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Thursday 4 July 2013

UK Financial News on 2013-07-04

Pound falls as Bank warns over rates
The pound falls sharply and shares rally after the Bank of England warns that markets are wrong in expecting interest rates to rise soon......

Egypt's stocks jump on Morsi ousting
Share prices in Egypt have leapt higher after the ousting of Mohammed Morsi as the country's president......

House inflation at 'three year high'
House prices are rising at their fastest annual rate for nearly three years, according to the Halifax......

Pakistan agrees $5.3bn IMF loan
Pakistan's newly elected government agrees a $5.3bn three-year loan with the International Monetary Fund......

BA's first A380 arrives at Heathrow
BA becomes the first UK airline to take delivery of an Airbus A380 superjumbo, the world's largest passenger aircraft......

London Market Report
Shares surge and the pound falls as the Bank of England indicates that any possible rise in UK interest rates remains a long way off......

ECB says rates to stay at record low
The European Central Bank (ECB) keeps interest rates at a historic low level of 0.5%, and says they will stay at that level or lower for "an extended period"......

Move to fix EU carbon market praised
The UK and green groups welcome a move to rescue the EU's carbon trading scheme, but urge deeper reforms......

Baby milk firms to cut China prices
Food giants Nestle and Danone say they will cut prices of some of their infant milk formula products in China, a day after Beijing announced a probe......

Remploy factory closures announced
The UK government announces that the five remaining Remploy factories in Scotland are to close, along with several sites in England......

Oil prices stable after Egypt coup
Oil prices dipped back slightly after Egypt's army ousted President Mohammed Morsi, but the gap between US and Brent crude continues to narrow......

Portugal battles to defuse crisis
Portugal's prime minister fights to patch up his fragile coalition, as markets spooked by the latest eurozone crisis watch nervously......

UK car sales up for 16th month
Car registrations in the UK rise for the 16th consecutive month, driven by competitive finance offers and strong growth in the private sector......

Anti-bribery training launched
A training scheme to help UK businesses comply with anti-bribery legislation is launched by the City of London police and the British Standards Institution......

News Corp defends Murdoch over tapes
News Corp defends Rupert Murdoch after a secret recording is broadcast of him railing against the police investigation into alleged payments to public officials by journalists......

Chrysler to recall 840,000 vehicles
US carmaker Chrysler says that it will recall nearly 840,000 vehicles over potential faulty safety components, including head rests and airbags......

Computer mouse inventor dies at 88
The computer mouse's inventor, Doug Engelbart, who also developed early versions of email, word processing and the internet, dies aged 88......

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......

Silver penny for Royal baby day
The Royal Mint is to give a "lucky" silver penny to babies born on the same day as the Duke and Duchess of Cambridge's first child......

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......

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......

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......

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......

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......

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......

VIDEO: Is economic climate brightening?
There is evidence to suggest that the UK economy may be showing signs of recovery......

VIDEO: Planes abandoned at Athens ghost airport
As Greece struggles to cut public sector jobs and raise cash to meet its bailout payments, the pressure is on to sell more state assets as fast as possible......

VIDEO: Battersea power station to be renovated
Renovation work is due to get under way at one of Britain's best-known buildings, Battersea Power Station......

VIDEO: 'Millions of pounds wasted in hot water'
The research found the average household could save 22 a year on their energy bills by making small changes......

AUDIO: Today business roundup
Could Portugal could be about to bring the European house of cards tumbling down? Plus the BBC's chief economics editor examines the fairness of the FTSE 100 for British shareholders......

VIDEO: Economy hit by Portugal instability
Portugal's president is holding emergency meetings to try to settle a growing political crisis, which has hit the county's stock markets and increased its borrowing costs......

VIDEO: A summer of discontent for Europe?
The economies of many eurozone countries remain fragile, with high unemployment and austerity measures causing public anger......

AUDIO: Is the FTSE 100 fair?
The FTSE 100 is a club consisting of the biggest public companies in the UK. They are likely to contain giant mining companies from distant countries like Kazakhstan and Indonesia. The BBC's chief economics correspondent Hugh Pym reports......

New curvy lorries aim to save lives
Why new, curvier, lorries may be life-savers.....

Are entrepreneurs born or can they be taught?
Is it in entrepreneurs' DNA, or can they be trained?.....

Miners' mishaps give investors angst
Are corporate mishaps harming the City's reputation?.....

