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Thursday 25 July 2013

UK Financial News on 2013-07-25

UK 'on the mend' after 0.6% growth
The UK economy is "on the mend but there is still a long way to go," says the chancellor, after figures show it grew by 0.6% in the three months to June......

Welby 'furious' over Wonga backing
The Archbishop of Canterbury is understood to be "furious" after the Church of England confirms it invests indirectly in online lender Wonga......

Facebook results drive shares up 30%
Shares in Facebook leap by almost a third after it beat earnings expectations with stronger-than-expected mobile ad sales in the second quarter......

BT's Livingston in committee row
BT boss and incoming trade minister Lord Livingston responds to the public accounts committee's criticisms of BT's rural broadband programme......

US launches huge hacking fraud case
Prosecutors launch what they say is the US's largest ever hacking fraud involving the theft of data used to steal hundreds of millions of dollars......

Amazon reports second quarter loss
Online retail giant Amazon has reported it lost $7m (4.56m) in the second quarter of the year despite huge sales of $15.7bn......

GSK appoints new boss in China
The drugs giant GlaxoSmithKline appoints a new head of operations in China in the wake of this week's launch of a bribery probe into its business there......

SAC Capital faces fraud charges
US authorities have launched criminal charges against the Wall Street hedge fund SAC Capital......

France investigates chain's 'models'
The US clothes retailer Abercrombie and Fitch (A&F) is under investigation in France for possible discrimination based on job applicants' looks......

Half a million sign up to BT Sport
BT signs up more than 500,000 subscribers to its TV sports channels ahead of the new football season, but admits most are existing customers......

GM profit down despite US sales rise
US car giant General Motors reports profits of $1.2bn (784m) for the second quarter with strong sales in North America offsetting falls in the European car market......

Lenders take control of Yellow Pages
Lenders take control of Hibu, the owner of Yellow Pages, in a restructuring deal that will leave nothing for shareholders but aims to save jobs......

IMF urges more reform in eurozone
The IMF has called for more action by governments and the European Central Bank to solve the eurozone crisis......

Aston Martin teams up with Mercedes
Aston Martin teams up with the German carmaker Mercedes to develop a new generation of engines and components......

Spanish unemployment rate falls
Spain's unemployment rate has fallen for the first time in two years, according to official figures......

Big ticket sites hit by fraud
Fans of One Direction, Beyonce and Michael Buble have been turned away from concerts after a fraudster targeted the "big four" secondary ticket sites......

Ford's Transit van factory closes
Workers at the Ford Transit factory in Southampton finish their final shifts as it prepares to close......

China takes measures to boost growth
China unveils a series of moves aimed at boosting growth, indicating that policymakers are concerned about the slowdown in its economy......

Tumblr tags blocked to prevent ban
The microblogging site claims it blocked certain porn-related tags because of the requirements of certain app stores......

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......

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......

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......

South Korea growth beats forecasts
South Korea's economy grows more than forecast in the April to June period, boosted by a jump in domestic consumption and government spending......

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......

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

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

VIDEO: What GDP figures mean for businesses
Sarah Dickins at the Llanwern steelworks in Newport, and Paul Murphy at Grimsby docks in North Lincolnshire report on how the GDP figures are affecting businesses......

VIDEO: George Osborne works the night shift
The chancellor, George Osborne, spent the night visiting several businesses who operate at night......

VIDEO: UK economy registers 0.6% growth
The UK economy grew an estimated 0.6% in the three months to June, according to the Office for National Statistics......

VIDEO: Alarm over alcohol pricing plan
European wine-producing nations are warning that Scotland's plans to introduce a minimum price for alcohol could have a devastating impact on the industry......

VIDEO: The van that became a household name
The Ford's Transit van factory in Southampton is closing this week as the car manufacturer moves its production to Turkey......

VIDEO: Firm's pride over royal baby shawl
As millions of people caught their first glimpse of the royal baby, members of one Nottingham family business were busy admiring his shawl......

