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Thursday 18 July 2013

UK Financial News on 2013-07-18

Detroit in largest US bankruptcy
The US city of Detroit in the state of Michigan files the largest ever American municipal bankruptcy, with debts of at least $15bn (10bn)......

Fifa loses UK World Cup TV battle
Fifa and Uefa lose an appeal against a ruling that all World Cup and Euro Championship games should be shown on free-to-air TV in the UK.....

Google and Microsoft miss forecasts
Two of the world's biggest technology companies, Google and Microsoft, have badly missed earnings expectations for the second quarter......

Air inquiry urges Dreamliner action
Air accident investigators looking at the latest Boeing 787 Dreamliner fire at Heathrow may have identified the cause......

Nokia shares hit after weak sales
Nokia shares fall after the mobile phone maker reports a 24% drop in sales during the second quarter......

Network Rail bosses get 2m bonuses
Five Network Rail bosses will share 2m in bonuses if they hit performance targets as part of a new deal......

Morgan Stanley reports bumper profit
US banking giant Morgan Stanley reports net income of $980m for the second quarter of the year, up 66% on the same period last year......

Dell delays vote on buyout plan
Dell announces an eleventh-hour delay on a vote on founder Michael Dell's plan to buy the computer maker......

Hitachi wins 1.2bn UK train deal
Hitachi Rail Europe wins a 1.2bn contract to build new UK trains at its plant in the north east of England......

UK to probe Huawei security staff
The UK orders an inquiry into Chinese firm Huawei after being warned that a conflict of interest involving the firm could pose a security threat......

Plan to help disabled people to work
A campaign to help people with disabilities get into the workplace has been launched by the UK government......

Monsanto drops GM crop plan in EU
Biotechnology giant Monsanto is scrapping plans to win approval to grow new types of genetically modified crops in the European Union......

Air ticket 'discrimination' concern
Airlines want to offer customers "personalised" prices - but some MEPs fear it could lead to discrimination based on nationality or even race......

UK retail sales rise 0.2% in June
UK retail sales rose 0.2% in June from the month before, with the heatwave expected to boost growth further......

London Market Report
The FTSE 100 rises, with shares in the London Stock Exchange boosted by better-than-expected results......

Curb letting agent cowboys, say MPs
Letting agents should be subject to tighter regulations that would make it possible to ban those guilty of sharp practice, says a group of MPs......

PayPal in $92 quadrillion error
Online payments broker PayPal apologises after erroneously crediting a Pennsylvania man's account with $92 quadrillion (60 quadrillion)......

Ninth Apprentice winner revealed
Londonderry doctor Leah Totton is Lord Sugar's new business partner after winning BBC One show The Apprentice......

'Recovery' in UK housing market
The UK housing market is witnessing a "meaningful recovery", lenders say, but activity among first-time buyers remains well below the boom years......

Care cap to benefit 'one in eight'
The 72,000 cap on elderly care costs in England, due to be introduced in 2016, will benefit one in eight people, the government says......

Costly government phone lines probed
Higher rate government phone lines cost callers 56m last year, an investigation by the National Audit Office reveals......

Greek MPs back public sector cuts
The parliament in Greece approves a public sector reform bill that will see thousands of people lose their jobs, amid protests outside......

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......

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......

Blatter plans to move 2022 World Cup
Fifa president Sepp Blatter insists there is "still time" to switch the 2022 World Cup in Qatar to the winter......

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......

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......

VIDEO: Mandela family launch clothing range
Two of former President Nelson Mandela's grandchildren have launched a clothing range in his honour, denying accusations that they are "cashing in" on the name......

AUDIO: Macau: The world's gambling capital
Macau is now seen by many as the gambling capital of the world. The Today programme's business presenter Justin Rowlatt reports......

VIDEO: 7/7 survivor's road back to work
Surviving their ordeal is just the first step on a long road to recovery for those caught up in terrorist attacks......

VIDEO: How can Dell win back former fans?
Dell was once the darling of the technology world, but is now struggling with the rapid decline in sales of personal computers......

