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Wednesday 3 July 2013

UK Financial News on 2013-07-03

UK service sector growth accelerates
The UK's services sector recorded its fastest rise in activity for more than two years last month, an industry survey says......

Nicole Farhi enters administration
The upmarket British fashion company Nicole Farhi has gone into administration......

Crisis hits Portugal borrowing costs
Portugal's borrowing costs have risen sharply and stocks have fallen amid fears of a growing political crisis in the country......

Egypt fears sends oil price higher
The price of US light crude oil hit a 14-month high on Wednesday, while Brent crude also rose, on concerns over political turmoil in Egypt......

Mobile phone complaints firm fined
A firm which deals with complaints for Phones 4U has been fined 2.8m for wide-ranging failures in dealing with gripes about mobile insurance policies......

Samsung buys TV firm Boxee
Samsung is taking over the Israeli firm Boxee, a start-up which makes set-top boxes that let users stream recorded TV shows from the cloud......

Furniture retailer Dwell to reopen
The co-founder of furniture retailer Dwell announces a rescue deal for the chain, saving half the jobs at risk, with a number of stores to reopen on Thursday......

Talking train window ads tested
Adverts created by vibrating train windows, making sounds appear to come from within commuters' heads, could soon be launched in Germany......

Carney to look at bank note figures
New Bank of England governor Mark Carney is reviewing the historical figures appearing on bank notes, amid concerns that no women will be represented......

Merkel warns on youth unemployment
Youth unemployment is "perhaps the most pressing European problem", German Chancellor Angela Merkel has said, ahead of an EU meeting......

RBS to review small business lending
RBS launches an independent review into its small business lending, saying it has 20bn that could be lent to firms......

Debit card 'is first choice online'
Debit card spending by internet shoppers overtook the use of credit cards online for the first time last year, industry figures show......

Subsea industry in plea for support
The UK subsea industry has created 16,000 new jobs over the last three years, with another 10,000 in the pipeline, it is revealed......

Protests planned over web spying row
Several major websites are planning to take co-ordinated action in protest over US surveillance, with real-world demonstrations also planned......

Ofcom plans fast broadband changes
Regulators propose new measures they say could lead to better deals for superfast broadband customers......

London Market Report
Shares fall after confidence is hit by tensions in Egypt and political uncertainty in Portugal......

Ofgem urges energy theft crackdown
Energy firms must do more to tackle electricity theft, a third of which is said to be for cannabis farms, Ofgem says......

Sainsbury's 'sorry' to mobile user
Sainsbury's apologises after a checkout worker in south-east London refuses to serve a customer until she ends her mobile phone call......

Kerry Katona files for bankruptcy
The singer is also dropped as the face of payday loan company Cash Lady after declaring bankruptcy......

Scots to lose 'right to buy' homes
The right of council tenants to buy the homes they rent at discounted rates is to be abolished in Scotland from 2017, it is announced......

Annuity rates 'starting to rise'
Annuity rates are starting to rise, experts say, offering some respite for older people who have saved for years for their retirement......

Teachers warn of school term 'chaos'
All state schools in England are to be able to set their own term dates - while Wales moves in the opposite direction, with proposals for standardised terms......

Strong US car sales drive recovery
US car manufacturers report their strongest monthly sales growth in June since the recession......

Firms' confidence 'at six-year high'
Business confidence in the UK is at its highest level since 2007 and the economy is slowly strengthening, a survey from a leading business group suggests......

VIDEO: HS2 'vitally important for growth'
The government has rejected calls from the former Business Secretary Lord Mandelson to rethink its high speed rail project......

VIDEO: Oil prices on rise amid Egypt unrest
Instability in Egypt has hit global oil prices, sending US light crude above $100 a barrel for the first time since September 21012......

VIDEO: PM defiant in austerity-hit Portugal
The resignation of two key ministers has left many questioning whether Portugal's right-of-centre government, which has enthusiastically embraced austerity measures, can survive much longer......

