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Wednesday 24 July 2013

UK Financial News on 2013-07-24

Facebook shares up 18% on ads boost
Shares in Facebook leap as it beats earnings expectations with stronger than expected mobile ad sales in the second quarter......

RBS fined 5.6m over market trades
Royal Bank of Scotland has been fined 5.6m for incorrectly reporting trading activity on the financial markets......

Jane Austen to be face of 10 note
Author Jane Austen is to feature on the next 10 note, the Bank of England says, avoiding a long-term absence of women represented on banknotes......

Archbishop warns Wonga on loans
The Archbishop of Canterbury warns the on-line lender Wonga that low-cost credit unions could force it out of business......

GSK: 'Some impact' from China probe
GlaxoSmithKline says it expects "some impact" on its financial performance from a bribery investigation into its Chinese operations......

Network Rail boss may quit next year
A source tells the BBC that the boss of Network Rail, Sir David Higgins, could leave the company at some point next year.....

Boeing profits rise despite 787 woes
US plane-maker Boeing reports better-than-expected results for the second quarter, despite recent problems with its 787 Dreamliner model......

Second delay to Dell buyout vote
Dell postpones a shareholder vote over a buyout offer from the company's founder for a second time after the value of the offer is raised slightly......

EU credit card cap plans confirmed
Plans to cut transaction fees on debit and credit cards in the European Union have been published - but there is disagreement over the potential impact......

Lakeland suffers security breach
Homeware retailer Lakeland resets customers' passwords after it says hackers took advantage of a flaw in the Java-based software used to run its website......

Banks to publish local lending data
The UK's biggest banks will reveal from next year how much they lend in thousands of local areas, the Treasury announces......

Ford profits boosted by US and China
Carmaker Ford reports healthy profits thanks to strong demand in its home US market and in China, which offset more losses in Europe......

Eurozone industry 'growing again'
Private sector industry in the eurozone returned to growth in July, a survey suggests, boosting hopes that the area will emerge from recession......

Gas rig on fire in Gulf of Mexico
A fire breaks out on a rig drilling for gas in the Gulf of Mexico, off the Louisiana coast, US federal officials confirm......

HS2 rail challenge rejected by court
A challenge to the government's HS2 high-speed rail project is rejected by the Court of Appeal......

Easyjet shares up on profit outlook
Easyjet shares jump 6% after the no-frills airline reports a strong rise in second quarter sales and says its full-year profits are set to beat expectations......

Apple's profit better than estimates
Shares of computer and smartphone maker Apple rise nearly 5% in after-hours trading after it reports better-than-expected profits for the third quarter......

Weather boost for B&Q owner's sales
B&Q owner Kingfisher reports improving sales after better weather boosts sales of outdoor products......

Oxfam income falls in 'tough' year
Oxfam's income falls 17.6m to 367.9m in the year to 31 March with its two main sources of money, shops and fundraising, down on the previous year......

UK men in US jail for boiler room scam
Three British men have been sentenced to a total of 43 years in prison in the United States for their part in one of the UK's biggest investment frauds......

Premium Bond prize chances to be cut
The chances of winning a prize in the UK Premium Bonds draw will be reduced from August, as savings rates continue to fall......

Japan exports continue to recover
Japanese exports continue to recover, rising for a fourth month in a row in June, boosted by a weak yen and a revival in demand from Europe......

China factory activity at 11-month low
China's manufacturing activity falls to an 11-month low in July, hurt by a decline in new orders, according to a preliminary survey by HSBC......

Scottish insolvencies on the rise
The number of people and companies going bust in Scotland is up, according to the latest official figures......

New Scottish league brands unveiled
The Scottish Professional Football League reveals the names of its league competitions......

One year to go to Commonwealth Games
Sir Chris Hoy joins events in Glasgow to mark the one-year countdown to the 2014 Commonwealth Games......

VIDEO: Card fees: Good or bad for consumers?
Would a proposed cap on credit and debit card processing fees help consumers - or actually cost them more?.....

VIDEO: Making money at the Royal Mint
The Royal Mint makes coins for the UK and countries around the world and the BBC has been given special access to find out how its done......