VIDEO: Muted reaction to US Fed comments
Federal Reserve chairman Ben Bernanke has sought to reassure markets about its plans to end fiscal stimulus, in his bi-annual testimony to Congress......

VIDEO: Indie games 'take big leap' to being free
Spencer Kelly explores the idea of pay whatever you want moving to the gaming world......

VIDEO: Entrepreneurs on the rise in Egypt
Despite the political turmoil and economic chaos in Egypt, a new generation of entrepreneurs is emerging......

VIDEO: Why FA chose BBC and BT for Cup deal
The BBC has secured a four-year shared rights deal with BT Sport that will see both broadcasters show the FA Cup from the start of the 2014-15 season......

Should couples go into business together?
Is it ever wise for couples to go into business together?.....

Using smartphone apps when buying a home
Helpful phone apps when buying a home.....

The Vatican Bank is rocked by scandal again
David Willey on his experiences using the Vatican Bank.....

In search of a Google alternative
Eleven search engine alternatives to Google.....

Is it OK to take your shoes off at work?
Is it OK to take your shoes off at work?.....

Chill out, save energy, no sweat
Firms get incentives to cut power use at times of peak demand.....

What is wrong with India's economy?
What is wrong with India's economy?.....

Emmy nod signals Netflix's rising star
July 18 - Netflix snagged the first Emmy nominations for digitally distributed content- an industry acknowledgement of its growing power in Hollywood. Bobbi Rebell reports......

Techquity: Google misses, how Verizon results may help Apple
July 18 - Google posts earnings that miss forecasts. Plus how Verizon's results could bode well for Apple......

U.S. Day Ahead: Detroit files for bankruptcy
July 18 - Detroit's emergency manager filed for Chapter 9, making it the largest U.S. municipal bankruptcy. The move was expected as it grapples with over $18.5 billion of debt and other obligations......

Bernanke: September tapering not a sure thing
July 18 - In his second day of congressional testimony, Federal Reserve Chairman Ben Bernanke told lawmakers it's still too early to predict the Fed will slow bond purchases as early as September. Rough Cut (no reporter narration)......

Money key in Netflix Emmy nod-Northwestern's Aymar Christian
July 18 - By hiring the top Hollywood talent including Oscar nominated actors, Netflix was able to essentially buy their way into the Emmys says Northwestern University's Aymar J.Christian. Bobbi Rebell report.....

Tiny lab under the skin could stop drug cheats
July 18 - Amid yet more claims of illegal drug-taking by high-profile athletes, scientists in Switzerland say they may have found a foolproof way to prevent the use of banned substances in sports. They say their chip implant, designed to monitor natu.....

Trading at Noon: Dell plays hard-to-get
July 18 - Dell postponed a crucial vote on CEO Michael Dell's $24.4B buyout offer to July 24, buying time to solicit more proxy votes......

Greece bans protests as Schaeuble visits
Jul.18 - Greece's parliament passes a series of tough reforms, ahead of a visit from German Finance Minister Wolfgang Schaeuble - who's urged the country to stop lobbying for debt forgiveness. Kirsty Basset reports......

Ex-HSBC employee on tax mission
July 18 - A former IT analyst from banking group HSBC who provided French prosecutors with data on thousands of accounts says he hopes a Franco-Spanish tax avoidance probe will widen to other countries. Ciara Sutton reports......

Breakingviews: Morgan Stanley brings up rear
July 18 - Morgan Stanley wasn't just last of the big U.S. banks to report Q2 earnings, but also had the weakest return on equity. Breakingviews editors discuss the CEO James Gorman's progress......

UK retail sales point to recovery
Jul.18 - British retail sales increased by 0.2% in June, to show better-than-expected growth of 2.2% on the year, mainly thanks to discounts and promotions. Joanna Partridge reports......

Daily Digit: July 24 new Dell vote
July 18 - The date for Dell shareholders to cast their vote in the epic battle between Michael Dell and billionaire investor Carl Ichan has been switched to July 24. Conway G. Gittens reports......

