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Friday 19 July 2013

UK Financial News on 2013-07-19

Broke Detroit to rebound 'stronger'
Michigan Governor Rick Snyder says Detroit may have hit rock bottom with its bankruptcy filing, but the move will reverse decades of decline......

World Cup ticket costs revealed
Ticket prices for international fans attending the football World Cup in Brazil will start at $90 (59, 69 euros) for initial group matches......

'Generous' tax cuts for shale gas
The government outlines plans to give tax breaks to companies involved in the UK's shale gas industry, but faces criticism from environmentalists......

BP refused bid to halt Gulf claims
A US judge has rejected BP's request to suspend all payments related to the Gulf Coast oil spill......

SEC charges US hedge fund manager
A billionaire hedge fund manager has been charged with failing to stop insider trading at his firm, the Securities and Exchange Commission says......

China frees up bank lending rates
Chinese banks will be able to set their own lending rates after the People's Bank of China scrapped a lower limit for interest rates......

OECD plan to prevent tax 'abuse'
The OECD launches a plan to stop multinational firms exploiting national tax rules to minimise their tax bills......

Liverpool sponsorship deal extended
Standard Chartered bank extends its shirt sponsorship deal with Liverpool Football Club, in a deal believed to be worth at least 20m......

UK revokes Egypt export licences
The UK revokes five export licences for Egypt amid concerns over the deaths of civilian protesters, following the ousting of President Mohammed Morsi......

Expansion plans revealed at Stansted
New runways and handling up to 160 million passengers are included in Stansted Airport's expansion plans......

JP Morgan to advise on bank sale
UKFI, the body that manages the government's stake in Lloyds and RBS, has appointed JP Morgan Cazenove to advise on a future sale of its shareholding in the banks......

Pension 'crunch' to come in 2014
Employers should prepare for a "pensions crunch" when a host of workers are enrolled into workplace schemes, experts say, as a milestone in the project is reached......

Olympics boost to UK 'nearing 10bn'
The UK economy has seen a 9.9bn boost in trade and investment from hosting the 2012 Olympic and Paralympic Games, research suggests......

Government borrowing fell in 2012-13
Government borrowing fell in the 2012-13 fiscal year, the latest official estimate shows, and borrowing last month was also down......

Housebuyer interest halts rent rises
A pick-up in activity among first-time buyers has put the brakes on increases in the cost of renting a home in England and Wales, a survey suggests......

Huawei denies spying allegations
Huawei denies claims made by a former chief of the US Central Intelligence Agency (CIA) that it has spied for the Chinese government......

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......

Dubai offers gold for weight loss
Local authorities in Dubai are offering gold in return for weight loss in an initiative to encourage healthier living in the city state......

Christmas shop opens in heatwave
Despite a level three heatwave warning for the South West, Truro Cathedral opens its Christmas shop......

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......

'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......

Detroit in largest US bankruptcy
The city of Detroit files the largest-ever US municipal bankruptcy, with debts of at least $18bn, following decades of industrial decline......

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......

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.....

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......

AUDIO: Smart sat-navs to avoid traffic jams
Sat-navs traditionally help people navigate from from A to B, but now a new generation of products is making use of smartphones so drivers can avoid congestion......

VIDEO: Heatwave boosts UK businesses
The UK's longest heatwave in seven years has prompted a huge boost to the tourism industry, with people heading to the coast and other attractions to enjoy the sunshine......

VIDEO: G20 plan to tackle tax avoidance
Finance ministers at the G20 summit in Moscow have agreed a campaign to fight tax avoidance by multinational corporations......

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: Brazil's mixed views of 2016 Olympics
Today programme business presenter Simon Jack gauges the mixed moods among Brazilians about their country hosting the 2014 World Cup and the 2016 Olympic Games......

AUDIO: Did the UK gain from the Olympics?
Mike McNicholas, managing director of Atkins Engineering Consultancy, and London restaurateur the Earl of Bradford, discuss the impact and financial legacy of the games.....