VIDEO: German scheme a brain drain for EU?
Youth unemployment is a major problem for many countries within the eurozone, but is a German scheme to attract foreign workers a good solution?.....

AUDIO: Today business roundup
A report out this morning claims Jersey helps the UK generate around 2.3bn in tax revenues each year and supports 180,000 British jobs. Plus, a summit in Berlin on youth unemployment......

AUDIO: Are zero hour contracts unfair?
Lizzie Cowley from The Work Foundation tells BBC Radio 5 live why zero hour contracts need to be scrutinised......

VIDEO: Cable: RBS 'very risk averse'
Royal Bank of Scotland has launched an independent review of its lending to small businesses......

AUDIO: RBS: 'We want to lend more'
The Royal Bank of Scotland is launching a review of its small business lending after uncovering 20bn that could be used to support companies in need of loans......

Why China's financial jitters matter
Why China's financial jitters matter.....

Can you teach the intolerant to be tolerant?
From war correspondent to teaching tolerance.....

Why not... introduce a flat tax?
The case for and against a simple idea yet to be a UK election issue.....

Jambo tech! (Hello, tech! in Swahili)
Kenya's fast-growing technology sector.....

Teentech winners honoured
Teen tech inventors are invited to Buckingham Palace.....

U.S. Day Ahead: Possible fireworks seen in June jobs report
July 3 - Positive economic data this week indicates there might be a surprise to the upside in the June jobs numbers. The report will feed into the Fed's tapering timeline......

Stocks rally in short day; oil tops $102
July 3 - Summary: Stocks post modest gains with faster private hiring partly offset by slower service sector growth; Oil temporary tops $102 on Egypt; Hospital stocks ill on healthcare reform delay. Conway G. Gittens reports......

Optimism ahead of jobs report
July 3 - Encouraging data from several reports have market watchers optimistic that Friday's jobs report will continue the trend of slow and steady improvement. Bobbi Rebell reports......

Techquity: Apple's fashionable move, Samsung and Yahoo deals
Jul 3 - Apple brings in head of luxury firm. Yahoo buys video app and Samsung purchases Boxee......

Trading at Noon: Hospital stocks fall on healthcare delay
Jun 3 - The U.S. will delay the healthcare law employer mandate to 2015......

Europe talks jobs but will there be action?
July 3 - Germany's Angela Merkel is meeting European leaders in Berlin to discuss how to tackle chronic youth unemployment. But as Joanna Partridge reports the summit is being seen by some as a pre-election public relations exercise......

Breakingviews: Oil over the place
July 3 - Antony Currie and Breakingviews columnists explain how Chesapeake's out-of-control exploration costs undermine its recent leadership in finding black gold......

Yahoo buys mobile app Qwiki
July 3 - Yahoo is buying Qwiki, its latest in a string of purchases aimed at boosting its mobile business to take on Google and Facebook. Fred Katayama reports......

We should have a nice job gain Friday- Wells Fargo's Silvia
July 3- Firms are hiring, even in areas like services where the pace of growth is slower- and that's helping the employment picture, says Wells Fargo's John Silvia. Bobbi Rebell reports......

Satellite tracking could be last hope for elephants in South Sudan
July 3 - Conservationists in South Sudan are using satellite technology to monitor and protect the region's threatened elephant populations. They say South Sudan's elephants are in danger of being wiped out in five years, if the current rate of ivory.....

Europe Day Ahead: ECB meets as Portugal reignites crisis
July 3 - All eyes on how the ECB and Mario Draghi respond to the euro crisis flaring up again thanks to Portugal. It's also BoE chief Mark Carney's first policy meeting, and Egypt's crisis comes to a head......

Crisis talks as Portugal teeters
July 3 - There's political turmoil in Portugal after the resignation of two key ministers and reports that others may be about to follow them. Ivor Bennett lools at what implications the crisis has for the euro zone......

U.S. Morning Call: Dell founder told to raise the stakes
July 3 - Michael Dell has been advised by a special committee to raise his $24.4 billion offer for Dell now that Carl Icahn has committed more money to back his bid......

