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Wednesday 10 July 2013

UK Financial News on 2013-07-10

Staff to get Royal Mail sale shares
Postal workers are set to receive millions of pounds' worth of Royal Mail shares when the company is privatised later this year......

Apple guilty of e-books price fixing
Apple conspired with publishers to fix the price of electronic books, a US judge rules, but the company says it will appeal against the decision......

Fed minutes hint that QE to continue
Minutes of the Federal Reserve's last policy meeting show that many officials want sustained jobs recovery before ending its stimulus program......

Dell suitor wants court appraisal
The battle for control of Dell escalates after billionaire investor Carl Icahn says a court should appraise the buyout offer from its founder......

EU unveils bank wind-down strategy
The European Commission outlines plans for a single authority that will be responsible for winding down eurozone banks that get into trouble......

Subtitle translation site raided
Swedish police force Undertexter offline after receiving complaints that the fan-made subtitle translation service infringed film and TV makers' copyright......

China's exports and imports decline
China reports weaker than expected trade data, underlying concerns of a slowdown in the world's second-largest economy,.....

UK bank outlook upgraded by Moody's
Credit ratings agency Moody's upgrades its outlook for the UK banking industry to stable from negative......

Tesco entertainment retail increases
Tesco overtakes HMV to become the second largest UK entertainment retailer behind Amazon......

US retail in Bangladesh safety move
A group of 17 US retailers, including Wal-Mart and Gap, agree a five-year pact to improve conditions at Bangladesh clothing factories......

Income inequality 'has narrowed'
The gap between the richest and poorest in the UK has narrowed, the latest official figures show, but both are paying more in tax......

Somali fears over Barclays shutdown
Barclays bank is closing about 100 UK accounts of businesses that transfer cash to Somalia and elsewhere, over fears that they enable money laundering......

Tribune group to split into two arms
US media group Tribune to spilt its newspaper and broadcasting operations in a move that echoes the division of Rupert Murdoch's News Corp......

Barratt sales lifted by Help to Buy
Housebuilder Barratt Developments says its full year profits will be stronger than expected, with the government's Help to Buy scheme boosting sales......

Halfords shares jump on sales rise
Shares in cycling-to-car-parts firm Halfords jump after it reports a better-than-expected increase in sales......

London Market Report
The FTSE 100 falls back, but shares in Burberry rise by more than 3% after it reports a strong rise in first quarter sales......

Graduate jobs '85 applicants each'
This summer's university leavers face a tougher jobs market, with a forecast of a 4% fall in graduate vacancies......

Labour change 'could end union link'
The UK's third largest union warns that proposed changes to union membership rules could "end rather than mend" their links with Labour......

Borrowers turn to family and friends
Average household debt has risen by more than 40% in the past year, with a large chunk being owed to family and friends, a survey suggests......

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......

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......

Italy's credit rating downgraded
Concern over Italy's weak economy has prompted the ratings agency S&P to downgrade Italian government debt......

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......

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......

New company prepare Hearts bid
A new company, called HMFC limited, are submitting a bid to buy Hearts, BBC Scotland learns......

280m race track given go ahead
Plans for a 280m race track near Ebbw Vale have been given the go ahead amid claims it will make Blaenau Gwent a "go to destination" for motorsport fans bringing in 50m a year to the local economy......

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

VIDEO: Sell-off 'to destroy postal services'
The proposed Royal Mail sell-off "is going to destroy postal services" claims the general secretary of the Communication Workers Union......

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: Would you buy shares in Royal Mail?
Stockbroker Gary Oldham tells 5 live: Sell-off will 'liberate' Royal Mail users.....

VIDEO: Fears over China's credit crunch
There's concern over Chinese property firms and local authorities who amassed huge debts during the nation's construction boom......

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......

Who is affected by big currency movements?
Who is affected by big currency moves?.....

Greece's life-saving austerity medics
Greeks turn to charities for life-saving medicines.....

Education is a 'security issue', says UN
UN says poor education is a 'security issue'.....

Hard choices in Egypt's middle class
Hard choices for Egypt's middle class.....

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

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

U.S. Day Ahead: Healing economy to spur chain store sales
poll estimates June sales will jump 3.6 percent......

Saft Says: No tampering with taper this year
columnist James Saft don't expect the Fed to start tapering its stimulus program this year, only thing tapering is Fed expectations of a stimulus reduction......

Techquity: Judge throws e-book at Apple, HP upgraded
July 10 - Apple loses lawsuit over e-book pricing while an analyst upgrades Hewlett-Packard.....

EU unveils plans for failing banks
July 10 - Another step towards banking union - a key to resolving the euro zone crisis - has been made with a European Commission proposal to create an agency to salvage or shut failed banks. But as Ivor Bennett reports it's not likely to be operatin.....

Trading at Noon: Stocks moving down: OpenTable & Best Buy
July 10 - Citi starts OpenTable with a "sell" rating and Cleveland Research says Best Buy's U.S. same-store sales appear to be slowing......