VIDEO: Detroit files for bankruptcy
The US city of Detroit in Michigan has become the largest American city ever to file for bankruptcy, with debts of at least $15bn (10bn)......

VIDEO: Japan election explained
The BBC's Rupert Wingfield-Hayes, in Tokyo, asks what impact a Liberal Democratic Party election win could have on Japan's economic and social future......

Can cowboys help avert a cash crisis in Pennsylvania?
Why one US city is selling the Wild West to ease a debt crisis.....

How to look good online
The people you can pay to make you look good on the net.....

Should bosses give power away?
Why bosses should consider giving some power away.....

Abenomics: The objectives and the risks
The pros and cons of Shinzo Abe's aggressive growth plan.....

SEC looks to ban Steve Cohen from Wall St.
July 19 - The U.S. Securities and Exchange Commission is accusing hedge fund tycoon Steven Cohen of failing to supervise two employees charged with insider trading. Conway G. Gittens reports......

U.S. Week Ahead: Tech results dominate; Apple under scrutiny
July 19 - One of the heaviest weeks of earnings will focus on technology companies like Apple, Facebook and Amazon. Reports from defense and auto companies are expected this week as well......

MuniLand: Selloff post-Detroit filing spells opportunity
July 19 - Eaton Vance's Tom Metzold, HJ Sims' Richard Larkin and Invesco's Mark Paris agree that the muni market outflows following Detroit's bankruptcy filing presents attractive investment opportunities......

Detroit bankruptcy fallout may be limited
July 19 - The Governor of Michigan says bankruptcy was the only option for Detroit as that city buckles under $18 billion in debt, but analysts say this is unique and a rash of more U.S. city bankruptcies is unlikely. Conway G. Gittens reports......

Techquity: Microsoft needs activist shareholders: analyst
July 19 - Microsoft would benefit from shareholders getting more involved in company. Plus, analysis on Google's results......

Michigan governor calls Detroit's bankruptcy filing a step toward a "positive path"
July 16 - Michigan Governor Rick Snyder says Detroit's bankruptcy filing is an "opportunity to stop 60 years of decline." Karen Hendren reports......

"Revenues need to start to rise" - S&P Capital IQ's Stovall
July 19 - While most companies are beating forecasts on the bottom line- S&P Capital IQ's Sam Stovall warns the cost cutting that's gone on will run out- and revenues need to rise. Bobbi Rebell reports......

Trading at Noon: GE surprises but can it deliver?
July 19 - GE beat profit expectations thanks to cost cutting and jet engine sales. Shares of Microsoft plunge on poor results......

When nothing else works talk about the weather- Max Wolff
July 19 - Companies are offering up a range of excuses for profit misses- and while some are valid- many are just a diversion from bigger issues says Greencrest Capital's Max Wolff. Bobbi Rebell reports......

Breakingviews: Broke and broken Detroit
July 19 - Jeffrey Goldfarb talks to Breakingviews columnists about the Motor City's record-breaking bankruptcy filing and the creative solutions that will be necessary for it to recover......

G20 backs corporate tax overhaul
July 19 - As G20 finance ministers and central bankers gather in Moscow, the global economic recovery, stimulus programmes and tax are firmly on the agenda. Ciara Sutton reports the G20 is backing a plan which aims to close loopholes which allow mult.....

Secrets from GMs factory floor
Jim Sarafin, who describes his two decades at a General Motors plant in the book Career Reflections from Inside a Corporate Giant, says the automakers 2009 collapse was years in the making......

GE profit dips but beats estimates
July 19 - General Electric's operating profit fell shy of forecasts but the manufacturer's outlook shows it is upbeat about the economy. Fred Katayama reports......

Europe Week Ahead: Glimmers of hope for euro zone, honest
July 19 - A huge week for earnings set to gauge the health of corporate Europe, while UK preliminary GDP numbers and even euro zone flash PMIs may offer glimmers of hope on economic growth......