Market Pulse: Portugal dead cat, UK bounce?
July 3 - Portugal's political crisis plunges the country's markets into turmoil. The euro crisis, it appears, is far from over. But in the UK, more strong data raise questions over the BoE's next move......

Sorry folks, but Portugal shows euro crisis far from over
July 3 - We're told the euro crisis is over. But Portugal's coalition government is on the brink of collapse, and markets are once again on the slide. The crisis, it would seem, is far from over......

'Zombie' danger in Europe
July 3 - The ECB is expected to keep interest rates low on Thursday to help Eurpope's economy. But as Hayley Platt reports perpetually low rates aren't always good. They've created thousands of 'zombie' companies which are only able to exist in a low.....

Breakingviews: Three-pronged assault on safe havens
July 3 - The dollar, the euro zone and the global assault are conspiring against an early safe-haven recovery, says Breakingviews. They will keep risky assets volatile too......

Reuters Today: "Final Hours" Showdown in Egypt
July 3 - Egypt's army commander and president both pledge their lives as the hour approaches that will trigger a military takeover......

India's rupee: A series of unfortunate events
July 3 - Pushed off the edge by the Federal Reserve's end-of-stimulus signals, the Indian rupee's descent to all-time lows may help the country's service sector - but not much else......

Fear creeps in ahead of jobs data
July 2- Summary: Wall St. ends a volatile session with a loss as investors get ready for Friday jobs report; Fed official says stimulus can be expanded or reduced; Auto sales best since 2007; oil nears $100. Conway G. Gittens reports......

U.S. Day Ahead: Road to U.S. jobs report starts with ADP
July 2 - The ADP National Employment report is expected to show private employers added 160,000 jobs to their payrolls in June. The Labor Departments monthly jobs report is due on Friday......

The real drivers of auto demand
July 02 - Auto sales continue to climb despite a pick-up in general interest rates - as subsidized loans appeal to owners of aging vehicles and truck sales remain strong. Bobbi Rebell reports......

High hurdle to ramping up QE3: Fed's Dudley
July 2 - New York Fed President William Dudley sees a possibility of ramping up QE3 only if the economy gets in trouble. No reporter narration......

ECONOMY 2013: Sequestration, rates shift Exelis business
Exelis CEO David Melcher says sequestration and the rise in interest rates has resulted in a shift from a product focus to a service focus, but expects continued support from the Department of Defense.....

Techquity: Zynga's product issues, former Groupon CEO sings
Jul 2 - Zynga makes management change but analysts say it has other problems. Plus, former Groupon CEO Andrew Mason releases an album and we have a sample......

Facebook helps wages soar in Californian county
Billionaire bankers may make their homes in New York, but Facebook has helped the Californian region of San Mateo become America's best-paid county.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e2b06c4/mf.gif'.....

QE or not QE? That is the first tricky question for Mark Carney
Mark Carney casts his first vote on the Monetary Policy Committee on Thursday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e2a8fa3/mf.gif' border='0'/><div class='mf-viral'><table border='0'>&l.....

If it looks, walks and talks like a white elephant, then it must be High Speed 2
It takes one to know one. I'm not suggesting that Peter Mandelson is himself a "white elephant", though some might want to argue the case, but, as the self- proclaimed "saviour" of the Millennium Dome, he certainly knows a thing or two about the spec.....

Ian Hannam admits content of key email may have been made up
Ian Hannam has admitted that one of the emails which sits at the heart of the Financial Services Authority's market abuse case against him may well have been factually incorrect, and may have been written purely to woo a possible suitor for his clien.....

Potential white knights in talks with Nicole Farhi administrators
Blow for High Street as upmarket fashion chain collapses, putting 120 jobs at risk.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e29b638/mf.gif' border='0'/><div class='mf-viral'><table border='0'&.....

Former easyJet executive takes controls at nosediving Flybe
The straight-talking boss of Flybe, Jim French, is stepping down as chief executive of the regional airline after a 12-year stint in the cockpit that culminated in a calamitous stock market flotation.<img width='1' height='1' src='http://telegraph.....