VIDEO: Young boss sees pick up in business
Young business owners say they've started to notice an improvement in the state of the economy......

VIDEO: Church plan to 'compete' with Wonga
The Archbishop of Canterbury has warned the online lender Wonga that the Church of England plans to compete against it and force it out of business......

The view from the shop floor
What's going on in the key sectors of the economy?.....

Cambodia economy defies global trend
Cambodia economy defies global trend but challenges remain.....

How brands become big in China
The secrets to succeeding in China.....

The boutique based in the back of a truck
The fashion boutique that's based in the back of a truck.....

VIDEO: Getting the gold from your smartphone
What happens inside a mobile phone recycling plant?.....

U.S. Day Ahead: SAC Under Fire; Amazon retreats
July 25 - A look at top stories in the U.S. for the day ahead including a pre-trial hearing for SAC after a criminal indictment and reaction to Amazon's earnings miss......

Techquity: Facebook jumps but can it pass IPO price?
July 25 - Facebook surges but still trades below its $38 offer price. A look at how analysts see the stock. Plus, new features from LinkedIn......

Trading at Noon: Facebook's mobile momentum; SAC eyed
July 25 - Several brokerages raise their price targets on Facebook following results. The U.S. indicts SAC Capital in an insider trading case.....

Daily Digit: 46 mln DOGTV target audience
July 25- DOGTV, a channel designed for dogs will launch nationally next month, aiming to appeal to the 46 million U.S. households that have at least one dog. Bobbi Rebell reports......

Breakingviews: DOJ's Cohen scapegoats
July 25 - Antony Currie and Breakingviews columnists discuss how criminal charges against SAC may push the hedge fund under, unfairly punishing the fund's current staff......

GM's weak profit beats expectations
July 25 - Profits at General Motors fell but strong sales in North America and cost cutting in Europe helped the automaker beat expectations. Fred Katayama reports......

BT scores with live TV sport
July 25 - More than half a million customers have signed up to BT's new sports service ahead of its launch next week. As the group reported forecast-beating profits Hayley Platt asks whether the new service will further improve the fortunes of the 16.....

BASF's challenging profit goal
July 25 - Shrinking European markets and slower growth in China weigh on chemicals giant BASF's second-quarter profit. Rough cut only, no reporter narration......

UK economy shows signs of life
July 25 - Britain's economy is on the up, boosted by consumer spending and businesses, but as Joanne Nicholson reports it's still smaller than before the 2008-09 recession and there's little chance of an end to austerity......

Europe Day Ahead: Can corporates keep feel-good flow?
July 25 - No earnings let up as the week concludes with results due from Spanish banks, BSkyB, Anglo-American and Air-France KLM, but can they bolster the corporate rally? Plus the UN meets Syrias opposition......

The perfect moment: Photographing the royal baby
photographer Suzanne Plunkett gives her behind the scenes account of capturing baby George......

U.S. Morning Call: Facebook rallies into the morning
July 25 - Shares of Facebook are up nearly 19 percent in the premarket after the company blew past estimates for mobile growth......

South Africa's answer to Chavez?
July 25 - A radical new political party wants South Africa's mines nationalised and white-owned land distributed. But will Julius Malema's inflammatory brand of left-wing populism topple the ANC? Kirsty Basset reports......

Daily Digit: Credit Suisse profit up
July 25 - Credit Suisse's investment bank drives a one-third jump in second-quarter group earnings, while higher interest rates should help future profits at its private bank. Sonia Legg reports......

Wealth Strategies: Mini-Icahns getting deals done in tech
July 25 - M&A expert Hiter Harris says deals in the middle market are often driven by activist shareholders like Carl Icahn, who claims Michael Dell is not offering a good enough price to take Dell private......

Market Pulse: Spain's back! Just don't bet your house on it
July 25 - Three Spanish banks move into the black and unemployment FALLS. So has the economy turned a corner? No, not really, says IDEAGlobals Mike Gallagher. In equities, BASF tumbles while Facebook soars......

