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Monday 8 July 2013

UK Financial News on 2013-07-08

FN100 Most Influential: Draghi scores a hat-trick
Draghi remains the dominant character on the European regulatory stage.....

Reckless bankers to face jail threat
The government says it will back most recommendations by the Parliamentary Commission for Banking Standards, including prison terms for reckless bankers......

BP in court over oil-spill payments
Oil giant BP is back in court in the US to try to limit compensation payouts from a fund set up to help those affected by the 2010 oil spill in the Gulf of Mexico......

Greece secures more bailout funding
Greece secures 6.8bn euros in further funding from its creditors, but is told the pace of reform is too slow......

US borrowing accelerates in May
Americans are once again spending more on credit, increasing their borrowing by $19.6 billion in May, according to the Federal Reserve......

Asda staff take home 3,000 payout
More than 19,000 Asda staff are to receive record payouts averaging 3,240 under parent company Wal-Mart's Sharesave scheme, the supermarket chain says......

Retailers to check Bangladesh units
A group of 70 multinational retailers agree a plan for inspections of garment factories in Bangladesh in an attempt to improve safety standards......

German exports to eurozone fall 9.6%
German exports suffered their sharpest fall since 2009 as demand in China eased off and eurozone exports fell by 9.6%......

US-EU free trade talks get under way
Talks open between the United States and the European Union on a free trade area, amid tensions over spying allegations and protected industries......

Fears of affordable homes 'crisis'
A shortage of affordable housing in England will reach "crisis" situation by 2021 unless action is taken, a report for a youth homelessness charity is suggesting......

Total cleared of Iraq oil corruption
A French court acquits oil company Total and its chief executive on charges of corruption in the UN's oil-for-food programme in Iraq......

"Sheriff of Wall Street" in comeback
Known for his dogged pursuit of Wall Street, disgraced former New York state governor Eliot Spitzer says he will run for the post of city Comptroller......

Asiana shares dip after crash landing
Shares of South Korean carrier, Asiana Airlines, fall nearly 6% in Seoul, after one of its planes crash landed in San Francisco over the weekend......

Call to halt nuisance calls earlier
A regulator has called for more powers to stop companies making nuisance calls, after fining a firm that broke the rules......

Green Deal home overheating warning
The Department for Energy and Climate change is taking action after experts warn homes insulated under the Green Deal may overheat in hot summers......

London Market Report
London's FTSE 100 closes higher helped by a surge in shares in banks, insurers and asset managers......

Business confidence at 13-month high
Businesses in the UK are now at their most confident since May last year, according to a new report......

Trump sued over failed Florida deal
US tycoon Donald Trump faces questions over a failed property development in Florida where investors are suing him and others for nearly $8m......

HTC shares at seven and half year low
Shares of Taiwanese mobile phone maker HTC plunge to a seven-and-a-half year low, as its profit continues to slide amid increased competition......

Tracker gripes 'down to ombudsman'
Customers angry with changes made to their mortgage rate by the Bank of Ireland (BOI) must wait for an ombudsman to rule on their complaints......

VIDEO: Chinese bikers ride economic growth
Linda Yueh reports from the fun-loving city of Chengdu where she has been trying out one version of the Chinese dream for herself......

AUDIO: Stock markets under computer control
BBC business editor Robert Peston investigates the changes in the stock market since computer algorithms have been used to buy and sell shares......

VIDEO: Trump sued over failed Florida deal
US tycoon Donald Trump faces questions over a failed property development in Florida where investors are suing him and others for nearly $8m......

VIDEO: BP in court over oil spill payouts
Oil giant BP is returning to court in the US to try to limit compensation payouts from a fund set up to help those affected by the 2010 Deepwater Horizon oil spill in the Gulf of Mexico......

AUDIO: Today programme business round up
The Today programme business news round up with Simon Jack.....

VIDEO: Graduates chase the 'Chinese Dream'
New graduates in China tell the BBC's Linda Yueh about their middle class aspirations and chasing the 'Chinese Dream'......

VIDEO: Why do US-EU free trade talks matter?
Talks aimed at creating the world's largest free trade zone between the European Union and the US open on Monday amid tensions over spying and protected industries......

AUDIO: Pension trustees 'should take more risks'
DrLaurenceWornald, head of research at IT services company Sungard, discusses its new research that says pension fund managers are having to take more risk to generate returns......

Dark magic: Rise of robot traders
The rise of the robot traders.....

Taking a family business global
Turning a family firm into an international business group.....

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

Top line likely top story this earnings season
July 8 - Earnings estimates have been coming down, and as reporting season kicks in with Alcoa releasing mixed results, there are increasing concerns about top line sales growth. Bobbi Rebell reports......

U.S. Day Ahead: Investors to push Blackberry to mull options
July 8 - BlackBerry will likely face tough questions about its future at its annual meeting after quarterly results led to a 28 percent plunge in the stock......

Earnings growth target dips to 2.9%-Thomson Reuters' Harrison
Greg Harrison. Bobbi Rebell reports......

