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Saturday 6 July 2013

UK Financial News on 2013-07-06

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......

Insurers face 'overcharging' probe
The City regulator is investigating insurance companies for overcharging customers when they renew house and car insurance policies......

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......

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: Hot weather boost to UK tourism
The UK tourism industry looks set to get a boost from the hot weather across parts of the country......

VIDEO: Impact of weekend being moved in Oman
Oman changed the days of its weekend two months ago, but has this had a positive impact for the country's economy?.....

VIDEO: Turning sports passion into a profit
Derv Rao is a sport events organiser in Dubai. He spoke to the BBC about why he started his venture and the battles he faced in establishing it......

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: 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......

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

Can you play tennis on a budget?
Can you play like Andy Murray, on a budget?.....

Good news is good again on Wall Street
July 5 - Wall Street recovered from a roller coaster ride as investors ultimately viewed stronger-than-expected jobs data as a good thing. Conway G. Gittens reports......

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......

easyJet investors to back 7bn Airbus deal
A group of easyJet's largest institutional investors are to support the airline's plans to buy $11bn (7.3bn) of new Airbus planes at a crunch shareholder vote this week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Chinese consumers boost Burberry
Growing demand for Burberry's accessories and beauty products is shielding the British premium brand from a faltering luxury market around the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4dc128/mf.gif.....

Balfour bids for gas distributor Phoenix
Balfour Beatty is vying with the owner of Northumbrian Water to buy Phoenix Group, the Northern Irish gas distributor, for approximately 700m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4dc129/mf.gif' borde.....

Banks fear new leverage proposal
Proposals to reform British banking by the Parliamentary Commission on Banking Standards will have a "profound" impact on the industry, the British Bankers' Association (BBA) has said in its first detailed comments on the report.<img width='1' hei.....

Osborne pushed on road and rail deals
The UK insurance industry is to call on the Government to work with it more constructively to deliver billions of pounds of infrastructure investment support for road and rail projects.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

EU plots transatlantic bank regulator
The European Union is to push for an agreement on banking and financial services as a key part of this week's historic trade talks with the US which could see the introduction of an American-European super-regulator.<img width='1' height='1' src='.....

WH Smith tests 'little stores' plan
WH Smith has begun a trial franchising of its brand to independent newsagents in a bid to expand its network.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4dc12d/mf.gif' border='0'/><div class='mf-viral.....

CBI warns on EU exit: 'We'll never be a Switzerland'
The debate on Britain leaving the European Union must not be based on "hollow rhetoric", the director-general of the CBI John Cridland has warned, amid growing concern there is no credible alternative for the UK.<img width='1' height='1' src='http.....

Lord Davies works on 10bn bid for Government's stake in Lloyds
Lord Davies, the former trade minister, is leading a deal to buy up to half of the taxpayer's stake in Lloyds Banking Group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4d1f6d/mf.gif' border='0'/><div .....

Portugal heals government rift but second bailout looms
Portugal's Prime Minister Pedro Passos Coelho has put an end to a week-long political crisis which had battered market confidence in the country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4d87d9/mf.gif' bo.....

Close Heathrow? Are the political vandals mad?
He may own the building made famous by the opening credits of The Office, but David Sleath has a lot more to him than wondering - as David Brent did - what the difference is between an elf and a dwarf.<img width='1' height='1' src='http://telegrap.....

Questor share tip: Hold Topps Tiles shares as housing market improves
Topp Tiles will make hay when the housing market turns, but there may be a better time to buy the shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4ce5e4/mf.gif' border='0'/><div class='mf-viral'>.....

Remember the dotcom crash? The sequel could be ahead
If you wait around long enough even the most discredited investment themes will come around again.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4ce5e5/mf.gif' border='0'/><div class='mf-viral'><ta.....

Eurozone crisis over? Not by a long, long way
'The euro is no longer under existential threat," Herman Van Rompuy said three weeks ago. "Financial stability has been restored."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4ce5e6/mf.gif' border='0'/>&l.....

Hands fights to revive private equity empire
After pulling a German IPO, Terra Firma is now focusing on three major sales, writes James Quinn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4ce5e7/mf.gif' border='0'/><div class='mf-viral'><tab.....

Is there a house price bubble on the horizon?
Will measures to kickstart the housing market have unwanted consequences, asks Emma Rowley<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4ce5e8/mf.gif' border='0'/><div class='mf-viral'><table bord.....

Ian Hannam shows adviser's life isn't black and white
The title Rainmaker - the name of this column for the past three years - could have been invented for Ian Hannam.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4ce5e9/mf.gif' border='0'/><div class='mf-v.....

Portugal shows that this eurzone crisis is not over
The eurozone crisis may have been briefly absent from the headlines over the past couple of months but as the flare-ups in Portugal and Greece this week have highlighted it certainly never went away - despite the vocal protestations of some French po.....

Chinese banking: a Wild West in the Far East?
China's banks are now the biggest in the world but fears are growing they are very unstable.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4cdd56/mf.gif' border='0'/><div class='mf-viral'><table bo.....

Battle lines drawn for EU-US trade talks
The US and EU are about to embark on trade talks involving half the world's economic output.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4cdd57/mf.gif' border='0'/><div class='mf-viral'><table bo.....

Sunday Interview: Jon Woods, Coca-Cola UK boss
The head of Coca-Cola in the UK talks to Kamal Ahmed about cutting calories, launching a smaller can and why Britain is still a growth market<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4d8dd7/mf.gif' border.....

Sunday Interview: Coca-Cola UK boss Jon Woods
The head of Coca-Cola in the UK talks to Kamal Ahmed about cutting calories, launching a smaller 250ml can and why Britain is still a growth market<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4cdd58/mf.gif' .....

Online pharmacy ChemistDirect has found right remedy
ChemistDirect has won investors thanks to its bold vision, writes Christopher Williams .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4c53f0/mf.gif' border='0'/><div class='mf-viral'><table border.....

Think tank: 4G revolution will boost small firms
This summer, Britain will see the single biggest infrastructure improvement since the railways.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4c53f2/mf.gif' border='0'/><div class='mf-viral'><table.....

Handing Africa the power to charge ahead
When Robert Kennedy declared at Cape Town University in response to Nelson Mandela's imprisonment that the world must "build a current which can sweep down the mightiest walls of oppression and resistance", he could not guess that five decades later .....