN meet in Brunei next week, with Washington still upset from Hong Kong's denial of an extradition request for ex-CIA analyst Edward Snowden.....

Japan's Abenomics lift: Six months on, still riding high
June 28 - While both dollar/yen and the Nikkei 225 have given up some of their 'Abenomics'-fueled gains, many other economic indicators from Shinzo Abe's first 6 months are encouraging......

Wealth Strategies: Don't give up on solar energy yet!
Jun 28 - CTRL:ALT:INVEST Bill Lese, managing partner at VC firm Braemar Energy says there's still growth potential in the solar sector, and also likes early-stage investments in shale, coal and hydrocarbons......

Reuters Today: Gold, Fed, dollar. Its 1980 all over again
June 28 - Gold tumbles, the dollar surges and the Fed signals a big shift in policy s 1980 all over again, says Bank of New York Mellon chief currency strategist Simon Derrick.....

Christmas comes early at London's Hamleys toy store
June 28 - What are the must-have toys for Christmas 2013? According to world famous toy store Hamleys of London, toddler tablet computers and robotic puppies will be among this year's hot favourites. Ivor Bennett reports......

Barclays could cut lending to meet PRA capital rules, warns chief Antony Jenkins
Barclays could cut lending in the UK if it is forced to quickly meet new financial strength targets imposed by the regulator, the bank's chief executive has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

QE fears bring FTSE 100's year-long bull run to an end
The FTSE 100's spectacular run of monthly gains has been brought to a halt with the index falling in June.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2df1e284/mf.gif' border='0'/><div class='mf-viral'&g.....

Terry Leahy's transforming achievements still stand despite Tesco's difficulties
During his 13 years in charge, Tesco's annual pre-tax profits cleared 1bn, 2bn and 3bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2df1e286/mf.gif' border='0'/><div class='mf-viral'><table border=.....

Our leaders polish their CVs and keep an eye on the exits
Mervyn King avoided the selfishness that afflicts many politicians, says Charles Moore<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2df13ec5/mf.gif' border='0'/><div class='mf-viral'><table border='.....

Schroders rises in volatile market
The 209-year-old fund manager was one of the FTSE 100's biggest risers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2df0ef98/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

The Fed's actions will have very little impact on the BRICS
It has become increasingly fashionable in the past few weeks to regard the great era of accelerating growth among the so-called emerging economies as over. I think this is wrong.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Marks & Spencer chief Marc Bolland among those tackling red tape
Marks & Spencer's chief executive is among half a dozen business leaders who will work with the government to identify European red tape that is hampering business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Marc Bolland among chiefs tackling red tape
Marks & Spencer's chief executive is among half a dozen business leaders who will work with the government to identify European red tape that is hampering business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Kuwait wealth fund backs British recovery
Kuwait's sovereign wealth fund has backed Britain's recovery prospects as new data indicated the pace of growth may be picking up.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2deff685/mf.gif' border='0'/>&l.....

Former Tesco boss Lord MacLaurin criticises 'sad' legacy of Sir Terry Leahy
Lord MacLaurin, the former boss of Tesco and the man who turned the company into Britain's biggest retailer, has hit out at the legacy left by his successor Sir Terry Leahy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Investors pull $23bn from US bonds in a month
Investors have pulled $23.7bn from US bond funds in the past four weeks - the heaviest withdrawals since October 2008 - as they prepare for an end to America's quantitative easing habit.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Business news and markets: as it happened - June 28, 2013
Tesco's former chairman Lord MacLaurin decries the "sad" legacy left by Sir Terry Leahy and appeals to shareholders to give the new management time to turn the business around.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Business news and markets: live
Tesco's former chairman Lord MacLaurin decries the "sad" legacy left by Sir Terry Leahy and appeals to shareholders to give the new management time to turn the business around.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

UKFI fires starting gun on sale of taxpayers' bank stakes
The Government has moved quickly to start the sale of the taxpayer's stake in Lloyds Banking Group, giving interested investment banks just 10 days to apply for a role in the process.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

BlackBerry slumps as BB10 flops
Blackberry reported a first quarter loss of 55m, forecast another one next quarter and said its new BB10 devices sold just 2.7m units<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2deeec66/mf.gif' border='0'/>.....

JD Sport buys retailer Ark out of administration
JD Sports has rescued troubled fashion retailer Ark from administration, saving more than 150 jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2deeec6c/mf.gif' border='0'/><div class='mf-viral'><t.....

JD Sports buys retailer Ark out of administration
JD Sports has rescued troubled fashion retailer Ark from administration, saving more than 150 jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2deee46e/mf.gif' border='0'/><div class='mf-viral'><t.....

Could you be Mark Carney's sidekick at the Bank of England?
The search for a deputy governor at the BoE has started. Do you have what it takes to be Mark Carney's second-in-command?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dedd3cf/mf.gif' border='0'/><div cla.....

Sony admits it has been selling to Iran
Sony may have breached US sanctions after it admitted that some of its third-party Dubai dealers had sold $12.8 million worth of products to Iran.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dec99a6/mf.gif' b.....

Blackberry reports 55m loss in first quarter
Blackberry reported a fiscal first quarter loss and forecast a loss in the second quarter, despite increased sales and revenue.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dec99a8/mf.gif' border='0'/><d.....

'Mr and Mrs MEP' colouring book becomes surprise hit of EU summit
David Cameron waved a copy of a European Union funded colouring book called "Mr & Mrs MEP" at a summit of Europe's leaders to ram home his demand for cuts to wasteful Brussels spending.<img width='1' height='1' src='http://telegraph.feedsporta.....

Banks must cancel recurring payments if asked
Campaigners have declared a victory against "continuous payments", often used by gyms and insurance companies, after the regulator tightened rules.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ded9622/mf.gif' .....

Banks must cancel recurring payments
Continuous payment authority (CPA), which is often used by gyms, payday lenders and insurance companies, can be cancelled and compensation paid for past errors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dec.....

France could miss deficit target - Hollande
Francois Hollande has warned that France could miss its deficit target due to poor growth and dwindling tax revenues, while stressing his commitment to containing public spending.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Virgin launches 2.75pc best buy cash Isa
Money MOT: We review the latest savings deals from Branson's supposedly no-nonsense bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dec808e/mf.gif' border='0'/><div class='mf-viral'><table borde.....