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Wednesday 17 July 2013

UK Financial News on 2013-07-17

EBA decision could inhibit bank capital issuance
Banks could face fresh challenges in raising Basel III-compliant debt finance as a result of a recent EBA decision.....

UK unemployment falls by 57,000
UK unemployment fell by 57,000 to 2.51 million in the three months to May, the Office for National Statistics says......

Formula 1 boss Ecclestone indicted
Formula 1 motor racing boss Bernie Ecclestone is indicted by a prosecutor in Germany on a charge of bribing a former banker......

Pound jumps after MPC minutes
The pound jumps after Bank of England minutes from its July meeting show policy makers voted 9-0 to keep the stimulus programme at 375bn......

Bernanke aims to soothe markets
Federal Reserve chairman Ben Bernanke's biannual testimony to Congress seeks to reassure markets about plans for ending its policy of easy money......

Consumers to 'benefit' from card cap
Millions of British consumers could benefit from plans by the European Union to cut transaction fees on debit and credit cards, say UK retailers......

OBR urges 19bn more spending cuts
An ageing UK population will put pressure on public finances unless 19bn of spending cuts or tax rises are introduced, says the OBR......

Heathrow offers third runway options
Heathrow Airport unveils three options for a third runway, saying each one would be "quicker and cheaper" than plans for a rival hub airport......

Spain's shipyard support broke rules
Support for Spanish shipyards will have to be repaid after the European Union ruled that the scheme broke competition rules......

Bookies fund anti-corruption scheme
Three betting firms are to fund an educational programme which aims to stamp out corruption and match-fixing in UK professional sport......

Yahoo shares soar on Alibaba growth
Shares in Yahoo jump as its Chinese online retailer Alibaba reports a 71% jump in quarterly sales......

Bank of America sees profits leap
Bank of America reports a sharp rise in profits of 70%, largely thanks to cost-cutting measures......

RAC urges driving licence changes
Learner drivers in the UK should face a graduated system of licences to help reduce road deaths, says a report by the RAC Foundation......

BP appeals for halt to Gulf payments
BP asks for a temporary halt to all compensation payments to people and businesses who say they lost money after the Gulf of Mexico oil disaster......

Rolls-Royce creates 100 new car jobs
More than 100 new jobs are being created by luxury car manufacturer Rolls-Royce, many at its base in Goodwood......

Barclays' $453m fine upheld by US
US regulators uphold a fine on Barclays and four traders of $453m (300m) for allegedly manipulating energy markets over a two-year period......

India eases foreign investment rules
India further eases rules on foreign direct investment in a range of industries in an attempt to support the sliding currency and boost growth......

Pee harnessed for mobile phone power
Scientists from the Bristol Robotics Laboratory develop a way of charging mobile phones using urine......

Chinese internet use surges ahead
New figures from China say the country had 591 million internet users at the end of June, representing 44% of the population......

Swinton fined 7.4m for mis-selling
One of the UK's largest insurance brokers, Swinton, is fined 7.38m for mis-selling policies to its customers......

UK inflation rate rises to 2.9%
The rate of consumer price index inflation increased to 2.9% in June, up from 2.7% in May, official figures show, a smaller rise than expected......

PPI complaints still at 2,000 a day
Complaints about Payment Protection Insurance (PPI) are still running at more than 2,000 a day, according to the Financial Ombudsman......

Surge in investment into China
Foreign direct investment in China grew at its fastest pace in more than two years in June, despite the recent slowdown in its economy......

US inflation rises to 1.8% in June
US consumer inflation hit an annual rate of 1.8% in June as clothing, petrol and services costs all increased......

OECD: Bleak job outlook for eurozone
Young workers in the eurozone will continue to suffer from high unemployment rates, the Organisation for Economic Co-operation and Development warns......

Premier League wins piracy block
The Premier League has won a High Court ruling forcing the blocking of a popular football streaming website......

FA Cup returns to BBC from 2014-15
The BBC secures a four-year shared rights deal to show the FA Cup from the 2014-15 season alongside BT Sport......

Ricoh operators still want Sky Blues
Arena Coventry Limited (ACL), the operators of the Ricoh Arena, still want Coventry City to play at the stadium......