UK Q2 GDP better, but no escape velocity
July 25 - UK Q2 GDP jumps to 1.4%on the year, its fastest pace since early 2011, but analysts say sustained strong growth still looks elusive. We get the full story with UK national statistics chief Joe Grice......

Sports Spread: Vettel out to sate Hungary hoodoo
July 25 - Red Bull's triple Formula One champion Sebastian Vettel has never won a Grand Prix in Hungary. Will he overcome his hoodoo on Sunday? Plus, lookahead to the 3rd Ashes Test England vs Australia......

Nice numbers, Nissan... but watch for more bumps ahead
July 25 - Nissan's quarterly net profits are on the rise, beating forecasts. But here are three reasons why Japan's number two automaker isn't out of the woods yet......

Breakingviews: Credit Suisse exits capital doghouse
July 25 - Credit Suisse grew its core equity sharply in Q2. That's a welcome change from a year ago, when Basel III loomed large, but the challenge is navigating uncertain interest rates, says Breakingviews......

Once untouchable, fallen politico Bo Xilai to face court
July 25 - Officially charged with bribery, abuse of power, and corruption, the indictment of former Communist Party star Bo Xilai may have more do to with politics than criminality......

Economy 2013: BASF CEO- outlook tough, but sticks to targets
July 25 - BASF says a shrinking Europe and slowing China are taking a toll, making full year targets "challenging". But CEO Kurt Bock says they will stick to their goals and may have to cut costs to reach them......

Reuters Today: Credit Suisse adds to Europe recovery signs
July 25 - Earnings show Europe is slowly recovering, says NABs Tom Vosa. Spain train death toll rises to 77, many injured. And by George! Royal baby finally gets a name......

Reuters Today: Credit Suisse adds to Europe recovery signs
July 25 - Earnings show Europe is slowly recovering, says NABs Tom Vosa. Spain train death toll rises to 77, many injured. And by George! Royal baby finally gets a name......

Reuters on the Road: Viewsy tackles holy grail of retail
July 25 - Viewsy CEO Odera Ume-Ezeoke takes the taxi challenge to tell us how his technology helps retailers better analyse customer behaviour......

Church of England pension fund linked to Wonga
Calls for investigation into pension fund after it was found to have links to Wonga - the lender the Archbishop of Canterbury vowed to take on.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f29f4e9/sc/25/mf.gif.....

Margaret Hodge's headline-grabbing rhetoric is not good for British business
There is nothing like the prospect of imminent departure from a job to loosen the tongue.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f29f4ea/sc/7/mf.gif' border='0'/><div class='mf-viral'><table .....

Bar companies bask in the summer sunshine
The recent heatwave has lured drinkers into beer gardens with three major pub and bar companies reporting rising sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f29f01c/sc/26/mf.gif' border='0'/><div.....

Lancashire still buoyant after Costa Concordia bill
Oil rig and marine insurer Lancashire Holdings has lost nearly $100m (64.9m) because of the the 2012 Costa Concordia shipwreck, but its shares rose 4pc as analysts had expected a much higher bill.<img width='1' height='1' src='http://telegraph.fee.....

Don't blame the best-paid 1per cent - they're worth it
The wealthy have never forked out more and the lower-paid half of the populace have never had to pay a smaller share of income tax, says Fraser Nelson<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f29239b/sc/1/.....

Work life balance? It's all the same thing in New York
"London's never going to be the centre of anything. People don't know how to get s--- done." That was the opening gambit of a particularly charmless New Yorker I met at technology event the other evening.<img width='1' height='1' src='http://teleg.....

New Yorkers unfazed by work-life balance
"London's never going to be the centre of anything. People don't know how to get s--- done." That was the opening gambit of a particularly charmless New Yorker I met at technology event the other evening.<img width='1' height='1' src='http://teleg.....