UK govt says Olympics have paid off
July 19 - A year on, the British government says the cost of hosting the Olympics has paid off, estimating the economy has received a 9.9 billion boost to trade and investment. Hayley Platt reports......

S&P cuts Detroit's GOs to junk on bankruptcy filing
July 19 - Standard & Poor's Ratings Services' head of U.S. Public Finance Steve Murphy says Detroit's fate now rests with the federal bankruptcy court......

Homes get smarter with app technology
July 19 - How would you like to be able to control everything from the temperature of your oven, to your sound system and even ordering your favourite coffee simply using your tablet computer? Home automation is becoming increasingly popular, and th.....

Market Pulse: The tech chips are down. A slump, or a blip?
July 19 - It's been a rough week for tech in the US and Europe, with major firms missing earnings forecasts. So is the sector in a funk, or just a blip? Plus Electrolux's bright outlook lifts shares 4%......

Detroit files for bankruptcy
July 19 - Detroit files for the largest municipal bankruptcy in US history. Julie Noce reports......

Breakingviews: Come on, central bankers - go wild, go crazy!
July 19 - Central bankers are stuck -- and it's time for them to mix things up a bit! Four mischievous suggestions from Breakingviews on how to do so. Plus: What can Europe learn from Detroit's bankruptcy?.....

Detroit files for bankruptcy
July 19 - Detroit files for the largest municipal bankruptcy in US history. Julie Noce reports......

Asia Week Ahead: China speed test, Biden comes a callin'
July 19 - Next week in Asia well see if Chinas factories reflect a controlled slowdown or something worse, while Japan's PM tries to cement his power, and Joe Biden pays a visit to allies India and Singapore......

Reuters Today: US tech turmoil tips Europe into the red
July 19 - European stocks look to close the week on the defensive after disappointing results from Microsoft and Google. Plus, Britain's 10 bln Olympic boost, and Vodafone has problems getting through in Q1......

Emerging markets: Follow the money, go with the (out)flow
July 19 - Follow the money. Adhering to that well-worn phrase bodes ill for emerging markets. So its a good job they've built up over $7 trillion of FX reserves......

Merkel won't support Greek debt reduction
July 19 - German Chancellor Angela Merkel says she does not support a haircut for Greeces debt, a day after Finance Minister Wolfgang Shaeuble told Greece to stop lobbying for debt forgiveness. Rough cut only, no reporter narration......

Questor share tip: which airlines to invest in?
Garry White looks at three of the big players in the sector, and picks his favourites.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee893c2/mf.gif' border='0'/><div class='mf-viral'><table border='.....

Vince Cable: Case for HS2 still to be made
The case for the High Speed Rail train link between London, Birmingham and the north of England is yet to be made, according to Vince Cable.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee859ea/mf.gif' border=.....

Only global tax reform can seal loophole
A toxic atmosphere surrounding companies' tax arrangements is not good for business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee7d8c5/mf.gif' border='0'/><div class='mf-viral'><table border='0'.....

ENRC sues Sir Paul Judge over leaking information to the media
ENRC has filed a lawsuit against its former director, Sir Paul Judge, for allegedly leaking information.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee6ee21/mf.gif' border='0'/><div class='mf-viral'>.....

BP loses bid to suspend Gulf of Mexico compensation payouts
BP has lost its bid to suspend payments to people and businesses claiming damages related to the Gulf of Mexico oil spill while an investigator looks into possible misconduct in the payout process.<img width='1' height='1' src='http://telegraph.fe.....

Chemring falls on US budget concern
Shares in the FTSE 250 defence equipment group dropped 7.1pc in trading on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee6bbeb/mf.gif' border='0'/><div class='mf-viral'><table border='0'&g.....

ENRC sues ex-director Sir Paul Judge over alleged leak
Eurasian Natural Resources Corporation, the Kazakh miner embroiled in a corruption and bribery investigation, has filed a lawsuit against its former director, Sir Paul Judge, for allegedly leaking information.<img width='1' height='1' src='http://.....

