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Thursday 11 July 2013

UK Financial News on 2013-07-11

PC sales in 'longest' historical drop
Global personal computer (PC) sales fall for the fifth quarter in a row, making it the "longest duration of decline" in history......

Microsoft unveils reorganisation
Microsoft chief executive Steve Ballmer announces a restructuring in what is the first major overhaul of the company in five years......

No need for tax rises, says Osborne
Chancellor George Osborne says he will not need to raise UK taxes to meet deficit reduction targets after the next election......

Unite warns of Labour funding plunge
The Unite union says the changes proposed by Ed Miliband could slash the amount of funding it provides to the Party, the BBC has learned......

US senators aim to separate banks
A group of US senators, including Elizabeth Warren and John McCain, introduce "new" Glass-Steagall legislation to separate commercial and investment banking......

GSK staff face China bribery probe
Some senior executives of the Chinese division of GlaxoSmithKline (GSK) are facing a criminal investigation over allegations of bribery......

Profits soar at Scottish Power
Utility company Scottish Power reports a doubling of profits while charging customers more for their energy......

Nine sue after Heathrow emergency
A group of British and Norwegian passengers begin legal action following an emergency landing of a British Airways airliner at Heathrow in May......

Nokia reveals 41 megapixel phone
Nokia's latest handset features a 41 megapixel camera, allowing owners to "shoot first, zoom later" without sacrificing image quality......

Bank of Japan upbeat on economy
The Bank of Japan gives an upbeat assessment of the country's economy, saying it is starting to "recover modestly"......

G4S probed over tag overcharging
The Serious Fraud Office will consider whether to investigate G4S over alleged overcharging for electronic tagging, which the government says totalled millions of pounds......

OFT lists workplace pension concerns
An Office of Fair Trading investigation into workplace pensions raises concerns over charges and insufficient levels of governance......

Primark delivers more sales growth
Primark owner Associated British Foods says the better weather helped its clothing chain post another strong rise in sales......

Ofcom seeks broadband price cuts
Broadband customers could see cheaper bills in the coming years under plans by telecoms regulator Ofcom to cut wholesale prices......

India to intercept Blackberry chats
A leaked document indicates that the Indian authorities are now ready to take control of a system that will let them intercept Blackberry messages......

London Market Report
Shares rise and the pound jumps against the dollar after comments from the US Fed suggest there will be no immediate halt to its stimulus programme......

'Debt peril' warning over rate rises
The number of families in "debt peril" could double over the next four years if interest rates rise faster than expected, a think tank warns......

Pension reform 'will hit the young'
Young people will lose out the most from planned reforms to the state pension, a report from the Institute for Fiscal Studies warns......

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......

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......

US budget surplus highest in 5 years
The US government reported a budget surplus of $116.5b (77.02b) in June, the most in five years......

Africa's economy 'sees rapid growth'
Africa's economy is growing faster than any other continent, with a rapidly expanding middle class, according to the African Development Bank......

China signs $1.1bn deal with Nigeria
China agrees to give Nigeria a $1.1bn (700m) low-interest loan to build much-needed infrastructure, including roads and airport terminals......

Fans' group submits bid for Hearts
The Foundation of Hearts becomes the first group to formally submit a takeover bid to the club's administrator......

Murray calls for Rangers transparency
Former chairman Malcolm Murray is critical of boardroom changes he says will make Rangers' investors concerned......

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......

AUDIO: Families 'burying heads' over household debt
Gillian Tett and Sir John Gieve discuss potential problems that families will be facing when interest rates rise......

VIDEO: How can you keep 'paradise' clean?
As the eastern Caribbean nation of Barbados is reported as being one of the least corrupt countries in the world, Nick Davis reports from the capital, Bridgetown, on how it has kept its ''clean'' reputation......

VIDEO: Greek jobless set to hit record high
Official unemployment figures are expected to show Greece's jobless rate has risen to another record high......

VIDEO: Royal chimney sweeps at the palace
For the first time ever hundreds of firms that supply goods to the Queen, the Duke of Edinburgh and Prince Charles are gathering at Buckingham Palace......

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: Miners given pension rescue deal
Martin Clarke, at the Pension Protection Fund tells 5 live about the pension rescue scheme given to UK Coal......

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

Weather apps battle to reign supreme
The flood of weather apps for your mobile phone.....

The crisis facing South Africa's gold mines
Is the sun going down on South Africa's gold mines?.....

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

Why not... nationalise the railways?
The case for and against renationalising Britain's railway system.....

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

Carp and coffee: The language of bribes
What names for bribes tell us about corruption.....

Stocks rock to records after Bernanke comments
July 11 - Summary of business headlines: Markets surge to record closing highs after Bernanke comments ease fears of stimulus cuts; Microsoft reorganizes; retail sales beat forecasts. Bobbi Rebell reports......

U.S. Day Ahead: JPM to get boost from housing market
July 11 - JPMorgan Chase is expected to report a profit for the second quarter. Although the effects of June's rate rise could impact results......