VIDEO: Hyundai car to run on hydrogen
South Korean manufacturer Hyundai says it is introducing a hydrogen cell vehicle which will go into medium-scale production from 2015......

VIDEO: Home loan danger for Australia banks
A recent report by Moody's rating agency says Australia's lenders are grappling with the highest concentration of home loans in the world......

VIDEO: Winners and losers in Vietnam boom
Vietnam is now unrecognisable from the country left impoverished and isolated when war ended in 1975......

VIDEO: Closing Heathrow 'to cost 100,000 jobs'
Closing Heathrow Airport would cost 100,000 jobs, said its chief executive who explained the bid for a third runway, announced on Wednesday......

VIDEO: How to start your own business
More than 480,000 new businesses were created in 2012 and this year that figure is expected to increase. Emma Jones from Enterprise Nation explains what help entrepreneurs need......

AUDIO: Today business round-up
Business news with Today business presenter Simon Jack......

VIDEO: Death on the Nile? Egypt's economy
An interim leader is in place following the ousting of Mohammed Morsi, but Egypt's economy remains in a fragile state......

VIDEO: Liam Byrne: Job creation too slow
UK unemployment fell by 57,000 to 2.51 million in the three months to May, the Office for National Statistics says - however Shadow Work and Pensions Secretary Liam Byrne says job creation is too slow......

From out-of-work to self-employed
Unemployed people who set up their own businesses.....

Chinese stocks fail to live up to hype
Chinese stocks have failed to match investors' expectations.....

Rare northern banknotes auctioned
Rare banknotes from the North of England go to auction.....

The wireless connections that may transform our lives
The future where everything is wirelessly connected.....

The scientists who escaped the Nazis
Einstein told my father it was time to flee Nazi Germany.....

India's plan to become a leading olive oil producer
India plans to become top olive oil producer.....

U.S. Day Ahead: D-Day for Michael Dell
July 17 - It's Decision Day for Dell Shareholders who are scheduled to vote on Michael Dell's $24.4 Bln buyout offer. Early word is the founder may not succeed in his plan to take his computer firm private......

Bernanke remarks charm the markets
July 17 - Stocks were calm after Fed Chairman Ben Bernanke said while the central bank would taper its bond buying program this year- the plan was not set in stone. Bobbi Rebell reports......

Techquity: Google's push for TV, plus iPhone optimism
July 17 - Google reportedly working on a TV product. Plus, an analyst expresses optimism about Apple's quarter......

Bernanke trying to balance upside & downside risk: IHS' Daco
July 17 - IHS Global Insight U.S. Economist Gregory Daco says Ben Bernanke is telling the markets not to price in Fed tapering of asset purchases just yet- as he delivers his semi-annual testimony to congress......

Daily Digit: Housing starts drop to 836K
July 17 - Groundbreaking on new U.S. homes surprisingly tumbled to 836,000 in June, a seasonally adjusted drop of 9.9 percent, but there is little to worry about the housing recovery. Conway G. Gittens reports......

Trading at Noon: Yahoo who? Alibaba's the one to watch
July 17 - At least seven brokerages raise Yahoo's price target with a focus on Alibaba's future valuation......

Anger grows as Greece vote draws near
July 17 - Anger grows in Greece ahead of a parliamentary vote on austerity measures due later on Wednesday and ahead of a visit by German finance minister Wolfgang Shaeuble. Kirsty Basset reports......

Letta says UK must stay in EU
July.17 - Meeting with British Prime Minister David Cameron in London, Italian Prime Minister Enrico Letta warns that a British exit from the European Union would be disastrous for Europe. Ciara Sutton reports......

Breakingviews: BofA still lagging behind
July 17 - Rob Cox and Breakingviews columnists discuss why despite Bank of Americas solid second-quarter results, it still has much more work to do......

Bernanke tells Congress Fed flexible on bond buying
July 17 - Fed Chairman Bernanke says the U.S. central bank still expects to start scaling back its bond buying, but is flexible if outlook shifts. Rough Cut (no reporter narration)......

Cost cuts boost BofA's profit
July 17 - Bank of America's net profit rose 63 percent, helped by cost cuts and increases in investment banking revenue. Fred Katayama reports......