VIDEO: Jane Austen on 10 note from 2017
Author Jane Austen is to feature on the next 10 note, the Bank of England says, avoiding a long-term absence of women represented on banknotes......

VIDEO: Chinese doctor: I was offered cash
Allegations that GlaxoSmithKline paid bribes in China have highlighted the country's murky pharmaceutical industry. A former doctor in Shangai told the BBC that she was not offered bribes by international companies - but local firms routinely offered.....

VIDEO: Why coins have a place in our hearts
Coins have been used to pay for goods in countries around the world for thousands of years - but with an ever increasing number of electronic currency transactions, could they cease to exist?.....

VIDEO: Have we stopped giving to charity shops?
Oxfam Chief executive Mark Goldring believes charitable giving is down due to "people feeling the pinch"......

VIDEO: Valuing the heir to the UK throne
A new baby is always valued - but the new royal baby has been estimated to have an actual, cash value, says one brand expert......

Working cash-free at the Royal Mint
The most unlikely cash-free workplace in the UK.....

Keeping up with the Cambridges
Could the Royal birth mean baby boom time for the economy?.....

Influencing China's healthcare industry
Bribery claims highlight corruption in China's health system.....

Dhaka factory collapse: Three months on
Three months after Dhaka factory collapse, have things improved?.....

How are aeroplanes getting quieter?
How the volume has been turned down on aircraft engines.....

U.S. Day Ahead: Amazon may suffer from Europe weakness
July 24 - Amazon reports Q2 profits alhough retail operations should see healthy revenue growth, weakness in Europe could drag down profits. Also keep an eye on the cloud......

Techquity: Apple's China problem, Google's newest products
July 24 - Apple struggles in China. Plus, Google releases a new tablet and more......

Newsmaker: Global push powered profits: CFO
July 24 - Ford CFO Bob Shanks talks about the automaker's better-than-expected second-quarter profit, buoyed by truck sales, higher vehicle prices and strong global sales......

Daily Digit: Dell boosts offer by $0.10
July 24 - Michael Dell and his partner want to buy the personal computer company he founded for merely 10 cents more than his previous offer. Conway G. Gittens reports......

GSK warns China scandal will hurt
July 24 - British drugmaker, GlaxoSmithKline, marred by bribery allegations in China, is announcing its second quarter results. Joanne Nicholson looks at whether the company will be able to offset damage to GSKs reputation and help calm the waters fo.....

Trading at Noon: Dell drama on; Apple defies gravity
July 24 - Michael Dell increases his buyout offer for Dell by a dime to $13.75 and Apple continues to rally despite 'blah' results......

Breakingviews: Michael Dell's next trick
July 24 - Antony Currie and Breakingviews columnists discuss how the computer company founder's bid to change voting rules may affect the outcome of the long-running buyout saga......

Boeing boosts outlook
July 24 - Boeing's profit and revenue blew past expectations, and the aerospace giant lifted its 2013 outlook. Fred Katayama reports......

Europe Day Ahead: More earnings boom, more data gloom?
July 24 - Another set of strong European earnings could help keep U.S. driven stocks rally on track, but data could paint a more lacklustre picture on the economic front......

Euro zone bounces back to growth
July 24 - Euro zone private industry has unexpectedly bounced back to growth but its fragile recovery runs the risk of being derailed as China's manufacturing engine slows. And as Hayley Platt reports some also fear countries could try and use the fi.....

Daily Digit: Daimler turns a corner
July 24 - With improved margins, a focus on cost savings and a suite of new models hitting the showroom, German luxury carmaker Daimler provided evidence that it has turned the corner after a disastrous start to the year. Sonia Legg reports......

U.S. Morning Call: Facebook on the frontline; iPhone high
July 24 - Facebook reports it's full-year results after the bell and Apple shares soar in the premarket after reporting strong iPhone sales......

Market Pulse: PMIs push euro to 1-month high...ECB watching?
July 24 - The euro jumps to $1.3250 after strong euro PMI data. But be careful, because the ECB won't want a rising euro, says Citigroup. Plus, a tech-tastic day as Apple gives investors a shot in the ARM......

Wealth Strategies: Facebook may be down, but it's not out
July 24 - Turner Investments' Chris Baggini says the social networking site is growing its mobile business while maintaining users on its website, and feels it should continue to deliver on earnings......