Retail sales' fragile gains
July 11 - Overall June retail sales results have come in ahead of forecasts, but digging deeper they tell the story of a customer base that's strongly diverging. Jeanne Yurman reports......

Techquity: Microsoft's current structure goes out the window
July 11 - Microsoft CEO Steve Ballmer puts out reorganization plan, Nokia puts out new phone, and Amazon hits a high......

Reaction to Bernanke on target- Clark Winter
July 11 - Investment strategist Clark Winter says the market reaction to Bernanke's comments that the Fed will remain accommodative for the foreseable future is on target. Bobbi Rebell reports......

Royal baby a retail giant
UK retailers are riding the wave of excitement over Prince William and Kate Middletons baby all the way to the bank. Spending, from collectibles to celebratory libations, is expected to exceed $300 million......

Breakingviews: Don't flub on Fab
Antony Currie talks to Reynolds Holding about the SECs looming lawsuit against ex-Goldman CDO banker Fabrice Fabulous Fab Tourre, and why the Wall St watchdog cant afford another loss in court......

Trading at Noon: Snippets from Sun Valley & stocks rally
July 11 - We bring you the juice from the Sun Valley conference in Idaho. Also, a look at today's Fed-bred stock rally......

Political slush fund scandal rocks Spain
July 11 - Editor of Spain's El Mundo newspaper appears in court as a witness, after his newspaper handed over to the High Court documents which it says are the originals of a ledger showing illicit payments made to top politicians including Prime Min.....

China accuses GSK of corruption
July 11 - China accuses pharma giant GlaxoSmithKline of bribery and corruption, in the highest profile probe since 2010, when four Rio Tinto executives were jailed. Kirsty Basset reports.....

Portugal's political 'time bomb'
July 11 - Portugal's political crisis deepens after the president rejects a plan to heal a government rift and critics accuse him of igniting a "time bomb" by calling for early elections next year. Kirsty Basset reports......

Gas fuels June sales at Costco
July 11 - Costco bucks the trend of soft discretionary sales. Fred Katayama reports......

Human-powered helicopter flies into aviation history
July 11 - A team from Toronto has won the long-coveted Sikorsky prize by using human power alone to fly an aircraft. The team, called AreroVelo Inc., achieved the feat on June 13, securing a $250,000 prize that has been on offer for 33 years, but nev.....

Europe Day Ahead: Portugal peril, Turkey trouble
July 11 - Troubles mount in and outside the euro zone as Portugals government again looks in danger of collapse and Turkey battles to halt a slide in the lira......

Daily Digit: German retailer's plunge
July 11 - German DIY retailer Praktiker files for insolvency, sending its shares into freefall and sparking fears of heavy job losses after last-ditch talks with creditors failed. Sonia Legg reports......

Grapefruit-sized RadBall proposed for Fukushima clean-up
July 11 - The world's largest floating power station is about to set sail from Tokyo bay for deployment off Fukushima, while officials struggle to clean up radioactive waste inside the crippled Fukushima Daiichi power station. Soon however, they may .....

Greek unemployment hits new high
July 11 - Greece may have scraped through its biggest political and financial challenge this year by securing a tranche of aid from international lenders but the reprieve may only be temporary. More cuts need to be made which won't go down well with .....

U.S. Morning Call: Bernanke effect boosts stocks, bonds
July 11 - Fed Chairman Ben Bernanke says the U.S. economic uptrend is intact, calming U.S. markets......

Wealth Strategies: Rising rates will not derail housing
July 11 - Allianz Global Investors' Kristina Hooper says mortgage rates are still well below long-term averages, but suggests the Fed focus on tapering Treasury purchases rather than mortgage-backed securities......

Market Pulse: Oil spread set to collapse "like a souffle"
July 11 - Oil hits a 3-month high on Bernanke's remarks, but there are confusing signals on the demand outlook from the IMF and IEA. Whatever happens, the WTI-Brent spread could collapse "like a souffle"......

Sports Spread: England Roar Back into First Test Contention
July 11 - With wickets tumbling on a dramatic opening day, we look at who has the edge in the first Ashes test, plus, Chris Froome zooms ahead in the Tour de France......

Breakingviews: Risky switch out of EM
July 11 - Developed market equities are investors new favourite. But with Europe in recession and only moderate U.S. growth they swap one risk for another says Breakingviews......

Doomed to fail? Turkey tries FX intervention
July 11 - Is Turkeys attempt to prop up the lira doomed to fail? GAM investment director Paul McNamara says maybe not......

Reuters Today: Dove Bernanke throws cat among pigeons
July 11 - A dovish Ben Bernanke throws the cat among the pigeons, wrongfooting dollar bulls and sending the greenback tumbling......

Job well done, but Bank of Japan can't rest on its laurels
Japan's central bank has officially declared the economy back in recovery mode, but may come under further pressure from the government to address still-stagnant prices. Yonggi Kang reports......

GlaxoSmithKline faces bribery probe in China
GlaxoSmithKline is facing a serious threat to the future of its business in China after becoming a target for one of the most senior members of the country's ruling Politburo.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Carl Icahn preparing higher Dell bid
Billionaire investor Carl Icahn is preparing a higher bid for computer maker Dell ahead of a key shareholder meeting after proxy firms endorsed founder Michael Dell's $24.4bn buyout offer.<img width='1' height='1' src='http://telegraph.feedsportal.....