Techquity: Apple narrows gap with Google, Intel's PC pain
July 8 - Apple cutting deficit with Android while Intel suffers a downgrade......

Bat flight propelled by elastic energy
July 8 - Bats are uniquely equipped among small mammals to store energy in their bicep and tricep tendons for extra power in take-off and climbing flight. Scientists at Brown University made the discovery while researching the mechanics of bat flight.....

Trading at Noon: ISS chooses Dell over Icahn in deal war
July 8 - ISS said today that it recommends Dell shareholders vote in favor of the $24.4 billion offer from founder Michael Dell......

Daily Digit: $6 bln gap in Chrysler tussle
July 8 - What is Chrysler worth $4.2 billion or $10.3 billion? Its two main owners Fiat and the United Auto Workers trust fund are billions of dollars apart in reaching an agreement. Conway G. Gittens reports......

Egypt's finances worse than feared?
July 8 - Continuing violence in Egypt has seen the stock markets lose some of last week's gains. Assessment of the country's crumbling finances shows Cairo may be worse off than was previously estimated. Egypt is now hoping for foreign aid from the G.....

Breakingviews: Rise from disgrace
July 8 - Rob Cox talks to Breakingviews columnists about Eliot Spitzers political comeback in his bid to become New York City comptroller, and the former governors ambitious plans for the position......

Euro zone nears deal on Greece
July 8 - With fresh promises from Greece to redouble its reform efforts to keep international financial aid flowing, euro zone finance ministers are meeting to decide if Athens gets the cash it needs all at once or by drip feed. Sonia Legg reports.....

Draghi stays firm on low ECB rates
July 8 - European Central Bank President Mario Draghi said on Monday that higher interest rates are not warranted now, reiterating his statement from last week that ECB rates will stay at record lows for an extended period. (ROUGHCUT) No reporter nar.....

ISS backs Michael Dell's offer
July 8 - Advisory firm ISS backs Michael Dell's proposal for the PC maker over Carl Icahn's competing bid. Fred Katayama reports......

U.S. Morning Call: Alcoa kicks off U.S. earnings season
StarMine predict Alcoa will miss earnings forecasts by 4 percent for the second quarter......

E-cigarettes light up economy
July 8 - Every year 6m cigarette smokers die, according to the World Health Organisation. So, could a huge rise in sales of a little metal tube help fend off what the Organisation calls 'one of the biggest health threats the world has ever seen'? Mic.....

Wealth Strategies: Gilead beats OXY in Big Industry battle
July 8 - TAKE 120: USAA's John Toohey has 120 seconds to choose between Big Oil and Big Pharma and says, despite the run in Gilead Sciences, the biotech firm has more upside......

Breakingviews: What UK finance should take from Andy Murray
July 8 - Wimbledon no longer reflects the UK's position in financial services, where satisfaction is taken from hosting an event that attracts top talent from around the world......

How to sell space to the Chinese
July 8 - 2014 could be the year you go to space, assuming you've got $95,000 to spare. SXC co-founder Michiel Mol explains the firm's plans to market space travel to China's newly minted wealthy......

FACTBOX: Inside Asiana Airlines
July 8 - A look at the past and present of South Korea's Asiana Airlines, operator of the Boeing 777 that crash-landed in San Francisco......

Reuters Today: Egypt violence soars, Murray-mania hits UK
July 8 - At least 15 dead in Cairo as Muslim Brotherhood tensions rise. In Europe Greece should get its next aid tranche, while BP and Alcoa are focal points for equity markets. And Murray-mania hits the UK......

Daily Digit: Osram's debut shares fall
July 8 - Shares in Osram Licht fall as much as 2.4 percent on their stock market debut, as investors seek an exit following the lighting company's spin-off from engineering group Siemens. Hayley Platt reports......

Market Pulse: Turkey fires a $1.5 bln bazooka in FX fight
July 8 - Turkey's central bank promises "strong" monetary tightening to protect its currency, the lira. So far, it has stuck to its pledge, with a record $1.5 bln FX auction......

BP battles 'outrageous' claims for Gulf of Mexico compensation
The effects of BP's Gulf of Mexico oil spill can still be seen along the coast of Louisiana, but on Monday the British oil giant took to court to fight a court ruling which it claimed has left an "indelible black mark" of another sort.<img width='.....

Andrew Tyrie: bank reform legislation 'so weak as to be virtually useless'
Andrew Tyrie has warned that the Government's pledge to drive through radical banking reforms cannot be relied upon since the actual legislation is "so weak as to be virtually useless".<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Unbalanced and unsustainable - this is the wrong kind of growth
A Scot has won at Wimbledon, the "Welsh" Lions have triumphed Down Under, an adopted Englishman leads the Tour de France, house prices are rising, the sun is shining, the economy is growing, God is in his Heaven and all's right with the world.<img.....

