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Tuesday 9 July 2013

UK Financial News on 2013-07-09

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

IMF raises its UK growth forecast
The International Monetary Fund lifts its UK economic growth forecast to 0.9% for this year, but cuts its prediction for global growth......

M&S clothing sales continue to fall
Marks and Spencer reports a 0.3% rise in underlying sales for the latest quarter, as strong food sales offset a fall in clothing sales......

Murdoch prepared to face MPs again
Rupert Murdoch says he "welcomes" the chance to face MPs over comments he allegedly made about a police probe into corrupt payments by journalists......

Wall Street Market Report
Shares on Wall Street notch up another positive session, the fourth in a row.....

Corruption getting worse, says poll
More than one in two people think corruption has worsened over the last two years, says a public opinion survey by Transparency International......

NYSE Euronext to control Libor rate
The owner of the New York Stock Exchange is set to take control of a key scandal-hit bank interest rate, a UK government-backed committee announces......

Coal mines in pension rescue deal
UK Coal announces a restructuring of its mining operations, saving 2,000 jobs, with its pension scheme taken over by the Pension Protection Fund......

Does Co-op Group deserve to keep control of Co-op Bank?
Holders of preference shares and bonds in Co-op Bank are revolting against the suggested terms of the bank's rescue......

Pound tumbles on manufacturing data
UK manufacturing output fell unexpectedly in May, official figures show, contracting at its fastest pace since January......

Watchdog reviews insurance offers
Insurance that is bolted on to the purchase of holidays, cars and gadgets is being put under the microscope by the City regulator......

House prices 'to keep on rising'
Surveyors are expecting house prices to keep rising after the UK housing market started to record some momentum following a sluggish few years......

Teacher charity hires most graduates
Teach First, an initiative to recruit talented graduates into teaching, is now the biggest single recruiter of university leavers......

EU car row with Russia goes to WTO
The EU complains to the World Trade Organization about a Russian levy on imported cars - their first dispute at the WTO......

Vodafone under fire over new charges
Pay-as-you-go customers on Vodafone will now be charged per minute rather than per second for calls, a move which will raise call costs......

Energy firm E.On hit by 3m penalty
Energy firm E.On has been hit with a 3m penalty for failing to prove that it distributed free energy-saving light bulbs to consumers......

Firms leave payday loan market
Payday lenders are leaving the market after an investigation by the Office of Fair Trading......

Shell names Ben van Beurden as boss
Europe's largest oil company Royal Dutch Shell announces that Ben van Beurden is to be its new chief executive......

China's inflation rate rises to 2.7%
China's inflation rate rose by more than expected in June, increasing to 2.7% from 2.1% the month before......

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......

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......

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......

Latvia gets euro membership go-ahead
EU finance minsters have rubber-stamped Latvia's application to become the 18th country to use the euro......

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......

Rangers reveal changes to board
Non-executive directors Malcolm Murray and Phil Cartmell leave the Rangers board as James Easdale is appointed......

Wimbledon gets top 2013 audience
Andy Murray's straight-set victory in the Wimbledon Men's final on Sunday drew the highest TV audience of the year so far with 17.3 million viewers......

AUDIO: Cutting union links 'won't solve problems'
Billy Hayes, the general secretary of the Communication Workers Union (CWU), has told the Today programme that he disapproved of Ed Miliband's plans to change Labour's relationship with the trade unions......

VIDEO: How farming shows survive the times
Agricultural shows were once the highlight of the farming diary but in the last few years, a number of high profile events - including The Royal Show - have been forced to close......

AUDIO: Voice of the checkout 'helps Brits queue'
Terry Green, who co-founded Q-matic which tries to solve company's queuing problems told the Today programme's Sarah Montague that he was the voice that beckons people to the service desks in over 8,000 locations across the UK......

VIDEO: How can social enterprise help towns?
Steph McGovern went to Alston in Cumbria, dubbed a social enterprise town because of the number of local businesses set up to benefit the community, to find out how to make them a success......