Europe Day Ahead: Bernankes limelight & sunshine splurging
July 17 - U.S. Fed Chair Ben Bernanke continues to command markets attention on Thursday for the second day of his policy testimony. Plus French & Spain debt auctions and the sun gives UK retail sales a boost......

Markets surprised by BoE QE decision
July 17 - The Bank of England has released its first minutes since Mark Carney became governor - with a unanimous vote against more quantitative easing bond purchases. Kirsty Basset looks at what this means for the UK economy......

China slowdown worries mineral-rich Africa
July 17 - As the economy of Africas largest trading partner, China, slows down, analysts fear the raw materials exporter will be hit harder than expected. Joanna Partridge reports......

UK jobs: More in work, more giving up on work
July 17 - UK jobless count falls at its fastest pace in 3 years, but a big jump in people giving up on job hunting suggests problems still run deep. Julian Satterthwaite talks to jobs minister Mark Hoban......

Market Pulse: Carney's BoE to drive pound and 2y yields down
July 17 - A major surprise from the BoE rocks UK markets. The upshot, though, will be sterling falling back below $1.50 and 2-year yields moving closer towards zero, says BofA-ML's John Wraith......

Wealth Strategies: How "game theory" can build a portfolio
July 17 - William Blair's Brian Singer manages allocations based on expectations of how market participants will react to major events, but starts by looking for investments with solid fundamental strength......

Breakingviews: Carney makes his Mark at the BoE!
July 17 - New BoE governor Mark Carney forms an instant consensus among policymakers, who vote 9-0 to keep QE unchanged. But that doesnt mean hes a hawk......

For big Aussie miners, China slowdown no cause for pause
July 17 - Some may be wondering if BHP and Rio missed the worrying data out of China, since they're ramping up iron ore production like it's 2009. But the strategy is actually perfectly rational......

Reuters Today: For Bernanke, clarity begins at home
July 17 - Ben Bernanke will drive markets with his testimony on the U.S. economy and policy to Congress. All investors want is clarity. Plus, the first insight into Mark Carney's thinking and a BHP surprise......

Novartis raises full year outlook
July 17 - Swiss drug maker Novartis raises its full year outlook as a generic competitor to its blockbuster blood pressure pill Diovan is delayed. Hayley Platt reports......

U.S. Morning Call: Bank of America profit soars 70 pct
July 17 - Bank of America, the second-biggest U.S. bank by assets, reported a 70 percent rise in second-quarter profit on falling expenses......

Clouds over Coca Cola
July 16 - Coca Cola blamed bad weather, along with stormy overseas economies for its profit drop. Bobbi Rebell reports......

Stocks dip; Yahoo outlook disappoints
July 16 - Summary: S&P 500 ends eight-day rally; Yahoo tops forecasts but next quarter could disappoint; Goldman shares fall despite easy beat; AT&T sets plan for frequent device upgrades. Conway G. Gittens reports......

U.S. Day Ahead: Big day for Ben on the Hill
July 16 - Fed Chair Ben Bernanke presents his economic outlook before the House Financial Services Committee in his first day of testimony on Capitol Hill......

Activist investor Nelson Peltz pushes Pepsi to buy Cadbury-owner Mondelez
Activist investor Nelson Peltz says he wants soft drinks giant PepsiCo to buy Cadbury owner Mondelez and spin off its own underperforming beverage unit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ecdf69a/mf......

Yahoo! shares jump as Marissa Mayer lays out 'Google plan'
Shares leap 10pc as investors digested the company's plans to remodel itself in the image of Google.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ecda274/mf.gif' border='0'/><div class='mf-viral'><.....

Expanding Heathrow is the only logical option
Political fall-out will be considerable but Heathrow's plan is ahead of the competition.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ecda275/mf.gif' border='0'/><div class='mf-viral'><table border.....

One in seven properties behind on business rate payments
One in seven business premises hit with court summons in past year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ecda277/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><.....

Carl Icahn not ready to throw in the towel in battle for Dell
Founder Michael Dell to find out if he will retain control of firm that has been his life's project.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ecd1a3c/mf.gif' border='0'/><div class='mf-viral'><.....

Esure hits the skids as house broker slashes forecasts
Investors in Esure were left shocked after the insurer's house broker cut profit and revenue forecasts, blaming a regulatory market review into the sale of controversial "add-on" policies.<img width='1' height='1' src='http://telegraph.feedsportal.....