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

ECB's Draghi abandons tradition
July 4 - The European Central Bank announces that interest rates are to stay at a record low for an extended period or could even fall further. Rough Cut (no reporter narration)......

Portugal fails to defuse crisis fears
July 4 - An early rebound in Portugal's bond yields as attempts were made to defuse a political crisis was short-lived. And as Sonia Legg reports there are other factors also making investors nervous about the prospect of a revived euro zone crisis......

ECB commits to record low rates
July 4 - The European Central Bank left its key interest rate unchanged on hold at the record low of 0.5%, and in an historic move declared it would keep rates low for an extended period, and may yet cut further. As Joanna Partridge reports, the ECB'.....

Ex-trader Kerviel rebuffed by tribunal
July 4 - A Paris employment tribunal has rejected former Societe Generale trader Jerome Kerviel's plea for a new expert inquiry to help overturn his dismissal in France's biggest-ever trading scandal in 2008. Rough Cut (no reporter narration)......

Egypt: A Lesson for Political Islam
July 4 - Egypt will be a lesson to Tunisia, Syria and Yemen that progress can only come from giving people a stake in the way their society is run, says Dr. M F Makeen of SOAS University......

Market Pulse: BoE curveball triggers Carney-age in cable
July 4 - Carney's curveball. Sterling slumps after the BoE keeps policy unchanged, but issues a statement suggesting it's unhappy with the recent rise in yields and that a rate hike remains a long way off......

Sports Spread: Lion at Wimbledon, Lions Down Under
July 4 - A big weekend in for British sport as Andy Murray strives to reach the Wimbledon final, and in rugby, the Lions face a crucial final Test against Australia......

Microtising serves Sony at Wimbledon
July 4 - The bigger the better is normally the rule for advertising, but at Wimbledon this year, it's the other way around. Sony has launched a 'microtising' campaign of tiny adverts to promote its new ultra high definition television. As Ivor Bennet.....

Breakingviews: Kingmaker army dangerous for Egypt
July 4 - Egypt is entering a dangerous period, says Breakingviews. The ousting of President Mohamed Mursi after just one year confirms the army is kingmaker, and its a long road back to democracy......

Reuters on the Road: Autographer documents it all
July 4 - OMG Life MD Simon Randall takes the taxi challenge to tell us about Autographer the worlds first intelligent, wearable camera......

Reuters Today: D-day for ECB and BoE, and a 'coup' in Egypt
July 4 - Decision day for the ECB and Mark Carney's BoE. Neither expected to change policy, but one may retain a dovish bias, the other is less clear-cut. Egyptian president Mursi is ousted, but is it a coup?.....

Breakingviews: Want to start a bank? Get in line, says India
July 4 - India's central bank has opened its once-a-decade lottery for banking licenses. Breakingviews' Andy Mukherjee weighs in on possible new lenders when only one in three Indians has a bank account......

China struggles to lure 'leftover women' to the altar
July 4 - China's population is aging fast, threatening the country's long-term growth, so the government is encouraging urban singles to settle down and start families. But it's not easy playing matchmaker......

Daily Digit: China's price fixing probe
July 4 - China's top economic planning agency has opened an investigation into pharmaceutical giant GlaxoSmithKline Plc's operations in China as 60 foreign firms come under pressure from Beijing for possible price-fixing. Joanna Partridge reports.....

The Upside:The reasons Europe still haunts the world economy
columnist Zachary Karabell......

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.....

Rupert Murdoch's media empire 'should face US charges'
Rupert Murdoch's media empire should face charges in the US after the billionaire admitted that payments to police were part of "the culture of Fleet Street", a Labour MP has urged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Mark Carney wastes no time in stamping his authority
Mark Carney has talked a lot about the power of communication. Now he has demonstrated it, too.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e38b472/mf.gif' border='0'/><div class='mf-viral'><table.....

A blueprint to overhaul business rates and help save the high street
Forget corporation tax and a lack of car parking, business rates are the main issue for British retailers and the high street. The need to overhaul rates grows stronger by the day, but what is needed now is a blueprint for change.<img width='1' he.....

Markets rise but pound slumps after Mark Carney and Mario Draghi interventions
Stock markets across Europe roared to life on Thursday after Mark Carney and Mario Draghi signalled that interest rates would remain low for years to come in a co-ordinated push to drive growth.<img width='1' height='1' src='http://telegraph.feeds.....