VIDEO: EU-US trade: Focus on drug licensing
Jeremy Howell reports on one of the aims of EU-US trade talks - making it easier for medicines licensed on one side of the Atlantic to be approved the other......

VIDEO: How much is your old computer worth?
As an Apple-I computer goes up for auction and could fetch $500,000 - how much could your old home computer be worth?.....

VIDEO: How can businesses avoid bribery?
Robin Hodess from Transparency International says there are things that companies, governments and individuals can do to avoid corruption and bribery......

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

Murray's minted
How Andy Murray will cash in on that Wimbledon win.....

Le Tour conquers economic mountains
The financial benefit of having the Tour de France come to town.....

Map: Which country pays the most bribes?
Where is corruption most widespread?.....

Predicting earthquakes using smartphones
Could your smartphone save your life?.....

Time Warner Cable bid for Hulu makes the most sense- Corty
July 09- As the list of bidders for streaming media service Hulu grows, Morningstar's Michael Corty explains why there is so much interest- and why his pick is Time Warner Cable. Bobbi Rebell reports......

U.S. Day Ahead: After the chaos, Bernanke to break silence
July 9 - Fed Chair Ben Bernanke re-emerges three weeks after his comments on tapering confused markets and spiked bond yields. He speaks at a conference in Cambridge, Mass., after the release of FOMC minutes......

Daily Digit: Foreclosures fall to 52,000
July 9 - 52,000 foreclosures were completed in May, as the rate slows down from a year ago, according to CoreLogic. Conway G. Gittens reports......

Trading at Noon: Barnes & Noble survival in question
July 9 - Barnes & Noble CEO William Lynch resigned, an acknowledgement that its digital division Nook has failed to compete with rivals......

Breakingviews: Risky business of leverage
July 9 - Rob Cox and Breakingviews editors discuss the new 6 percent leverage ratio set forth by US bank regulators, and why its still not enough to mitigate risk on its own at the largest banks......

Kroger buys Harris Teeter
July 9 - Kroger beat out private equity players to nab Harris Teeter Supermarkets and expand in the southeast and mid-Atlantic regions. Fred Katayama reports......

M&S new range is key as sales fall
British retailer Marks & Spencer posted an eighth consecutive quarterly fall in underlying sales of clothing, piling pressure on management to deliver a swift turnaround when new ranges start hitting the shops this month. Hayley Platt reports......

Europe Day Ahead: Brace for German bonds, Burberry & Barratt
July 9 - Germany in the spotlight with inflation data and its first bond sales since the ECB's low rate pledge last week. And we take the pulse of UK plc with Burberry and Barratt trading updates......

Europe's unfinished banking union
July 9 - A live conversation with ECB Executive Board Member Jrg Asmussen on the central bank's role in fostering Europe's economic recovery and progress towards proposed banking union......

D vu, Greek style: gets cash despite missed targets.
July 9 - Greece secured 6.8 bln of aid this week, despite missing some of its key targets agreed with international lenders. So, more of the same? Maybe, but the Troikas patience may be wearing thin......

ECBs Asmussen on rates & banks
July 9 - ECB board member Joerg Asmussen on prospects for banking union and extended low rates......

U.S. Morning Call: Barnes & Noble CEO quits after Nook woes
July 9 - Barnes & Noble CEO William Lynch has resigned, acknowledging that the Nook has failed to compete successfully in the tablet market......

Disaster zone shelters help UK school reduce jet noise
July 9 - Frustrated by the noise of trans-Atlantic airplanes flying low overhead, a school near London's Heathrow airport has come up with an innovative solution - superadobe structures originally designed for use in earthquake zones. Jim Drury went .....

Blood cell therapy developed for wounds that won't heal
July 9 - An Israeli biotech company which uses donors' white blood cells to help cure chronic wounds is claiming substantial success in treating hard-to-heal lesions and hope to receive FDA approval by 2017. Jim Drury reports......