Breakingviews: Brazilian bravado
July 10 - Jeffrey Goldfarb talks to Christopher Swann about the downfall of Eike Batista's oil empire and how it is emblematic of a bigger problem in Brazil......

Family Dollar's profit shrinks
July 10 - Family Dollar's profit falls as shoppers buy cheap goods they need, not the pricier things they want. Fred Katayama reports......

Daily Digit: No for 6% mortgage rate
July 10 - The majority of consumers who plan to buy a home someday would be discouraged from buying if rates reach 6 percent, according to a new survey from Trulia. Bobbi Rebell reports......

Does the Quebec train disaster make the case for pipelines?
July 10 - Economist Diana Furchtgott-Roth and former NTSB official Peter Goelz go head-to-head over the safety questions raised by the crash and explosion of a oil-hauling freight train in Quebec......

Europe Day Ahead: bonds & Berlusconi. Italy's double trouble
July 10 - A bond sale is Italys next test as the coalition wobbles and a rating downgrade sends yields higher. Meanwhile, finance ministers and central bankers take to the stump......

Scientists look to the ocean as fuel of the future
July 10 - If the rising price of oil is hurting your budget, don't worry. Scientists in Australia have found a way to turn seawater into fuel. Lester Ranby has more......

U.S. Morning Call: Family Dollar beats on earnings
July 10 - Family Dollar posted Q3 earnings per share at $1.05 and sales clocked in $2.5B......

Daily Digit: Burberry sales jump
July 10 - British luxury brand Burberry maintained its full-year guidance as it posted an 18 percent rise in first quarter underlying retail revenue, driven by robust demand for spring/summer fashion. Hayley Platt reports......

Market Pulse: Mama Mia! What a difference a day makes
July 10 - A ratings downgrade, a record rise in non-performing bank loans, and the government pays the highest price in four months to borrow short-term cash. It's not been a good 24 hours for Italy......

The disgraced bankers guide to Europe
July 10 - Disgraced banker? Never fear, Europes hotchpotch of systems for checking your honesty and integrity means theres probably still somewhere you can ply your trade. Here s our guide......

Breakingviews: EUs all-nighter bank resolution
July 10 - Expect the wrangling over Europes bank resolution to go on even longer than usual, says Breakingviews......

In the Boardroom: From customer to client
July 10 - ABB board member and IBM veteran Hans Ulrich Maerki talks to Lucy Marcus about how a board shifts gear from chasing single transactions to maintaining client relationships......

Plane flying too low, and too slow: NTSB
July 10 - Investigators release new information into the deadly Asiana plane crash in San Francisco. Julie Noce reports......

Daily Digit: Grim trade data underlines China policy dilemma
July 10 - With June trade figures dramatically missing expectations, investors will be questioning just how long Beijing's new leadership can maintain a tight grip on monetary policy and credit conditions......

Reuters Today: China issues "grim" trade warning
July 10 - European stocks set for a cautious start in the wake of soft Chinese trade data. Plus investors eye Fed minutes & a Bernanke speech......

Smartphone slowdown could spell trouble in Taiwan
July 10 - With signs the high-end smartphone market in the developed world is at a near-term saturation point, Taiwanese chipmakers like TSMC may find once-assured profits are more fleeting than expected......

Coutts: Shun bonds, if you havent already
July 10 - Central bank action in Europe and the U.S. have marked an end to a near 30-year bond bull market. Coutts CIO, Norman Villamin, says its time to bank on equities......

Italy downgrade hits yield at bond auction
July 10 - Italy has been hit by another credit rating downgrade. Joanna Partridge looks at the reasons for Standard and Poor's cut and the prospects for an economy stuck in its worst recession since World War Two......

What Hulu has that so many want
July 9 - Hulu may not yet make a profit- but it has content and subscribers that are attracting a wide range of bidders. Bobbi Rebell reports......

Stocks close-in on old highs
July 9 - U.S. stocks are heading back towards record highs set in May thanks to a four-day upswing; housing stocks rally as foreclosures decline; FedEx gains on investment speculation; Kroger, Harris Tweeter tie up in $2.5 billion deal; Goldman downg.....

Rupert Murdoch could face criminal charges in US
Rupert Murdoch could face criminal charges in America after he was secretly filmed telling journalists at his newspapers that bribing police officers for stories was "the culture of Fleet Street".<img width='1' height='1' src='http://telegraph.fee.....

The wheels are coming off the whole of southern Europe
Europe's debt-crisis strategy is near collapse. The long-awaited recovery has failed to take wing. Debt ratios across southern Europe are rising at an accelerating pace. Political consent for extreme austerity is breaking down in almost every EMU cri.....

Co-op's principles in the spotlight
Co-operative Group prides itself on being an "ethical" mutual, so recent claims are damaging.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e7b48e1/mf.gif' border='0'/><div class='mf-viral'><table b.....

