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Friday 5 July 2013

UK Financial News on 2013-07-05

Strong US jobs numbers jolt markets
The US economy added a net 195,000 new jobs in June, official data shows, adding to market expectations of an imminent end to monetary stimulus......

Pound weakens further on US data
The pound falls below $1.49 against the dollar, near a three-year low, as markets digest the prospect of UK interest rates staying low and the strengthening US economy......

Mark Carney makes fans in first week
As his first week as the Bank of England's governor ends, Mark Carney appears to have impressed the markets, the media, and even a group of female protestors......

Sainsbury's welcomes phone debate
Sainsbury's says it welcomes the debate about etiquette sparked by one of its checkout workers refusing to serve a customer who was talking on her phone......

Company to apply for more fracking
The shale gas company Cuadrilla announces its intention to apply for planning consent for more test drilling in Lancashire......

Siemens pulls out of Crossrail bid
Siemens withdraws its bid to build carriages for the multi-billion pound Crossrail project......

Rural broadband rollout criticised
The government's rollout of "superfast" broadband to rural areas is about two years behind its original schedule, the National Audit Office says......

Russian billionaire gives away bonus
Russian billionaire Oleg Deripaska gives away his $3m bonus and asks for it to be used to buy shares to reward up to 120 employees......

Rolls-Royce denies cover-up claims
Rolls-Royce denies claims made by two former employees in a US lawsuit that it "cut corners on quality control requirements" and "lied to" customers......

Portugal president briefed on 'deal'
Portugal's prime minister presents the president with what he says is an agreed "deal" to keep his coalition intact, after two ministerial resignations......

Samsung profit outlook misses estimates
Samsung Electronics, the world's biggest mobile phone and TV maker, has forecast weaker-than-expected profits for the April to June quarter......

MPs urge 'overdue' EU referendum
A bill to guarantee a referendum on Britain's EU membership in 2017 clears its first Commons hurdle as 304 mainly Tory MPs back it......

Man jailed for faking Nina Wang will
A court in Hong Kong sentences a Feng Shui master and alleged lover of billionaire tycoon Nina Wang to 12 years in jail for forging her will......

Housing benefit cuts 'lead to debt'
Thousands of Merseyside families have spiralled into debt in the 100 days since housing benefit cuts were brought in by the government, a study finds......

Brazilian billionaire sells up
Brazilian billionaire Eike Batista begins a major reorganisation of his commodities-based business empire to avoid bankruptcy......

MoD tackles cyber-attacks on firms
The Ministry of Defence and its biggest contractors are establishing a new partnership to bolster the security of the UK against cyber-attacks......

London Market Report
London Market Report.....

China launches drug pricing probe
China initiates a wide-ranging investigation into the cost of medicines, probing as many as 60 domestic and international drugmakers......

Hope for post-Morsi Egypt economy
Analysts and markets are upbeat that the ousting of Mohammed Morsi as Egypt's president may presage a brighter future for the economy......

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......

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

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......

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"......

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......

Hearts fans' group keen to bid alone
The Foundation of Hearts will pursue their own bid for the club but have considered a joint offer with Gordon McKie's group......

VIDEO: Rollercoaster ride for US economy
The US economy has faced a bumpy ride in recent weeks, with uncertainty over the future of the Federal Reserve's stimulus plans a key concern......

VIDEO: Greece's battle to meet bailout terms
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: Is economic climate brightening?
There is evidence to suggest that the UK economy may be showing signs of recovery......

VIDEO: Morsi 'shot himself in the foot'
Mohammed Morsi could have done more to stabilise Egypt's economy and finances after he became president last year, says Citibank economist Farouk Soussa......

AUDIO: 'We funded our own broadband network'
A National Audit Office report says a government programme to make super-fast broadband available to 90 per cent of premises in each area of the UK, is nearly two years behind schedule......

AUDIO: Boden boss 'inspired by the US'
Today's Friday boss is Johnnie Boden, of the Boden fashionwear......

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......

Tour de France fans follow their heroes
The diehard cycling fans who follow the Tour de France.....

Watching your cats and dogs by remote control
Feed, play and track your pets health - from your smartphone.....

Ghost army of WWII secret listeners
How teenage radio geeks helped win WWII.....

Leading by example in company culture
Leading by example in business culture.....

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

More jobs equal more chance of less stimulus
July 5 - Expectations grow that the Federal Reserve will begin slowing bond purchases as early as September after June job growth is stronger than forecast. Conway G. Gittens reports......

Techquity:Zuckerberg should step down like Zynga CEO-Wedbush
Jul 5 - Wedbush Securities' Michael Pachter says that it would be great if Facebook CEO Mark Zuckerberg stepped down as CEO to just focus on product management like Zynga's Mark Pincus did this week......