Daily Digit: Cost of Europe's floods
July 9 - Floods in central Europe last month may cost insurance companies $3.5-4.5 billion, only half of one previous estimate but more than was paid out for the last major washout in 2002. Joanna Partridge reports......

Will Greek aid lifeline revive or harm?
July 9 - Greece secures a lifeline from the euro zone and the IMF but is told it must keep its promises on cutting public sector jobs and selling state assets to get all the cash. As Sonia Legg reports the deal may be good for the euro zone but it's .....

Market Pulse: How low can gold go? $800, says Natixis
July 9 - Gold is having its best session in seven, but it won't last. In fact, gold could still fall by a third this year and go as low as $800, says Natixis. Plus EDF shares spark, LVMH bets cash on cashmere......

A century on, Bollywood means business
July 9 - 100 years after the screening of India's first feature film, the country's booming movie industry is moving higher up the global rankings......

Breakingviews: Shells safe-and-sound CEO choice
July 9 - Shells new CEO, Ben van Beurden, has the right skills for tough times, says Breakingviews. And why Italian capitalism needs liberalization to survive......

Reuters Today: Egypt eyes quick elections, Greece gets aid
July 9 - Egypt hopes to hold elections within months, after Monday's bloodshed leaves the world's most populous Arab country in shock. It's a case of deja vu as Greece gets 6.8 bln aid, and viva San Fermin!.....

Snowden knew revelation risks
July 9 - Former U.S. National Security Agency contractor Edward Snowden says knew the risks before revealing secret surveillance programmes. Paul Chapman reports......

How to trade equities in a post-QE world
July 9 - Jacob Schmidt, CEO of Schmidt Research Partners, explains equity and hedging trading strategies investors can use as we head into a post-QE environment......

Stocks add to job induced gains; Alcoa mixed
July 8 - Summary: Wall Street rallied as the glow from Friday's job report continued but a downgrade of Intel held tech stocks close to the flat line; Profits at Alcoa beat but sales lag. Energy shares trade mixed in wake of Canada freight explosion......

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......

Argentina orders companies to accept Evita banknote after political snub
Cashiers have snubbed notes because they either did not recognize them or for political reasons.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6f05d5/mf.gif' border='0'/><div class='mf-viral'><tabl.....

IMF predicts a sunnier outlook for economy
Britain's economic outlook was boosted after the International Monetary Fund raised its forecast for the country's recovery yesterday, three months after cutting it.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

If AG Barr wants Britvic, it will have to fight for it
What was once billed as a friendly merger now has numerous stumbling blocks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6e7660/mf.gif' border='0'/><div class='mf-viral'><table border='0'><.....

France bans new Mercedes cars over 'greenhouse gases'
Cars use an air conditioning refrigerant the EU says emits excessive greenhouse gases.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6e6df2/mf.gif' border='0'/><div class='mf-viral'><table border='.....

Sketch: Marks & Spencer reveals the trick up its sleeve - listen to your customer
Belinda Earl has been style director at Marks & Spencer for less than a year, but she already knows how to play the crowd at the company's annual general meeting. Her secret? Give the audience what they want.<img width='1' height='1' src='http.....

Marks & Spencer lost its way, Sir David Sieff says
The last member of the founding family of Marks & Spencer to sit on the board of the company has said the retailer has lost its way.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6e6008/mf.gif' border='0'/.....

Home Office strikes comment from public record to avoid diplomatic row with Moscow
The Home Office has changed its position on whether 60 Russians linked to the death of an anti-corruption whistleblower have been barred from the UK in an apparent attempt to stave off a damaging diplomatic spat with Moscow.<img width='1' height='.....