Breakingviews: Inconsistency, not zealotry troubles BoE
July 24 - Business Secretary Vince Cable says the BoE is holding back economic recovery by acting as a capital Taliban. But inconsistencies, rather than draconian rules, are its problem, says Breakingviews......

Breakingviews: Japan joins TPP but no BRICs yet in this bloc
July 24 - With Japan joining the new Trans-Pacific Partnership bloc, it's Tokyo and Washington setting the agenda for 21st century commerce, says Breakingviews' Andy Mukherjee. But will the BRICs play along?.....

Euro zone PMIs to offer clues on blocs exit from recession
generally expect continued contraction, but at a slower pace......

Japan feeling the pinch of China slowdown
July 24 - As if Japan's PM Shinzo Abe didn't have enough on his plate, now the country's exports to China are slowing. Thankfully, China isn't the only game in town......

PMIs to show whether German growth can accelerate in H2
July 24 - After a sluggish Q2, flash German PMI figures will show whether Europe's largest economy can gather steam in the second half of the year......

Reuters Today: GSK CEO feels heat, China PMIs cool
July 24 - GSK CEO, Andrew Witty, prepares to outline his response to widescale bribery allegations in China, while China PMI disappoints......

Reuters Today: GSK CEO feels heat, China PMIs cool
July 24 - GSK CEO, Andrew Witty, prepares to outline his response to widescale bribery allegations in China, while China PMI disappoints......

FACTBOX: Drug addiction for China's medical industry?
July 24 - GSK's legal woes are shining the spotlight on China's healthcare industry. How big is the industry today, and how does it compare to that of other nations? We look at the numbers......

Apple iPhone still ringing strong
July 23 - Apple earnings beat forecasts thanks to much stronger-than-expected iPhone sales, temporarily beating back fears Apple is losing its dominance. Bobbi Rebell reports......

Apple defies skeptics; Dow hits record
July 23 - Summary: Apple and AT&T top Wall Street expectations for quarterly sales and profits; Earnings fall at UPS; Wendy's swings to profit; United Technologies powers Dow to record close. Conway G. Gittens reports......

"The iPhone number was a nice surprise"- Reticle's Rubin
July 23 - Better-than-expected iPhone sales helped drive better Apple earnings in a surprisingly strong quarter ahead of the fall new product cycle according to Reticle Research Principal Analyst Ross Rubin......

Italian PM Enrico Letta pledges war on tax evasion
Italian prime minister Enrico Letta pledged Wednesday to "fight relentlessly" against tax evasion in the recession-hit country, as the government pushed new growth measures through the lower house of parliament.<img width='1' height='1' src='http:.....

'No priority' for pensions when companies go bust
Workers' pensions should not jump ahead of other creditors when businesses collapse, a court has ruled.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f1e3623/sc/2/mf.gif' border='0'/><div class='mf-viral'.....

Google turns up heat on Apple with new tablet
Google last night upped the ante in its battle with Apple by unveiling a new tablet it claimed offers the best screen in the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f1e3625/sc/5/mf.gif' border='0'/.....

Abenomics has worked wonders but can it save Japan?
Japan refuses to go quietly into genteel decline. The revolutionary policies of premier Shinzo Abe have done exactly what they were intended to do - a triumph of political will over the defeatist inertia of Japan's establishment.<img width='1' hei.....

Mark Carney reveals new Jane Austen 10 note
The new Governor of the Bank of England described Jane Austen as "one of the greatest writers in English literature", whose novels had "a universal appeal."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f1debd2.....

GSK must show evidence of integrity if it wants a slice of the Chinese market
When it comes to sweetening the pill, being Britain's biggest drugs business must be something of an advantage.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f1c7c14/sc/2/mf.gif' border='0'/><div class='m.....

GSK half-year results: What Witty wanted to say
Amid the clamour over GlaxoSmithKline's mounting crisis in China, the group has issued an upbeat set of half year results. Denise Roland reports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f1c7c15/sc/2/mf.gi.....

Spitfire brewer Shepherd Neame targets export boom after international deal
Britain's oldest brewer is planning a major expansion in overseas markets after signing a deal with a leading international distributor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f1c7c16/sc/2/mf.gif' border.....