Saft Says: Summers, Geithner poor choices for Fed Chair
columnist James Saft says he would rather jump off a cliff than choose Larry Summer or Timothy Geithner for Fed Chair. He thinks Fed Vice Chair Janet Yellen would be a better choice......

Europe Day Ahead: Day 2 at G20, Greece gets some visitors
July 18 - G20 finance chiefs conclude their meeting in Moscow on Friday. Athens a stopping off point for some ministers. On the corporate front, Vodafone takes centre stage......

Trading ups Morgan Stanley's profit
July 18 - Morgan Stanley posts a big profit gain in line with the biggest U.S. banks, boosted by trading revenues. Fred Katayama reports......

U.S. Morning Call: More Dell dissenters emerge before vote
July 18 - Opposition to Michael Dell's bid to take his computer company private has grown in the last 24 hours, and billionaire Carl Icahn argued Dell had no right to delay a shareholder vote......

SAP trims outlook on slowing China
July 18 - Germany's SAP blamed the economic slowdown in China and customers' move to cloud-based services, as it cut its outlook for software revenue in 2013. Joanna Partridge reports......

Market Pulse: Scandal? Who cares, as Spain's bond sale flies
July 18 - Investors ignore the corruption scandal engulfing Spanish PM Mariano Rajoy and ensure today's govt bond sale is a roaring success. Crisis over? Plus, Ericsson and Nokia shares dive after Q2 results......

Sports Spread: British Open history favours the heavyweights
July 18 - A look at which of the world's top golfers are worth a punt in the chase for the Claret Jug. Plus, betting on the 2nd Ashes Test at Lord's......

Ericsson CEO: Q2 miss, but a "step in right direction"
July 18 - Ericsson's Q2 profit misses forecasts, bruising hopes of a quick turnaround. CEO Hans Vestberg insists the turnaround is in progress, but doesn't rule out further job cuts to reach margin targets......

Breakingviews: Italys problems will stay if Berlusconi goes
July 18 - Silvio Berlusconi faces his final appeal for a tax-fraud case on July 30. But what will come after Berlusconi? The answer may be more of the same, says Breakingviews......

Reuters on the Road: Live like a local with Onefinestay
July 18 - Onefinestay CEO Greg Marsh takes our taxi challenge to explain why the unhotel is the future of travel......

Alibaba founder's reported comments spark online uproar
July 18 - Some Chinese netizens are calling for a boycott of Jack Mas Alibaba Group after a Hong Kong newspaper carried comments from Ma that appeared to support the 1989 Tiananmen crackdown. Anita Li reports......

Japan Inc. struggles to keep its 'cool'
July 18 - With some Japanese brands losing ground globally to Asian rivals, the government has a plan to boost the export sector -- by playing trend-setter. Yonggi Kang reports......

Reuters Today: Greek MPs vote for job cuts
July 18 - Greek MPs narrowly back public sector job cuts, clearing the way for a fresh infusion of aid......

Google shares fall 5pc after profits miss estimates
Google shares fell more than 5pc in after-hours trading on Thursday, as the web search giant struggled to keep pace with the rapid shift from desktops to mobiles and fell short of analysts' expectations.<img width='1' height='1' src='http://telegr.....

Detroit files for bankruptcy
The city of Detroit has filed for bankruptcy, making it the largest ever municipal bankruptcy in US history.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2edbf699/mf.gif' border='0'/><div class='mf-viral'.....

'Emotional' Rupert Murdoch justifies police comments
Rupert Murdoch has attempted to justify damaging comments he made about the police, claiming he had been "highly emotional" at the time, but that their treament of News International journalists had been "excessive".<img width='1' height='1' src='.....

UK must practice what it preaches on banking regulation
Wall Street is back, but on this side of the Atlantic the picture looks rather different.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2edafe4a/mf.gif' border='0'/><div class='mf-viral'><table borde.....

Germany refuses fresh relief for Greeks as debt ratio spirals out of control
German finance minister Wolfgang Schauble has warned Greek leaders not to play with fire by pressing for fresh debt-relief.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2edaf6b3/mf.gif' border='0'/><div c.....