Half of Federal Reserve wants to end QE this year
US markets were volatile as investors weighed signs that the Fed could suddenly taper its fiscal stimulus package, against the news that many of its members want to see a improvement in jobs first.<img width='1' height='1' src='http://telegraph.fe.....

Apple found guilty of price-fixing conspiracy for electronic books
Apple has been found guilty of a price-fixing conspiracy for electronic books after working with book publishers to restrain trade and push up prices.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e77eba6/mf.gi.....

Sainsbury's Local stores to overtake supermarkets for first time
The number of smaller convenience stores run by J Sainsbury will this year overtake the number of supermarkets it operates for the first time, a clear sign of the industry's changing focus.<img width='1' height='1' src='http://telegraph.feedsporta.....

Fresh Bumi showdown looms over chairman's 47.6pc stake
The warring factions at Bumi are heading for a fresh showdown after the scandal-ridden coal miner confirmed its chairman Samin Tan was working on a deal that would give him 47.6pc of the company.<img width='1' height='1' src='http://telegraph.feed.....

Heathrow will be 'left behind' by foreign rivals unless it builds third runway
Heathrow could provide direct links to 130 long-haul destinations by 2030, 40 more than at present, if it is allowed to build additional runway capacity, the airport's boss has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Royal Mail lined up for 3bn float
The Government unveiled plans for a 3bn float of Royal Mail on the London Stock Exchange, relegating efforts by private equity to buy the delivery service to a "reserve option".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Retailers climb but FTSE rally ends
Investors filled up their shopping bags with retailers, but it is not enough to continue the FTSE rally.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e7a7edf/mf.gif' border='0'/><div class='mf-viral'>.....

Business news and markets: as it happened, July 10, 2013
The EU has unveiled plans to give more power to Brussels through a centralised fund to bail-out failed eurozone banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e7a686e/mf.gif' border='0'/><div class=.....

HS2 will draw jobs to London rather than North, MPs told
Britain's planned high-speed rail network will draw jobs to London rather than the North, a leading academic has told MPs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e7a75f6/mf.gif' border='0'/><div cl.....

Business news and markets: live
The EU has unveiled plans to give more power to Brussels through a centralised fund to bail-out failed eurozone banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e72537d/mf.gif' border='0'/><div class=.....

Three FSA bosses handed pay-offs totalling 800,000
Three directors of the Financial Services Authority were paid a total of 800,000 last year to leave the banking watchdog.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e794d40/mf.gif' border='0'/><div cla.....

Hermes to open two new factories
Business is booming for luxury brand Herms, the purveyor of the exclusive Birkin and Kelly bags, as it maps out plans to meet demand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e794d41/mf.gif' border='0'/>.....

Menswear and China boost Burberry
Strong sales of menswear and demand from Chinese shoppers have helped luxury fashion brand Burberry to smash City expectations for its performance over the past three months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

New laws to tackle nuisance calls
The Government is planning new laws to fight back against the bombardment of nuisance marketing calls endured by millions of consumers every day.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e794d43/mf.gif' bo.....

Heritage tourism generates 26.4bn towards UK economy
Heritage sites such as the Tower of London and Edinburgh Castle help generate 26.4bn towards the UK economy through tourism, almost 6bn more than previously estimated.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Wal-Mart and Gap unveil Bangladesh factory safety plan
Nearly 20 North American retailers including Wal-Mart and Gap have unveiled a five-year safety plan for Bangladesh garment factories that would include inspecting every factory within a year.<img width='1' height='1' src='http://telegraph.feedspor.....

Claims for London Underground injuries hit 2.5 million
Claims for accidents on the London Underground have reached more than 2.5million in the last four years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e794e97/mf.gif' border='0'/><div class='mf-viral'>.....

Apple found guilty of price-fixing conspiracy for electronic books
Apple has been found guilty of a price-fixing conspiracy for electronic books after working with book publishers to restrain trade and push up prices.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e7951bd/mf.gi.....

Brussels faces off against Berlin with plan for failing banks
The European Commission has faced off against Germany by tabling proposals to give itself the power to overrule national financial supervisors and shut down failing banks in the eurozone.<img width='1' height='1' src='http://telegraph.feedsportal......

Developers 'bully house buyers into using expensive mortgage brokers'
A growing number of building developers are pressuring their clients into using their preferred solicitor and mortgage broker, experts have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e77ebaa/mf.gif' .....

10 Baby Boomer 'entitlements' today's youth won't have
HSBC's Stephen King says Boomers risk an uprising by the young. We list the benefits they have enjoyed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e77ebac/mf.gif' border='0'/><div class='mf-viral'>&.....

Number of graduate jobs on offer predicted to decline
The graduate jobs market is getting tougher with fewer openings this year - but London's dominance as the place to head for is beginning to be eroded.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e77ebae/mf.gi.....