Gloves come off in Gulf Keystone and M&G row
The gloves have come off in the corporate governance punch-up between Gulf Keystone Petroleum and M&G, with the Aim-listed oil explorer branding one of its biggest shareholders "disingenuous".<img width='1' height='1' src='http://telegraph.fee.....

Betfair takeover trickier after Softbank dumps 10.6pc stake
Betfair's ownership has changed significantly after Japan's Softbank sold its entire 10.6pc stake at a knock-down price just two months after the betting group saw off a 1bn bid approach.<img width='1' height='1' src='http://telegraph.feedsportal......

Banks lead the charge as FTSE fizzes higher
FTSE 100 rises, helped by recent speculation of interest in Lloyds Banking Group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e60a19e/mf.gif' border='0'/><div class='mf-viral'><table border='0'>.....

Greek gets 4.8bn in staggered bailout payments
Greece will get its next EU-IMF bailout payment of 2.5bn on condition that it implements austerity measures including deeper spending cuts and public sector lay-offs within 10 days.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

French business leaders lash out at Francois Hollande
France's business leaders have launched a blistering attack on President Franois Hollande, demanding drastic measures to halt the country's industrial decline and shrink the ballooning public sector.<img width='1' height='1' src='http://telegraph......

Carphone Warehouse to sell flagship store to G-Star Raw
Carphone Warehouse is to sell its flagship store on Oxford Street to Dutch clothing retailer G-Star Raw in the latest example of the strong overseas demand for stores in the West End of London.<img width='1' height='1' src='http://telegraph.feedsp.....

Kate Swann joins travel food group SSP
Kate Swann, the former chief executive of WH Smith, has been named as the new boss of SSP, the UK's largest operator of food outlets in train stations and airports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Center Parcs launches recruitment drive for new 250m holiday resort
Center Parcs has launched a recruitment drive to fill 1,500 positions at its new 250m holiday resort.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e60970d/mf.gif' border='0'/><div class='mf-viral'><.....

Russians linked to Sergei Magnitsky case banned from entering UK
The Home Office has barred 60 Russian nationals linked to the Sergei Magnitsky whistleblower case from travelling to the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e60970e/mf.gif' border='0'/><div .....

Russians linked to SergeiMagnitsky case banned from entering UK
The Home Office has barred 60 Russian nationals linked to the Sergei Magnitsky whistleblower case from travelling to the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e5fbcca/mf.gif' border='0'/><div .....

Russians linked to Magnitsky case banned from entering UK
The Home Office has barred 60 Russian nationals linked to the Sergei Magnitsky whistleblower case from travelling to the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e5fb75b/mf.gif' border='0'/><div .....

Maplin to sell first 3D printer for use in the home
Priced at 700, the Velleman K8200 will allow customers to print anything they want<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e5f04b7/mf.gif' border='0'/><div class='mf-viral'><table border='0'&g.....

Business news and markets: as it happened, July 8, 2013
The Treasury has announced that it will introduce a criminal offence for reckless misconduct for senior bankers, one of the tough new measures proposed by the Banking Standards Commission.<img width='1' height='1' src='http://telegraph.feedsportal.....

Qatar airline opens Harrods ticket office
The convenience of being able to "shop local" when buying a plane ticket has been made a reality for London's Qatari community.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e5f04b5/mf.gif' border='0'/><d.....

Maplin to sell first 3D printer for use in the home
Priced at 700, the Velleman K8200 will allow customers to print anything they want<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e5f0df0/mf.gif' border='0'/><div class='mf-viral'><table border='0'&g.....

Poorly insulated home? You should pay more council tax
Reduced council tax payments and lowered stamp duty for efficient properties will encourage home owners to take up the Government's Green Deal policy, a new report has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

End of chip and Pin? Shoppers test payment by fingerprint
Shoppers in France welcome technology that allows them to pay by having their fingerprints scanned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e5f04ba/mf.gif' border='0'/><div class='mf-viral'><t.....

Business news and markets: live
The Treasury has announced that it will introduce a criminal offence for reckless misconduct for senior bankers, one of the tough new measures proposed by the Banking Standards Commission.<img width='1' height='1' src='http://telegraph.feedsportal.....

Greek public sector workers protest 'bail-out' layoffs
Thousands of Greek municipal workers and teachers protested against the public sector layoffs the government has promised international lenders in exchange for bailout funds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

'Halifax called me 550 times over single missed payment'
A Halifax customer who sued the bank after receiving 550 calls over a single missed loan payment has been awarded 7,500 in damages.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e5f04bb/mf.gif' border='0'/>&.....

Customer sues Halifax over 'harrassment'
Amanda Roberts sued Halifax Bank of Scotland after receiving 550 calls from the bank over a single missed payment on a loan.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e5dbba5/mf.gif' border='0'/><div .....

Government response to Banking Commission: key points
City bankers could face jail under new proposals aimed at raising standards in the City. Here are the main points of the Government's response to the Banking Commission report in June.<img width='1' height='1' src='http://telegraph.feedsportal.com.....