U.S. Week Ahead: Once more into the breach goes Bernanke
July 5 - Fed chairman Ben Bernanke makes his first speaking appearance since he stunned investors and markets with his taper talk almost three weeks ago. The strong jobs report could support tapering sooner......

MuniLand: Munis may have turned the corner, investors say
July 5 - While rising interest rates have resulted in municipal bond outflows, investors say the outlook for state and local debt will improve in the second half of 2013 and feel bonds are attractively valued......

Trading at Noon: Jobs are here, so tapering near
July 5 - U.S. job growth was stronger than expected in June, showing the economy is on solid ground and likely keeping the Fed on track to scale back its monetary stimulus later this year......

This was not a coup-Amr
July 5 - Egypt's Foreign Minister reassures the U.S. Mursi's overthrow was not a coup. Julie Noce reports......

Egypt's economic challenges remain
July 5 - The ousting of Egypt's president Mohamed Mursi leaves behind many familiar economic problems - which don't look likely to be solved anytime soon. Kirsty Basset reports......

Portugal worries ease for now
July 5 - Portugal's prime minister says he's found a way to maintain government stability following the resignations of the finance minister and foreign minister, in the most damaging political rift since the country received a bailout in 2011. Joann.....

U.S. creates more jobs than expected
July 5 - Better-than-expected U.S. job gains in June were led by jumps in hiring in the retail and finance sectors. Fred Katayama reports......

Europe Day Ahead: More Draghi and Carney fallout, and US jobs
July 5 - It could be a rocky ride for European markets as investors digest today's "forward guidance" bombshells from the ECB and BoE. And there's the small matter of US non-farm payrolls to contend with too......

Dubai home to world's most sustainable building
July 5 - Dubai, better known for its towering skyscrapers is also home to the world's most sustainable commercial building. Hayley Platt takes a look at 'The Change Initiative' - recently awarded the world's most sustainable building......

"Most Wanted" app brings gamers into hunt for suspects
July 5 - Police in Warsaw have come up with an innovative way to enlist the public in their hunt for wanted criminal suspects, by incorporating a rogue's gallery of faces as part of a smartphone app which tests players' memory for faces. Jim Drury re.....

U.S. Morning Call: Fireworks on Wall Street ahead of jobs
July 5 - Employers are expected to have added 165,000 new jobs in June and the unemployment rate could drop to 7.5 percent.....

Royal baby bump to boost British economy
July 5 - The imminent arrival of the Duke and Duchess of Cambridge's first child looks set to boost the UK economy by an estimated 243 million, according to the Centre for Retail Research. Hayley Platt looks at what's on offer......

Market Pulse: Oil's Payrolls Report Dilemma
July 5 - A good US payrolls report could boost the demand outlook for oil, but it could also support Fed stimulus withdrawal and be negative for prices. So how do you play it?.....

Reuters Breakingviews: Beware Egypt euphoria
July 5 - Euphoria over Egypt's bourse is premature at best, says Breakingviews......

How to invest as the US and European policy gap widens
July 5 - For the first time since Lehman, US and European monetary policy appears to be headed in opposite directions. We ask two fund managers how to navigate that potential volatility and where to invest......

(Insider trading) rules made to be broken?
July 5 - As Ian Hannam, one of London's best-known bankers, appeals an FSA fine for insider dealing, we take a closer look at what constitutes market abuse and whether it can be policed......

Reuters Today:Digesting Draghi, eyeing July 5 jobs fireworks
July 5 - Markets continue to digest the ECB's historic 'forward guidance' policy shift and await the most important monthly economic data release in the world: US non-farm payrolls. Some July 5th fireworks?.....

Japan's consumers willing to pick up the tab for growth
July 5 - As Japan strives to hit its 2 percent inflation goal, consumers are having to dig deeper into their pockets -- but so far, they don't seem to mind......

Samsung's smartphone champ braves a tough crowd
' Jon Gordon reports......

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)......

Looking forward to an uncertain future
When the Fed set out a timetable for tapering QE, the general assumption was that it was premature.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e446b18/mf.gif' border='0'/><div class='mf-viral'><t.....

Goldman remain bullish on the FTSE
The heavyweight broker advised that clients take a long position on UK equities.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e43f93a/mf.gif' border='0'/><div class='mf-viral'><table border='0'>.....

Taxman gets 2bn from buy-to-let surge
Landlords, banks and mortgage brokers are capitalising on the phenomenal resurgence of buy-to-let and now the taxman is cashing in too, with related revenues exceeding 2bn a year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

MasterCard in court battle to keep card fees
MasterCard took its battle to protect the money it makes on credit card transactions to European Union's highest court today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e446154/mf.gif' border='0'/><div.....