Business news and markets: as it happened July 19, 2013
G20 finance minister and central bankers gather in Moscow to discuss tax avoidance and the impact of the end of QE on a fragile global recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee60037/mf.gif' bor.....

You can't put a price on how the Olympics made us all feel
Forget economics, London 2012 stirred Michael Hayman to do better, and make changes to his life as an entrepreneur.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee5f90d/mf.gif' border='0'/><div class='mf.....

Business news and markets: live
G20 finance minister and central bankers gather in Moscow to discuss tax avoidance and the impact of the end of QE on a fragile global recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee06130/mf.gif' bor.....

How supermarkets get you to spend more in hot weather
Our savvy supermarket shopper column on the cheapest suntan lotions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee3d65a/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>&l.....

'Motor City' Detroit files for bankruptcy with 100,000 creditors
Detroit has become the largest city in US history to file for bankruptcy, owing 100,000 creditors $18.5 billion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee4fb72/mf.gif' border='0'/><div class='mf-vi.....

Former BP boss Lord Browne returns to Gulf of Mexico in $3.75bn deal
Lord Browne of Madingley, the former BP chief executive, is returning to the Gulf of Mexico with a $3.75bn (2.46bn) deal to buy a vast tranche of assets in the region.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

World's most and least expensive cities for sightseeing
A sightseeing bus tour in New York will cost a family of four almost 150, while in Delhi families will pay just 13.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee29330/mf.gif' border='0'/><div class='mf.....

Share tips: Three midcap stocks to buy
Thomas Cook will be among the winners in 2013, according to Old Mutual's Richard Watts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee5f90e/mf.gif' border='0'/><div class='mf-viral'><table border=.....

Stock tips: Three midcap stocks to buy
Thomas Cook will be among the winners in 2013, according to Old Mutual's Richard Watts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee3d65b/mf.gif' border='0'/><div class='mf-viral'><table border=.....

Stock tips: Three midcap stocks to buy
Thomas Cook will be among the winners in 2013, according to Old Mutual's Richard Watts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee29331/mf.gif' border='0'/><div class='mf-viral'><table border=.....

'Housebuilders will continue to shine in 2013'
Shrewd stock-picker Richard Watts favours housebuilders - and is a big fan of Easyjet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee5f90f/mf.gif' border='0'/><div class='mf-viral'><table border='.....

Housebuilders will continue to shine in 2013
Old Mutual's Richard Watts favours housebuilders, and is a big fan of Easyjet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee29332/mf.gif' border='0'/><div class='mf-viral'><table border='0'>&l.....

Abu Dhabi sell 2.2bn stake in Barclays
Abu Dhabi has sold its entire holding in Barclays worth more than 2bn, it has been revealed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee283ff/mf.gif' border='0'/><div class='mf-viral'><table bo.....

Stansted: four runway expansion would cost 10bn
Airports owners says it could build a four-runway airport capable of handling up to 160m passengers a year for 10bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee28899/mf.gif' border='0'/><div class='m.....

Stansted: four runway expansion would cost 10bn
Stansted could be developed into a four-runway airport capable of handling up to 160 million passengers a year for 10 billlion, its owners have said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee190f6/mf.gif.....

House prices set to rise '18pc by 2018'
Low interest rates and stimulus measures mean average house prices in the UK will rise 3.5pc this year and 18.1pc by 2018.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ee190f9/mf.gif' border='0'/><div cl.....

Osborne's deficit reduction plans dealt a blow
George Osborne's deficit reduction plans were dealt a blow in June as underlying borrowing rose by 500m and doubts were raised about 3.2bn of expected revenue from a tax avoidance agreement with Switzerland.<img width='1' height='1' src='http://te.....

UK borrowing in line with target
George Osborne's deficit reduction plans were dealt a blow in June as underlying borrowing rose by 500m and doubts were raised about 3.2bn of expected revenue from a tax avoidance agreement with Switzerland.<img width='1' height='1' src='http://te.....