Search This Blog

Saturday 20 July 2013

UK Financial News on 2013-07-20

Legal battle over Detroit bankruptcy
The US city of Detroit enters a legal battle as a judge rules the federal petition for its bankruptcy violated state laws and constitution......

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......

Bottles thrown at police in EDL demo
Four people are arrested after bottles are thrown at police during an English Defence League (EDL) protest in Birmingham city centre......

'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......

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......

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......

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......

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......

VIDEO: A good time to install solar panels?
More than 2,000 community energy projects have been set up across the UK, with grants being offered to those who produce green energy for their local area......

VIDEO: Business that 'blurs work and play'
Vishen Lakhiani is the founder and CEO of Mind Valley. He says that his company invests in businesses that push humanity forward through innovative education......

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......

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: 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: 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: Turkey's quest to harvest oil stocks
Turkey economy was the envy of its European neighbours in recent years, but in the past few months it has been gripped by social unrest......

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.....

Making solar energy, together
How groups club together to make solar energy.....

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

Scoring the earnings excuses
July 19 - While most companies are beating forecasts this earnings season, when the numbers fall short- the blame game comes into play. Bobbi Rebell reports......

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......

London's 'Medical City' to seal golden triangle of UK research centres
Boris Johnson is backing plans for a new "Medical City" that would be a major central London research base.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ef03ca0/mf.gif' border='0'/><div class='mf-viral'&.....

Debenhams signs popstar clothes designer Todd Lynn
A Canadian-born tailor who has dressed some of the biggest names in pop music - including Bono, Mick Jagger, and Beyonc - has signed up to sell his clothing at Debenhams.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Anglo American's new CEO sets out to woo the markets
At this week's results, Mark Cutifani will lay out his plan to reinvigorate the mining giant, writes Emma Rowley.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ef0114a/mf.gif' border='0'/><div class='mf-v.....

Tyrie anger after banking poposals ignored
The Government's decision to ignore measures to clamp down on banks engaging in risky trading has been described as "inexplicable" by Andrew Tyrie MP, the chairman of the cross-party commission that recommended the reforms.<img width='1' height='1.....

easyGym tests its strength with expansion plans
easyGym is stepping up its battle in London with rival operators such as Fitness First and LA Fitness ahead of a possible expansion to continental Europe next year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

BSkyB to shrug off rivals with 100m profit rise
BSkyB is set to announce a 100m rise in pre-tax profits to more than 1.3bn when it reports its full-year results this week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ef0115a/mf.gif' border='0'/><div c.....

Sir Paul Judge threatens ENRC with countersuit over leak claim
Eurasian Natural Resources Corporation is facing a legal battle with one of its former directors, Sir Paul Judge, after he pledged to challenge allegations that he had leaked confidential information.<img width='1' height='1' src='http://telegraph.....

Lift for Osborne as economic growth accelerates
George Osborne will receive a major boost this week when official figures show that the recovery is rapidly gathering momentum.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ef03ca2/mf.gif' border='0'/><d.....

UK growth forecast to hit pre-recession levels
George Osborne will receive a major boost this week when official figures show that the recovery is rapidly gathering momentum.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ef01168/mf.gif' border='0'/><d.....

United Utilities opens talks with Cuadrilla over fracking deal
The water company United Utilities is in talks with shale gas explorer Cuadrilla over locations for fracking and is interested in letting the company explore on its land.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

United Utilities opens the door for Cuadrilla to frack on its land
The water company United Utilities is in talks with shale gas explorer Cuadrilla over locations for fracking and is interested in letting the company explore on its land.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Thomas Cook takes big step to recovery
Thomas Cook is close to reaching a crucial milestone in its recovery amid expectations that Britain's oldest tour operator will have broken even for the third quarter, following heavy losses last year.<img width='1' height='1' src='http://telegrap.....

China, GSK and dealing with toxic bribery claims
Sir Andrew Witty will this week reveal what his company knows about allegations of mis-selling. He is right to put transparency first.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ef0116b/mf.gif' border='0'/&g.....

GlaxoSmithKline briefs Serious Fraud Office over China case
GlaxoSmithKline, the British drug company embroiled in a criminal investigation in China over bribery allegations, has sent information to the UK's Serious Fraud Office as the company's own inquiry into the charges widens.<img width='1' height='1'.....

GlaxoSmithKline sends evidence to fraud office
GlaxoSmithKline, the British drug company embroiled in a criminal investigation in China over bribery allegations, has sent information to the UK's Serious Fraud Office as the company's own inquiry into the charges widens.<img width='1' height='1'.....

A bitter pill for Glaxo in China
Sir Andrew Witty is preparing to admit failings following bribery allegations against GSK. By Denise Roland.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ef01170/mf.gif' border='0'/><div class='mf-viral'.....

Bathrooms.com now taps the UK for its production instead of China
It can now be cheaper, quicker and easier to get goods made in the UK, reports Andrew Cave .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ef01174/mf.gif' border='0'/><div class='mf-viral'><table bo.....

Europe at last moves to regulate card fees
Summer has arrived and as consumers stock up on barbecues, picnic food and maybe another summer dress in the sale, how many of them will know that as they swipe their credit or debit cards a portion of the payment is swallowed up in hidden card fees?.....

Gulf Keystone ends board dispute
Gulf Keystone has settled its dispute with one of its largest shareholders over the composition of the oil and gas company's board after agreeing to its demand for the appointment of four new independent directors.<img width='1' height='1' src='ht.....

CBI head backs third runway for Heathrow
Sir Mike Rake, the new president of the CBI, has said that building a third runway at Heathrow is a "no-brainer" and that the Government should get on with increasing aviation capacity immediately.<img width='1' height='1' src='http://telegraph.fe.....

Mike Rake: 'The only really successful UK infrastructure programme has been BT broadband'
The CBI president and BT chairman tells James Quinn he's fighting to get private and public money to deliver the infrastructure British business so badly needs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ef0.....

Why using your dining room as an office could leave you with a huge tax bill
Why using your dining room as an office could leave you with a huge bill<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ef01179/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr&g.....

Detroit's honest self-renewal is an example for Japan
What do Detroit's declaration of bankruptcy and Sunday's upper house election in Japan have in common?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ef0117a/mf.gif' border='0'/><div class='mf-viral'>&l.....

Parliament needs to wake up about banking
This coming Wednesday, the House of Lords debates the second reading of the Government's banking reform bill.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ef0117b/mf.gif' border='0'/><div class='mf-viral.....

Samsung is ruler of its own Galaxy
The meteoric rise of Samsung shows the power of its products, writes Matt Warman.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ef0117c/mf.gif' border='0'/><div class='mf-viral'><table border='0'>.....