Why Britain needs its little cities to grow up
Strangled by planning laws, most regional centres cannot share in London's prosperity, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2eda66d6/mf.gif' border='0'/><div class='mf-viral'>.....

Find the right partner to be an exporting success
Dipping your toes into overseas markets for the first time can be a source of trepidation for small firms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2eda494f/mf.gif' border='0'/><div class='mf-viral'&g.....

Man slips on dividend worry
RBC Capital Markets forecast a 79pc cut to its interim dividend next month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2eda4953/mf.gif' border='0'/><div class='mf-viral'><table border='0'><t.....

Morgan Stanley launches $500m buyback as profits jump
Morgan Stanley has delivered a jump in second-quarter profits and announced its first share buyback since the start of the financial crisis, in the latest set of results to suggest that Wall Street has finally regained its swagger.<img width='1' h.....

Can supermarkets' local shops save the High Street?
"England is a nation of shopkeepers," Napoleon Bonaparte is once famously thought to have said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ed99677/mf.gif' border='0'/><div class='mf-viral'><table.....

Boeing Dreamliner investigators order all airlines to check emergency beacons
Urgent checks have been ordered on thousands of airline emergency beacons following an investigation into a fire on a Boeing 787 Dreamliner at Heathrow last week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2e.....

Europe risks being 'left behind' over GM food, Cameron says
Europe risks being "left behind" after one of the World's biggest genetically modified crop companies confirmed it is effectively pulling out of the EU, the Prime Minister has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Rothschild takes row over crisis-hit miner Bumi to court
Billionaire Nat Rothschild took to the courts in his dispute with rival investors in crisis-hit miner Bumi, launching a case that could result in a trial.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2eda4955/m.....

Nat Rothschild takes row over crisis-hit miner Bumi to court
Billionaire Nat Rothschild took to the courts in his dispute with rival investors in crisis-hit miner Bumi, launching a case that could result in a trial.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ed97b30/m.....

Want to earn more money? Start smoking and then give up
Federal Reserve paper finds that it takes just one cigarette for a gulf in wages to start.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ed97b31/mf.gif' border='0'/><div class='mf-viral'><table bord.....

Business news and markets: as it happened, June 18 2013
US markets have hit new records, after the FTSE 100 closed at a seven-week high following dovish comments from Federal Reserve chairman Ben Bernanke and positive economic data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Bain buys 230m stake in UK blood plasma supplier
The government has sold a majority stake in Plasma Resources UK, the Department of Health's blood plasma supplier, to private equity firms Bain Capital for 230m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ed.....

Mothercare looks for pick-up in sales with Royal baby products
The baby clothing and equipment retailer Mothercare is hoping that the "buzz and excitement" from the birth of the Royal baby will lead to a pick-up in sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ed896.....

Business news and markets: live
US markets have hit new records, after the FTSE 100 closed at a seven-week high following dovish comments from Federal Reserve chairman Ben Bernanke and positive economic data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

'Boy racer' Subaru drivers make fewest claims
Drivers of the Japanese car are the least likely to make a claim on their car insurance for an 'at fault' accident.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ed896c9/mf.gif' border='0'/><div class='mf.....

House prices 'to jump 18.1pc in five years'
UK average house prices will rise 3.5pc this year and 18.1pc over the next five years but the market is not overheating, estate agent Savills has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ed896ca/mf.g.....

Facebook buys UK startup Monoidics
Facebook has acquired assets behind Monoidics, a London-based startup whose technology is used to detect coding errors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ed89047/mf.gif' border='0'/><div class.....

Wheels 'falling off' Michael Dell's plans
Michael Dell's plans to take the company he founded private appear to be collapsing after Dell's board delayed a crucial shareholder vote at the eleventh hour.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ed89.....

Dell delays vote on plan to go private
Dell has postponed a shareholder vote on a $24bn (16bn) plan by founder Michael Dell to take the company private, amid reports that several major investors opposed the deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

British car production continues to accelerate
The British car industry continues to boom with production surging 10.4pc in June to 131,586 vehicles.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ed85441/mf.gif' border='0'/><div class='mf-viral'>&l.....