The good, the bad or the ugly? How the UK economy stands up.
The recovery is gathering momentum, with GDP expanding 0.6pc in the second quarter. But is it the right kind of growth, or merely the dying throws of a country condemned to decline? For every optimist, you'll find at least one pessimist. So is the UK.....

ARM falls to convince traders
Shares in the microchip designer were among the heaviest FTSE 100 fallers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f2874d0/sc/2/mf.gif' border='0'/><div class='mf-viral'><table border='0'>&.....

Growth, low rates and falling inflation promise to ease pressure on households
Britain is on a track for a long-awaited period of economic growth, record low interest rates, and falling inflation after official figures showed that the recovery gathered speed in the three months to June.<img width='1' height='1' src='http://t.....

Reed benefits from electronic publishing growth
Reed Elsevier, the FTSE 100 information group, shrugged off declining advertising revenues to boast fast-growing revenues from its electronic publishing and professional events businesses in the first half.<img width='1' height='1' src='http://tel.....

GSK appoints new head of China business
GlaxoSmithKline, the drug company embroiled in a criminal investigation over bribery allegations in China, announced it has appointed a new head of its Chinese business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Business news and markets: as it happened, July 25, 2013
Facebook shares opened up 28pc and analysts pointed to further advertising growth on Instagram and 15-second videos.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f2866b8/sc/5/mf.gif' border='0'/><div cla.....

US charges SAC Capital with insider trading
The hedge fund run by billionaire Steve Cohen has been charged with "pervasive" and "substantial" insider trading by the US Justice Department.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f2866bb/sc/30/mf.gif.....

Why Justin Welby's vision of kumbayah capitalism is wrong
Justin Welby is wrong on credit unions. By suggesting they are a panacea for people who need to use the services of pay day lenders such as Wonga, he is missing the point.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Unilever boss dampens hope of economic recovery in Europe
The chief executive of consumer goods giant Unilever has dampened hopes of an economic recovery in Europe by warning that progress to rebuild the continent's finances is "very slow".<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Shale gas driller Cuadrilla targeted by protestors
The difficulties faced by energy explorers as they attempt to exploit the UK's shale gas reserves using controversial "fracking" techniques have been highlighted after protesters blocked access to a drill site.<img width='1' height='1' src='http:/.....

Business news and markets: live
Facebook shares opened up 28pc and analysts pointed to further advertising growth on Instagram and 15-second videos.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f214db1/sc/2/mf.gif' border='0'/><div cla.....

Timeline: from Hibu to zero
Hibu investors have seen their shareholding wiped out after the company reached an agreement with creditors. We look through the company's history as a listed firm.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Hibu: Timeline
Hibu investors have seen their shareholding wiped out after the company reached an agreement with creditors. We look through the company's history as a listed firm.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

DMGT looks to exploit MailOnline traffic with links to other businesses
DMGT, the publishing group that owns The Daily Mail, is planning to exploit MailOnline by linking it to its other digital businesses, it has been disclosed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f26faa3.....

BT chiefs attack 'farcical' Public Accounts Commitee
BT bosses have savaged the Public Accounts Committee as "farcical" and publicity-seeking over its hearing on the Government's rural broadband subsidy programme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f26.....

Facebook shares spike to $34 on rise in mobile ad revenue
Shares in Facebook surged 28pc higher last night as investors leapt at the promise of further growth from new advertising on Instagram and short videos.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f26fab3/sc/.....

Facebook shares spike to $34 on rise in mobile ad revenue
Facebook shares opened 28pc higher on Thursday after the company reported a huge jump in mobile advertising revenue, and analysts pointed to further growth from new advertising on Instagram and 15-second videos.<img width='1' height='1' src='http:.....

Judge begs couple to end 'financial suicide' in 860,000 divorce battle
Judge tells divorcing couple they had committed "financial suicide" after running up legal bills of more than 850,000.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f27e9e0/sc/25/mf.gif' border='0'/><div .....