Irn Bru merger looks sticky amid signs of Britvic cooling
Britvic has taken the fizz out of a revived 1.9bn merger with Irn Bru-maker AG Barr, hinting it would demand at least 70pc of the enlarged group and the retention of new chief executive Simon Litherland.<img width='1' height='1' src='http://telegr.....

Government takes 1m out of fuel poverty - by changing the rules
Ministers took 1m people out of fuel poverty - by changing the way the measure is calculated.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6e17ee/mf.gif' border='0'/><div class='mf-viral'><table b.....

Europe's rich 'could face uprising similar to Peasants' Revolt'
Europe's rich Baby Boomers are behaving like the nobility in the Peasants' Revolt, and could face an uprising by the younger generation if the situation doesn't change, HSBC's chief economist has warned.<img width='1' height='1' src='http://telegr.....

Shell picks Ben van Beurden as surprise new chief
Royal Dutch Shell has picked company veteran Ben van Beurden to succeed Peter Voser as chief executive, taking investors in the Anglo-Dutch energy giant by surprise.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Vincent Tchenguiz claims victory over Lloyds
Vincent Tchenguiz has claimed another victory after Lloyds agreed to adjourn an administration hearing for his residential freehold empire indefinitely.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6d3a51/mf......

UK miners boosted by strong start to US earnings season
FTSE 100 rises, led by miners which received a much-needed boost.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6d3a52/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><t.....

Minority Report moves step closer as Lord Sugar launches face recognition adverts
Lord Sugar's Amscreen launches advertising screens that can tell your age and sex and cater adverts to you.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6d3a53/mf.gif' border='0'/><div class='mf-viral'&.....

High taxes seen as key risk by business leaders
High taxation is seen as the main threat to businesses according to a detailed survey of more than 500 business leaders from across the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6d3a54/mf.gif' borde.....

Business news and markets: as it happened July 9, 2013
Greek public sector workers took to the streets to protest looming job cuts as Athens-based think tank IOBE said the economy will suffer a much deeper contraction than IMF and EU estimates indicate.<img width='1' height='1' src='http://telegraph.f.....

UK Coal falls into hands of state pension rescue scheme after blaze
Britain's biggest remaining coal miner has fallen into the state pension rescue scheme after a devastating fire.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6d31a6/mf.gif' border='0'/><div class='mf-vi.....

Banks in danger of infecting insurers, says FCA chairman
Insurers are in danger of "catching the infectious disease" from banks that led to financial scandals such as products being mis-sold to consumers, the chairman of the Financial Conduct Authority has warned.<img width='1' height='1' src='http://te.....

Rupert Murdoch recalled to face MPs over secret tape
Rupert Murdoch has been recalled to face questioning by MPs after a tape emerged on which he appeared to express regret over cooperation with police investigating his British newspapers".<img width='1' height='1' src='http://telegraph.feedsportal......

Business news and markets: live
Greek public sector workers took to the streets to protest looming job cuts as Athens-based think tank IOBE said the economy will suffer a much deeper contraction than IMF and EU estimates indicate.<img width='1' height='1' src='http://telegraph.f.....

New overdraft fees for millions at RBS-NatWest
Millions of customers with NatWest and Royal Bank of Scotland (RBS) face new fees of up to 72 a year from this week for dipping into their arranged overdrafts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6bb.....

Is Halifax 0.45pc rise a sign of a savings rate turnaround?
Halifax has dramatically increased the amount it is offering on fixed rate accounts, bucking the recent trend.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6c58f4/mf.gif' border='0'/><div class='mf-vira.....

M&S annual meeting: 10 things you need to know
The two-hour Marks and Spencer's annual meeting in ten points.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6b1d4b/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td v.....

Schools are failing our children simply because they are technophobes
Few industries have been left unscathed by the digital revolution.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6b1d4c/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><.....

Danny Alexander defends 'transformational' HS2
Senior Liberal Democrat Danny Alexander has defended the economic case for the HS2 railway line against criticism over its spiralling cost.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e6b1d4d/mf.gif' border='.....