Barack Obama warns American dream is in danger of becoming a 'myth'
The American dream is in danger of becoming a myth, not a reality, Barack Obama has warned, as he lashed out at Republicans for stifling America's economic recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Boeing shrugs off Dreamliner woes as Caterpillar stalls
Boeing steered past its recent 787 Dreamliner woes on Wednesday, as the US aerospace company reported strong second-quarter results and raised its full-year profit target.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

End of America's Great Recession, declares Obama
President Obama has declared an end to America's "Great Recession", saying the country had "fought its way back" but warned that the American dream was is in danger of becoming a myth, not a reality.<img width='1' height='1' src='http://telegraph......

UBS backs shares with UK exposure
The broker advised that clients focus on shares with domestic exposure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f1be040/sc/2/mf.gif' border='0'/><div class='mf-viral'><table border='0'><.....

SAC Capital Advisors braced for US charges over insider trading allegations
Federal prosecutors are preparing to announce criminal charges in the coming days against Steven Cohen's hedge fund SAC Capital Advisors over insider trading allegations, according to reports.<img width='1' height='1' src='http://telegraph.feedspo.....

Network Rail chief Sir David Higgins to resign
Sir David Higgins, chief executive of Network Rail, is to stand down, it emerged on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f1bdda6/sc/30/mf.gif' border='0'/><div class='mf-viral'><.....

Magnitsky libel case 'may be backed by the Kremlin'
The Kremlin has been accused of abusing the British justice system to wage a politically motivated campaign against UK hedge fund boss Bill Browder after libel proceedings were launched against the millionaire in the High Court.<img width='1' heig.....

British Land raises dividend and sees economy improving
British Land, the FTSE 100 property company, raised its dividend as it said the new leases it was signing with occupiers were beating its expectations amid an improving economic backdrop.<img width='1' height='1' src='http://telegraph.feedsportal......

Business news and markets: as it happened - July 24, 2013
Strong corporate results and better-than expected US manufacturing PMI have pushed global markets higher on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f1bafa9/sc/2/mf.gif' border='0'/><div c.....

B&Q boosted as hot weather sparks rush for plants and BBQs
The hottest spell of weather in the UK since 2006 has sent consumers rushing out to buy outdoor furniture, barbecues, hosepipes and plants for the garden, according to DIY retailer B&Q.<img width='1' height='1' src='http://telegraph.feedsporta.....

EU cap will 'save 1bn' for UK firms
British businesses could save up to a 1 billion a year under European Commission proposals to set caps on the fees banks charge when processing debt or credit card payments.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Glaxo in China: History of a crisis
GlaxoSmithKline's chief executive Sir Andrew Witty has admitted that four executives in China appeared to work around the company's control systems to behave in a "clearly inappropriate and illegal" way. Here's how events unravelled.<img width='1'.....

Business news and markets: live
Strong corporate results and better-than expected US manufacturing PMI have pushed global markets higher on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f14efe2/sc/2/mf.gif' border='0'/><div c.....

Drinkers realise Armageddon has been avoided, says boss of pub group JD Wetherspoon
Pub group raises forecast on a more upbeat mood among drinkers and some relief from the Chancellor..<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f1afe90/sc/2/mf.gif' border='0'/><div class='mf-viral'>.....

Jane Austen unveiled as face of new 10 note
Jane Austen is unveiled as the face of the new 10 banknote from 2017, when the current Charles Darwin note ceases circulation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f19e506/sc/23/mf.gif' border='0'/>.....

GSK chief Sir Andrew Witty admits compliance failings in China
Sir Andrew Witty, the boss of the British pharmaceuticals giant at the centre of a huge bribery scandal in China, has admitted that GlaxoSmithKline's systems failed to detect the alleged wrongdoing.<img width='1' height='1' src='http://telegraph.f.....

GSK chief Sir Andrew Witty admits failings in China
Sir Andrew Witty, the boss of the British pharmaceuticals giant at the centre of a huge bribery scandal in China, has admitted that GlaxoSmithKline's systems failed to detect the alleged wrongdoing.<img width='1' height='1' src='http://telegraph.f.....