Rolls-Royce 'hid engine defects', claims US lawsuit
Engine maker Rolls-Royce "cut corners on quality control requirements" and "lied to" customers, two former employees have alleged in a US lawsuit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e3775a8/mf.gif' b.....

Ex-Glencore chairman takes the reins at Gulf Keystone
Simon Murray, whose views on female executives caused an outcry, is moving to Gulf Keystone Petroleum.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e3775a9/mf.gif' border='0'/><div class='mf-viral'>&l.....

Don't be gloomy about our future, Sir Jeremy Heywood
Sir Jeremy Heywood's pessimistic forecast for the economy is wrong, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e3775ab/mf.gif' border='0'/><div class='mf-viral'><table border='.....

Ian Hannam 'a little too lax' over treatment of inside information
Star banker Ian Hannam was accused of being "a little too lax" when it comes to confidentiality as the City regulator attempted to show that he regularly leaked inside information to contacts and clients.<img width='1' height='1' src='http://teleg.....

Ian Hannam "a little too lax" over treatment of inside information
Star banker Ian Hannam was accused of being "a little too lax" when it comes to confidentiality as the City regulator attempted to show that he regularly leaked inside information to contacts and clients.<img width='1' height='1' src='http://teleg.....

Centamin jumps on Egypt hopes
The gold miner has been embroiled in a legal battle over its main asset.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e376a1a/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr&g.....

Ambitious SMEs source growth funding in cautious market
Royal Bank of Scotland says it has 20bn ready to lend to small companies but can't find any demand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e37660a/mf.gif' border='0'/><div class='mf-viral'><t.....

Google faces ultimatum on privacy policy
Google must provide more information about how it uses the data it collects about people or face legal action, privacy watchdogs have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e37660b/mf.gif' border.....

Italian clothing firm Loro Piana buys Argentinian wilderness for its vicuna
In an unusual marriage between high fashion and the high Andes, an Italian luxury clothing firm has acquired the rights to a vast area of wilderness in Argentina.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e.....

Business news and markets: as it happened July 4, 2013
FTSE 100 and European markets rebound after BoE Governor Mark Carney and ECB President Mario Draghi back low interest rates for an "extended period".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e371b54/mf.gif.....

Work starts at Battersea Power Station after delay of three decades
David Cameron has declared an "end to 30 years of hurt" for the power station, which was de-commissioned in 1983.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e36b6c9/mf.gif' border='0'/><div class='mf-v.....

Business news and markets: live
FTSE 100 and European markets rebound after BoE Governor Mark Carney and ECB President Mario Draghi back low interest rates for an "extended period".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e2e8974/mf.gif.....

UK to be first non-Muslim country to host Islamic Economic Forum
Three-day event will be the first time the forum has been held outside of a Muslim country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e36b6ca/mf.gif' border='0'/><div class='mf-viral'><table bor.....

Google privacy policy 'raises serious questions' about compliance with UK Data Protection Act
Google has been threatened with enforcement action by the data watchdog if it does not improve its privacy policies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e35c719/mf.gif' border='0'/><div class='m.....

Boris Johnson: London must have four-runway airport but not at Heathrow
Only a four-runway airport in London will provide enough vital trade connections to fast-growing emerging markets, according to research published by Boris Johnson.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Ferrari cracks down on emails and urges staff to talk more
Sports car maker sets a limit on the number of people staff can send an email to.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e35c362/mf.gif' border='0'/><div class='mf-viral'><table border='0'>.....

Financial lifeboat pays out less as claims fall
But total payouts still top 300m, as legacies of the financial crisis and mis-selling scandals drag on.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e35c363/mf.gif' border='0'/><div class='mf-viral'>&.....

How motorway service stations push up prices
Motorway service areas are charging up to four times the high street price for basic food and drinks and adding up to 12p on a litre of petrol.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e35c006/mf.gif' bord.....

Motorway stations four times more expensive than high street
Motorway service areas are charging up to four times the high street price for basic food and drinks and adding up to 12p on a litre of petrol.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e3527a0/mf.gif' bord.....

MP claims Rupert Murdoch 'should be questioned over police cooperation'
Rupert Murdoch should face questioning over comments apparently suggesting News Corp restricted its cooperation with a police investigation of alleged corrupt practices at his newspapers, it has been claimed.<img width='1' height='1' src='http://t.....

FTSE 100 surges on dovish central banks
London's benchmark index jumped as much as 3.2pc following Bank of England and European Central Bank meetings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e349a2b/mf.gif' border='0'/><div class='mf-vira.....