China defies IMF on mounting credit risk and need for urgent reform
If you think China's Communist Party fully understands the mess it has created by ramping credit to 200pc of GDP and running the greatest investment bubble know to man, read its shockingly complacent response to warnings from the International Moneta.....

Unilever falls ahead of results
The consumer goods giant attracted negative broker comments on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ecd1574/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr&.....

BT and Government under attack over 1.2bn rural broadband monopoly
Telecoms executives attacked the Government for "moving the goalposts" on a subsidy scheme to provide superfast broadband to rural homes and businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ecc605d/mf......

Apple's iPhone range 'is stalling'
Apple's iPhone sales are sputtering as rival smartphone makers ramp up their offerings, report claims.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ecbdced/mf.gif' border='0'/><div class='mf-viral'>&l.....

Business news and markets: as it happened, July 17, 2013
US Federal Reserve chairman Ben Bernanke has moved to quell fears that the central bank could begin tapering QE in the coming months, as he says the Committee remains "prepared to employ all of its tools".<img width='1' height='1' src='http://tele.....

You're impoverishing thousands of pensioners, Co-op's regulator told
Britain's financial regulator has been accused of impoverishing savers by ordering the troubled Co-operative Bank to suspend 7m of interest payments to bondholders last week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Majority of IMF backs George Osborne's austerity plan
The IMF has renewed its calls on the UK Government to do more to boost its sluggish economy but George Osborne was boosted by support from member countries of the Fund for his austerity push.<img width='1' height='1' src='http://telegraph.feedspor.....

Upbeat employment figures fuel graduate job hopes
Growing signs of strength in the UK jobs market are set to give a boost to the country's fresh crop of graduates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ecbe7d1/mf.gif' border='0'/><div class='mf-v.....

Business news and markets: live
US Federal Reserve chairman Ben Bernanke has moved to quell fears that the central bank could begin tapering QE in the coming months, as he says the Committee remains "prepared to employ all of its tools".<img width='1' height='1' src='http://tele.....

Heathrow: third runway 'best solution'
A new third runway at Heathrow would generate 100bn of benefits for the UK economy and be "quicker and cheaper" than building a new hub to the east of London, the airport has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Queen opens new plant that can recycle coffee cups
A 168-year-old British paper company has claimed a world first by opening a plant capable of completely recycling disposable coffee cups that currently end up in landfill or incinerators.<img width='1' height='1' src='http://telegraph.feedsportal......

Gas prices could fall by a quarter with shale drilling, Government advisers say
Gas prices could fall by a quarter and help bring down household energy bills if Britain exploits its shale gas reserves, a report commissioned by Ed Davey, the Energy Secretary, suggests.<img width='1' height='1' src='http://telegraph.feedsportal.....

Barclays electricity-rigging fine raises prospect of Libor prosecution, warns analyst
Barclays could face the threat of prosecution over Libor-rigging after US regulators confirmed they would be fining the bank $453m (299m) for allegedly manipulating electricity markets.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

BA creates prawn, tuna and seaweed popcorn for film event
British Airways makes five movie-inspired popcorn flavours to "bring films alive" at event.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ecb0c79/mf.gif' border='0'/><div class='mf-viral'><table bor.....

Brit sells out of small business insurance specialist
Brit Insurance has sold its 37pc stake in online business insurance specialist Simply Business as part of a management buy-out which values the company at at least 50m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Brit sells out of small business insurance specialist
Brit Insurance has sold its 37pc stake in online business insurance specialist Simply Business as part of a management buy-out which values the company at at least 50m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Santander to axe 'packaged' accounts
Santander plans to completely scrap its "packaged deals" - moving thousands of customers off its paid-for current accounts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2eca027c/mf.gif' border='0'/><div c.....

Ikea relaunches table that started the flatpack revolution
The first ever piece of flat-pack furniture is being re-launched by IKEA in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2eca027d/mf.gif' border='0'/><div class='mf-viral'><table border='0'&.....

F1 boss Ecclestone charged with bribery
Bernie Ecclestone, Formula One's chief executive, has been charged with bribery over a sale of a stake in the motor racing business, which threatens to put the brakes on a planned flotation.<img width='1' height='1' src='http://telegraph.feedsport.....