Tullow Oil buoyed by African progress
The exploration group rose strongly as the wider FTSE 100 slumped.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e29b63b/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><.....

Dublin airport 'an alternative hub to Heathrow', says Aer Lingus
Air passengers in the north of England and Scotland are increasingly flying to America via Dublin to avoid Heathrow, according to Irish carrier Aer Lingus.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e2930eb/.....

Ofcom rejects TalkTalk call to cut BT superfast broadband price
TalkTalk's effort to cut price of superfast broadband suffers a blow.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e29ad1f/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>&.....

Business news and markets: as it happened - July 3, 2013
Portugal President calls crisis talks to consider the coalition government's future as stock markets slide on worries over the eurozone, China and Egypt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e292574/mf.....

Portuguese borrowing costs soar as president summons leaders for crisis talks
Political turmoil in Portugal rattled stock markets and pushed the country's borrowing costs above danger levels on Wednesday, as the Portuguese president summoned party leaders for crisis talks after two key ministers resigned.<img width='1' heig.....

Sky to broadcast adverts directly into train passengers' heads
Sky has developed technology to transfer adverts from train windows directly and silently into your head.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e29257b/mf.gif' border='0'/><div class='mf-viral'>.....

Argos hires EMI executive as new digital director
Argos has hired a digital marketing expert from record label EMI to help overhaul the catalogue retailer as it tries to compete with online rivals such as Amazon.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e.....

Business news and markets: live
Portugal President calls crisis talks to consider the coalition government's future as stock markets slide on worries over the eurozone, China and Egypt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e21ba6d/mf.....

Longest-serving Lloyd's chief Richard Ward to quit
Lloyd's chief executive Richard Ward has announced he will leave his role as head of the London insurance market at the end of this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e282d8d/mf.gif' border='0'.....

Why Nicole Farhi is past its prime
The fashion world is full of newer labels and designers that do what Nicole Farhi once did but better, writes Luke Leitch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e282d8e/mf.gif' border='0'/><div cl.....

Citigroup economist Willem Buiter's 'ex-mistress sent threatening emails and lewd photos'
Willem Buiter, one of Britain's most respected economists, was bombarded with threatening emails and lewd photographs by his former mistress after their affair ended, it has been alleged.<img width='1' height='1' src='http://telegraph.feedsportal......

EE slashes prices ahead of 4G battle with O2 and Vodafone
EE, currently Britain's only 4G mobile broadband network, has slashed its prices and upgraded its services as it braces for competition this summer from O2 and Vodafone.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Senior London banker arrested on suspicion of tax fraud
A senior London banker has been arrested on suspicion of tax fraud.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e2822df/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><.....

Winklevoss twins' $20m plan to make Bitcoin mainstream
The Winklevoss twins, the square-jawed entrepreneurs best known for their bitter wranglings over Facebook, have turned their attention to dragging Bitcoin out of the shadows and into the mainstream.<img width='1' height='1' src='http://telegraph.f.....

2.8m fine over Phones 4u insurance complaints
The consumer watchdog has continued its crackdown on mobile phone insurers with a huge fine. More than 1,000 customers have been compensated.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e26f377/mf.gif' border.....

History repeats itself for Joanna Sykes as Nicole Farhi enters administration
Nicole Farhi's new creative director Joanna Sykes also fell victim to the administrators during her short-lived tenure at Aquascutum.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e264552/mf.gif' border='0'/>.....

Brussels backs down on pay cap for fund managers
The City hailed a victory for common sense after Brussels ditched its plan to impose a bonus cap on European fund managers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e2641fa/mf.gif' border='0'/><div c.....

Dwell founder buys retailer out of administration and pledges to do all he can for customers awaiting orders
The founder of Dwell has said the upmarket furniture retailer will do "everything we can" for customers who face losing 1m in deposits after he bought the company out of administration.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Three European stocks to buy
Successful fund manager Alken's Nicolas Walewski picks his three favourite shares listed in Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e255ffc/mf.gif' border='0'/><div class='mf-viral'><t.....