The smart money is quietly buying more gold
The herd is selling gold - so should you be buying, asks Richard Dyson.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e446156/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

Sterling slumps as solid US jobs data lifts dollar
The pound slumped to a three-month low against the dollar after strong US jobs data boosted recovery hopes for the world's largest economy, as markets continued to digest the prospect of low interest rates in the UK for another two years.<img widt.....

George Osborne accused of putting RBS investors at risk with break-up plan
The Treasury has been accused of putting investors in Royal Bank of Scotland at risk by considering plans to break up the state-backed lender.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e446157/mf.gif' borde.....

Osborne accused of putting RBS investors at risk with break-up plan
The Treasury has been accused of putting investors in Royal Bank of Scotland at risk by considering plans to break up the state-backed lender.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e43f43e/mf.gif' borde.....

Business news and markets: as it happened, July 5, 2013
The FTSE 100 jumped in afternoon trading while the pound plunged to a three-year low against the dollar after official data showed that the US added 195,000 jobs in June, beating expectations of 165,000.<img width='1' height='1' src='http://telegr.....

Warm weather sparks rise in summer food sales
The belated arrival of summer has sparked a surge in sales of burgers, beer, and Pimms, according to Waitrose.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e43a1a2/mf.gif' border='0'/><div class='mf-vira.....

Business news and markets: live
The FTSE 100 jumped in afternoon trading while the pound plunged to a three-year low against the dollar after official data showed that the US added 195,000 jobs in June, beating expectations of 165,000.<img width='1' height='1' src='http://telegr.....

Don't leave children to worry about money on their own
It's understandable to want to protect your children from the realities of financial difficulty, but it's not always possible<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4398fe/mf.gif' border='0'/><div.....

Siemens pulls out of bidding for Crossrail trains
The chances of Derby-based train manufacturer Bombardier winning a 1bn contract to provide rolling stock for Crossrail received a significant boost after arch-rival Siemens withdrew from the bidding process.<img width='1' height='1' src='http://te.....

Bombardier boost as Siemens pulls out of Crossrail bid
German group Siemens has pulled out of the bidding for a contract to make rolling stock for Crossrail, imporoving the chances for UK group Bombardier<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e425ccc/mf.gif.....

Noisy Heathrow ranks last in Airports Commission study
Stansted airport handles almost 50 times as many passengers as Heathrow for every person affected by aircraft noise, a new discusion paper from the Airports Commission has found.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

China accuses Tetra Pak of market 'abuse'
China has launched an investigation into Tetra Pak's dominance of the country's packaging market, in the latest sign of increasing scrutiny of foreign firms in the world's second largest economy.<img width='1' height='1' src='http://telegraph.feed.....

Eurozone faces 'lost decade' unless action taken on banks
The eurozone faces a Japanese style "lost decade" unless action is taken to address the deep-seated problems of its banks, ratesetter Benot Coeur has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e41bfa.....

Siemens pulls out of Crossrail
Siemens has pulled out of the bidding to provide trains for Britain's multi-billion pound Crossrail project, raising prospects for rivals Bombardier, Hitachi and Spain's CAF to win the contract.<img width='1' height='1' src='http://telegraph.feeds.....

Should you take a punt on a 6pc retail bond?
A property company is the latest to borrow from private investors. Richard Dyson looks at the risks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e41bb85/mf.gif' border='0'/><div class='mf-viral'><.....

Gold, cars and diamonds: what the wealthy are pawning
This week online loans firm Borro, which lends up to 1m secured against valuable assets, announced it had handed out 50m to customers. Here is a glimpse of what the weathly are pawning.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Coca-Cola through the ages: in pictures
As Coca-Cola launches a smaller-sized can to meet demands of a more health-conscious consumer, here are some of the historic events that have shaped one of the world's most iconic brands.<img width='1' height='1' src='http://telegraph.feedsportal......

US employers hire 195,000 workers in June: reaction
US businesses hired a better-than-expected 195,000 in June but the unemployment rate stayed at 7.6pc. Here's how economists reacted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e410670/mf.gif' border='0'/>.....

Coca-Cola launches new slimline '105 calorie' can
New slimline version seeks to meet the needs of health-conscious consumers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e41bb88/mf.gif' border='0'/><div class='mf-viral'><table border='0'><t.....

Coca-Cola launches new 'slimline' can
New slimline version seeks to meet the needs of health-conscious consumers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e408464/mf.gif' border='0'/><div class='mf-viral'><table border='0'><t.....

Maersk brings world's largest ship into service
Shipping group Maersk is bringing the world's largest ship into service this month but its size creates problems.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e407d84/mf.gif' border='0'/><div class='mf-v.....