Renewed fear of global recession as companies rein in spending plans
Growth in spending on machinery and investment by the world's 2,000 biggest companies has begun to contract for the first time since the Lehman crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e89e550/mf.g.....

Microsoft announces huge shake-up
Microsoft has launched a last-ditch attempt to catch its technology rivals in the mobile and tablet market, with a massive company shake-up.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e89e551/mf.gif' border=.....

George Osborne is convinced he has finally won the austerity argument
In front of the TSC, the Chancellor claimed that opposition to austerity was "crumbling".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e89e559/mf.gif' border='0'/><div class='mf-viral'><table borde.....

China's great economic leap forward hits the wall
This was supposed to be the Asian century, but the Eastern boom is dying of exhaustion, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e89dddf/mf.gif' border='0'/><div class='mf-viral'&g.....

GlaxoSmithKline faces bribery probe in China
GlaxoSmithKline has come under attack in China where authorities say the company's employees have "confessed" to charges of bribery and tax law violations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e89dde0/.....

Morrisons boss pledges to put supermarket on 'level playing field'
Dalton Philips, the chief executive of WM Morrison Supermarkets, has pledged to put the food retailer on a "level playing field" with its rivals within two years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e.....

Coca-Cola releases bottle made of ice
Limited-edition container comes with a red rubber band so hands don't get cold while drinking.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e89dde3/mf.gif' border='0'/><div class='mf-viral'><table .....

Guardian publisher 'expected to report 35m loss'
The publisher of The Guardian is expected to report pre-tax losses of around 35m next week, it is claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e89dde4/mf.gif' border='0'/><div class='mf-viral'&g.....

Miners surge ahead after Bernanke comments
Investors wanting a quiet life would do well to steer clear of mining stocks after a rollercoaster week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e88fc4c/mf.gif' border='0'/><div class='mf-viral'>.....

Microsoft: Is this Steve Ballmer's last throw of the dice?
Microsoft chief has revealed a shake-up of the tech company, along with the inevitable bloodshed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e88fc4d/mf.gif' border='0'/><div class='mf-viral'><tab.....

Merger off after Britvic refuses to swallow Barr proposal
Talks to create a 1.9bn national soft drinks champion have gone pop after Britvic swiftly rejected a new merger proposal from Irn Bru-maker AG Barr that was below its current share price.<img width='1' height='1' src='http://telegraph.feedsportal......

Swedish government to build one of largest windfarms in Britain
State-owned Vattenfall will invest 460m in two UK projects that will supply electricity to 166,000 homes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e887b15/mf.gif' border='0'/><div class='mf-viral'>.....

Last.fm founders return with web 'remix'
The co-founders of music discovery business Last.fm have launched Lumi, a web content recommendation start-up which they claim could be bigger than their first venture.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

EU and US authorities reach deal on preventing risky trades
Regulators have reached a transatlantic deal on policing the 415 trillion derivatives market after a year of complex negotiations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e887b1a/mf.gif' border='0'/>&l.....

Prepare for break with the past when selling up
Royal Bank of Scotland says it has 20bn ready to lend to small companies but can't find any demand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e887b1b/mf.gif' border='0'/><div class='mf-viral'><t.....

Warm weather boosts Primark sales despite Bangladesh disaster
An improvement in the weather has had more of an impact on Primark sales than the fallout from the collapse of a factory in Bangladesh that made clothing for the high street retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

SuperGroup back on form, chief executive says
The chief executive of fashion retailer SuperGroup says the company has returned to form and silenced its doubters after a rise in annual sales and profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e82b1db.....

Mervyn King endorsed Help-to-Buy, George Osborne tells critics
George Osborne has defended his controversial Help-to-Buy mortgage scheme by claiming Sir Mervyn King endorsed it before stepping down as Bank of England Governor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

F-Type helps drive Jaguar Land Rover sales to record high
The British manufacturer sold 210,190 vehicles in the first six months of 2013, up 14pc on the same period last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e88fc4f/mf.gif' border='0'/><div class='.....

F-Type helps drives Jaguar Land Rover sales to record high
The British manufacturer sold 210,190 vehicles in the first six months of 2013, up 14pc on the same period last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e886c93/mf.gif' border='0'/><div class='.....

Business news and markets: as it happened, July 11, 2013
A planned merger between soft drink makers Britvic and AG Barr collapsed on Thursday after Britvic rejected a new proposal from its smaller rival.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e87672b/mf.gif' b.....

Revealed: Britain's highest 'quality' stocks
So called "quality shares" have beaten the wider market for decades. Andrew Oxlade explains which 10 UK stocks make the list today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e87630a/mf.gif' border='0'/>&.....

Britvic and AG Barr merger collapses
A planned merger between soft drink makers Britvic and AG Barr collapsed on Thursday after Britvic rejected a new proposal from its smaller rival.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e87630b/mf.gif' b.....